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... Thus, as a practical matter, the simple Marshallian measure is usually adequate to compare two estimates of surplus value, since it is rare for income elasticities to be greater than +1.0 or for 5 percent of a person's income to be spent on a single commodity. In addition, it is difficult to estimat ...
... Thus, as a practical matter, the simple Marshallian measure is usually adequate to compare two estimates of surplus value, since it is rare for income elasticities to be greater than +1.0 or for 5 percent of a person's income to be spent on a single commodity. In addition, it is difficult to estimat ...
research paper series Research Paper 2008/35
... imposed. We …nd that the FCT for capital is positive, the FCT for skilled labor is negative but quite close to zero, while the FCT of unskilled labor is negative and big in magnitude. Hence, there is no Leontief Paradox in the US for the period 1965-1991 in our framework. Then, by using the quadrati ...
... imposed. We …nd that the FCT for capital is positive, the FCT for skilled labor is negative but quite close to zero, while the FCT of unskilled labor is negative and big in magnitude. Hence, there is no Leontief Paradox in the US for the period 1965-1991 in our framework. Then, by using the quadrati ...
Input–Output Analysis from a Wider Perspective: a Comparison of
... was also not convinced by Marshall’s insistence that prices could be determined only with reference to the forces of ‘demand’ and ‘supply’, conceived of as functional relationships between the price of a commodity and the amount demanded or supplied, as is famously exemplified by Marshall’s analogy ...
... was also not convinced by Marshall’s insistence that prices could be determined only with reference to the forces of ‘demand’ and ‘supply’, conceived of as functional relationships between the price of a commodity and the amount demanded or supplied, as is famously exemplified by Marshall’s analogy ...
“Weimar and Labor” as Legacy
... from which they were exiled; yet it is surely also accurate to say that they never wholly freed themselves from the special place which is the locus of exile. In some current discourses, this is thought to be a highly privileged place, uniquely unconstrained and conducive to autonomous thought. That ...
... from which they were exiled; yet it is surely also accurate to say that they never wholly freed themselves from the special place which is the locus of exile. In some current discourses, this is thought to be a highly privileged place, uniquely unconstrained and conducive to autonomous thought. That ...
A DMP MODEL OF INTERCITY TRADE
... or more) and 560 micropolitan areas (regions with an urban area with population 10,000 to 50,000) and 800 different occupations, there were 922 × 800 ≈ 740, 000 “markets.”3 The present paper adopts a DMP approach, really following Pissarides (1985; 2000), embedded in a system-of-cities model, as adap ...
... or more) and 560 micropolitan areas (regions with an urban area with population 10,000 to 50,000) and 800 different occupations, there were 922 × 800 ≈ 740, 000 “markets.”3 The present paper adopts a DMP approach, really following Pissarides (1985; 2000), embedded in a system-of-cities model, as adap ...
Jonathan Eaton Working Paper No. 1512 1050 Massachusetts Avenue Cambridge,
... I gratefully acknowledge support from the National Science Foundation under grant no. SES 82OT6'3. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research. ...
... I gratefully acknowledge support from the National Science Foundation under grant no. SES 82OT6'3. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research. ...
Chapter 14
... firm follow the same rule Inputs or outputs are chosen so that marginal revenue from the sale of output is equal to marginal cost from the purchase of inputs True for both competitive and noncompetitive markets ...
... firm follow the same rule Inputs or outputs are chosen so that marginal revenue from the sale of output is equal to marginal cost from the purchase of inputs True for both competitive and noncompetitive markets ...
Employment and Output Dynamics in a Model with Social Interactions in
... acteristics, where the labor supply elasticity typically suggested by macroeconomic studies may be as large as 4.3 Such a mismatch between the microeconomic and macroeconomic estimates about the wage elasticity of labor supply has been regarded as a puzzle in the business cycle literature. However, ...
... acteristics, where the labor supply elasticity typically suggested by macroeconomic studies may be as large as 4.3 Such a mismatch between the microeconomic and macroeconomic estimates about the wage elasticity of labor supply has been regarded as a puzzle in the business cycle literature. However, ...
Algebraic Production Functions and Their Uses Before Cobb
... production functions developed hand-in-hand with the theory of marginal productivity. That theory progressed from eighteenth century statements of the law of diminishing returns to late nineteenth and early twentieth century proofs of the product-exhaustion theorem. Each stage saw production functio ...
... production functions developed hand-in-hand with the theory of marginal productivity. That theory progressed from eighteenth century statements of the law of diminishing returns to late nineteenth and early twentieth century proofs of the product-exhaustion theorem. Each stage saw production functio ...
Chapter 6
... One final relationship needs to be made. The level of profit-maximizing output (OMAX) in the graph on page 123 where MR = MC corresponds directly with the variable input level (LMAX) in the graph on page 125 where MVP = MIC. Going back to the production function on page 112, this means that: ...
... One final relationship needs to be made. The level of profit-maximizing output (OMAX) in the graph on page 123 where MR = MC corresponds directly with the variable input level (LMAX) in the graph on page 125 where MVP = MIC. Going back to the production function on page 112, this means that: ...
Competitive Markets and Partial Equilibrium Analysis
... Denote it by p. There are J firms in the economy. Each firm can transform m into x according to cost function cj (qj ), where qj is the quantity of x that firm j produces, and cj (qj ) is the number of units of the numeraire commodity needed to produce qj units of x. Thus, letting zj denote firm j’s ...
... Denote it by p. There are J firms in the economy. Each firm can transform m into x according to cost function cj (qj ), where qj is the quantity of x that firm j produces, and cj (qj ) is the number of units of the numeraire commodity needed to produce qj units of x. Thus, letting zj denote firm j’s ...
The Cambridge Contribution to the Revival of Classical
... Adam Smith leads to an important change in the theory of value, switching the emphasis from land to labour. For Smith, the value of a commodity is measured ultimately in terms of human labour. Because Smith focuses on labour, rather than land, he sees all sectors where productive labour is performed ...
... Adam Smith leads to an important change in the theory of value, switching the emphasis from land to labour. For Smith, the value of a commodity is measured ultimately in terms of human labour. Because Smith focuses on labour, rather than land, he sees all sectors where productive labour is performed ...
4. Valuing the land – how to measure land values
... However, even now, property developers call upon professional valuers to value particular sites becoming available for re-development, and they do this without difficulty. In fact, valuing land is less complicated than valuing buildings. That is because the only factors that need to be considered ar ...
... However, even now, property developers call upon professional valuers to value particular sites becoming available for re-development, and they do this without difficulty. In fact, valuing land is less complicated than valuing buildings. That is because the only factors that need to be considered ar ...
Time Value of Money and Discounting in Islamic
... value of capital. If Islam does not recognize time value of money, then there would be no need for discounting or compounding for time value of money in project evaluation and feasibility studies. But if Islam recognizes time value of money, then we need to know the principles under which such a val ...
... value of capital. If Islam does not recognize time value of money, then there would be no need for discounting or compounding for time value of money in project evaluation and feasibility studies. But if Islam recognizes time value of money, then we need to know the principles under which such a val ...
A REVIEW OF MICROECONOMIC THEORY
... consumer, constrained by a limited income, chooses among the many goods and services offered for sale. The second section deals with the choices made by business organizations or firms. We shall develop a model of the firm that helps us to see how the firm decides what goods and services to produce, ho ...
... consumer, constrained by a limited income, chooses among the many goods and services offered for sale. The second section deals with the choices made by business organizations or firms. We shall develop a model of the firm that helps us to see how the firm decides what goods and services to produce, ho ...