V E Meir Kohn ALUE AND
... with the Hicks-Modigliani model. The new classical theory of Lucas, Sargent, and Barro eventually resolved the inconsistency, but it was in effect more a repudiation of Keynesian theory than a formalization of it. Increasingly, then, adherents of the Hicks-Samuelson research program came to see the ...
... with the Hicks-Modigliani model. The new classical theory of Lucas, Sargent, and Barro eventually resolved the inconsistency, but it was in effect more a repudiation of Keynesian theory than a formalization of it. Increasingly, then, adherents of the Hicks-Samuelson research program came to see the ...
Value and Exchange
... with the Hicks-Modigliani model. The new classical theory of Lucas, Sargent, and Barro eventually resolved the inconsistency, but it was in effect more a repudiation of Keynesian theory than a formalization of it. Increasingly, then, adherents of the Hicks-Samuelson research program came to see the ...
... with the Hicks-Modigliani model. The new classical theory of Lucas, Sargent, and Barro eventually resolved the inconsistency, but it was in effect more a repudiation of Keynesian theory than a formalization of it. Increasingly, then, adherents of the Hicks-Samuelson research program came to see the ...
The paper aims at explaining why Brazil`s GDP growth
... GDP. A positive association is apparent between the two series. In particular, the GDP ...
... GDP. A positive association is apparent between the two series. In particular, the GDP ...
A two-period closed economy with sticky prices
... natural level, Q1 Q1n , determined by the supply side of the economy. The key feature of the model with flexible prices is that the interest rate (price of current output) adjusts instantaneously to ensure that aggregate demand equals the existing aggregate supply (note that changes in the real in ...
... natural level, Q1 Q1n , determined by the supply side of the economy. The key feature of the model with flexible prices is that the interest rate (price of current output) adjusts instantaneously to ensure that aggregate demand equals the existing aggregate supply (note that changes in the real in ...
A Neo-Darwinian Foundation of Evolutionary Economics. With an
... “theoretical apparatuses” (1934, p. 82) and the economic sociology. The latter deals with the given institutional framework of the economy and its changes that influences economic development1 (see Schumpeter 1954a, p. 21; also Shionoya 1997, p. 7; Arena, Dangel-Hagnauer 2002, p. 3). These different ...
... “theoretical apparatuses” (1934, p. 82) and the economic sociology. The latter deals with the given institutional framework of the economy and its changes that influences economic development1 (see Schumpeter 1954a, p. 21; also Shionoya 1997, p. 7; Arena, Dangel-Hagnauer 2002, p. 3). These different ...
Introduction by Paul Krugman to The General Theory of Employment
... something we call the “classical model” of the price level. But that model offers far too flattering a picture of the classical economics Keynes had to escape from. What we call the classical model today is really a post-Keynesian attempt to rationalize pre-Keynesian views. Change one assumption in ...
... something we call the “classical model” of the price level. But that model offers far too flattering a picture of the classical economics Keynes had to escape from. What we call the classical model today is really a post-Keynesian attempt to rationalize pre-Keynesian views. Change one assumption in ...
Theme 2 The UK economy: performance and
... highly technical parts of the economy. This will cause the LRAS curve to shift inwards, leading to a negative impact on GDP (students could include diagram to illustrate this). This in turn will cause measured wellbeing to fall. A cut in spending on welfare such as job seeker’s allowance and housing ...
... highly technical parts of the economy. This will cause the LRAS curve to shift inwards, leading to a negative impact on GDP (students could include diagram to illustrate this). This in turn will cause measured wellbeing to fall. A cut in spending on welfare such as job seeker’s allowance and housing ...
Introduction by Paul Krugman to The General Theory of Employment
... power of that body of theory. “I myself,” he wrote in the preface, “held with conviction for many years the very theories which I now attack, and am not, I think, unaware of their strong points.” He knew that he had to offer a coherent, carefully reasoned challenge to the reigning orthodoxy to chang ...
... power of that body of theory. “I myself,” he wrote in the preface, “held with conviction for many years the very theories which I now attack, and am not, I think, unaware of their strong points.” He knew that he had to offer a coherent, carefully reasoned challenge to the reigning orthodoxy to chang ...
Economics Activities 3
... That means thinking of voters, elected officials, and government employees as people who pursue their own self-interest, rather than some altruistic view of the public good. Before Buchanan’s work, most philosophers, political scientists, and even many economists, had not systematically applied that ...
... That means thinking of voters, elected officials, and government employees as people who pursue their own self-interest, rather than some altruistic view of the public good. Before Buchanan’s work, most philosophers, political scientists, and even many economists, had not systematically applied that ...
Krugman on Keynes
... economists from the intellectual confines that left them unable to deal with the Great Depression, confines created for the most part by what Keynes dubbed “classical economics.” Keynes’s struggle with classical economics was much more difficult than we can easily imagine today. Modern introductory ...
... economists from the intellectual confines that left them unable to deal with the Great Depression, confines created for the most part by what Keynes dubbed “classical economics.” Keynes’s struggle with classical economics was much more difficult than we can easily imagine today. Modern introductory ...
Productivity Performance and
... figures for labour productivity given by output per worker, the UK is 36 per cent behind the USA, 25 per cent behind France and 15 per cent behind Germany. In many, but not all, of the key elements that are conducive to productivity growth, the UK economy lags behind its main rivals. Low levels of ...
... figures for labour productivity given by output per worker, the UK is 36 per cent behind the USA, 25 per cent behind France and 15 per cent behind Germany. In many, but not all, of the key elements that are conducive to productivity growth, the UK economy lags behind its main rivals. Low levels of ...
Economics Basics Tutorial
... the choice. For example, assume that an individual has a choice between two telephone services. If he or she were to buy the most expensive service, that individual may have to reduce the number of times he or she goes to the movies each month. Giving up these opportunities to go to the movies may b ...
... the choice. For example, assume that an individual has a choice between two telephone services. If he or she were to buy the most expensive service, that individual may have to reduce the number of times he or she goes to the movies each month. Giving up these opportunities to go to the movies may b ...
6. 431. The Cambridge Equation.indd
... groups of savers: the government plus two socioeconomic classes with differentiated propensities to save. As a socioeconomic class, capitalists save from profit income, while also exhibiting a higher propensity to save than workers, the second socioeconomic class, who are characterized as saving bot ...
... groups of savers: the government plus two socioeconomic classes with differentiated propensities to save. As a socioeconomic class, capitalists save from profit income, while also exhibiting a higher propensity to save than workers, the second socioeconomic class, who are characterized as saving bot ...
16.3 theories of economic growth
... 16.3 THEORIES OF ECONOMIC GROWTH The increasing population decreases capital per hour of labor and eventually decreases real income to less than subsistence real income. If the actual real income is less than the subsistence real income, some people cannot survive and the population decreases. No m ...
... 16.3 THEORIES OF ECONOMIC GROWTH The increasing population decreases capital per hour of labor and eventually decreases real income to less than subsistence real income. If the actual real income is less than the subsistence real income, some people cannot survive and the population decreases. No m ...
Section 1. Integrating the heterogeneity of entrepreneurs
... subject to a sunk cost fallacy. The circumstances that spur her to invest are those outlined by standard theory: a fall in interest rates, a rise in profits, a lesser yield of alternative investments and the will to positively respond to shareholders’ demands. An historical case in point of such an ...
... subject to a sunk cost fallacy. The circumstances that spur her to invest are those outlined by standard theory: a fall in interest rates, a rise in profits, a lesser yield of alternative investments and the will to positively respond to shareholders’ demands. An historical case in point of such an ...
Document
... nonnegativity constraint on human capital investment is “active” at all times, even though the constraint may not be binding at all (indeed, since the undisturbed model (cf. equation (10)) generates endogenous growth, the nonnegativity constraints are not binding at all before the shock). When the s ...
... nonnegativity constraint on human capital investment is “active” at all times, even though the constraint may not be binding at all (indeed, since the undisturbed model (cf. equation (10)) generates endogenous growth, the nonnegativity constraints are not binding at all before the shock). When the s ...
Macroeconomics
... ◦ Higher federal budget deficits will cause interest rates to increase. POSITIVE ...
... ◦ Higher federal budget deficits will cause interest rates to increase. POSITIVE ...
Understanding Stock Market Fluctuations
... fall, such that, say, the Dow Jones Industrial Index declined? The basic approach to the answer is the same, except that now it’s not an individual stock and the fortunes of an individual company that are most relevant, but rather national and global economic forces. In general, any set of developme ...
... fall, such that, say, the Dow Jones Industrial Index declined? The basic approach to the answer is the same, except that now it’s not an individual stock and the fortunes of an individual company that are most relevant, but rather national and global economic forces. In general, any set of developme ...
Economic Growth :Importance of Education and Technological
... then asks how these lessons can be applied to regional/state growth and development within the United States. As it turns out, the similarities between countries and regions are many. Definitions of growth, as defined in the jargon of economics, are important because terminology should be consistent ...
... then asks how these lessons can be applied to regional/state growth and development within the United States. As it turns out, the similarities between countries and regions are many. Definitions of growth, as defined in the jargon of economics, are important because terminology should be consistent ...
Chapter 5 CONVERGENCE IN THE NEOCLASSICAL MODEL
... The answer is of course ‘no’. The reason is that the hypothesis of absolute convergence applies exclusively to economies with identical structural parameters, which are will display the same level of per capita income in the long run. So, for example, if the population growth rate n is higher in a c ...
... The answer is of course ‘no’. The reason is that the hypothesis of absolute convergence applies exclusively to economies with identical structural parameters, which are will display the same level of per capita income in the long run. So, for example, if the population growth rate n is higher in a c ...
Cumulative Causation in a Structural Economic Dynamic Approach
... and for this reason they are not able to determine either the type or the pace of technological progress. By introducing cumulative causation in the Pasinetti’s framework allows us to treat these issues in a formal framework in which the pace of technological progress can be determined. Another adv ...
... and for this reason they are not able to determine either the type or the pace of technological progress. By introducing cumulative causation in the Pasinetti’s framework allows us to treat these issues in a formal framework in which the pace of technological progress can be determined. Another adv ...
NBER WORKING PAPER SERIES SCHUMPETERIAN PROFITS IN THE AMERICAN ECONOMY:
... The question of the appropriability of technological change is important for several reasons. First, we want to understand the role of innovational profits in total profits. Second, investors want to understand the importance of innovation in stock-market returns. Third, to the extent that innovatio ...
... The question of the appropriability of technological change is important for several reasons. First, we want to understand the role of innovational profits in total profits. Second, investors want to understand the importance of innovation in stock-market returns. Third, to the extent that innovatio ...
