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... of this theory can result in expectations of higher benefits than are actually achieved. In Australia, agriculture, manufacturing and mining have been the traditional basic industries of local economies because of their focus on external demand—often their markets are international. Tourism is also ...
... of this theory can result in expectations of higher benefits than are actually achieved. In Australia, agriculture, manufacturing and mining have been the traditional basic industries of local economies because of their focus on external demand—often their markets are international. Tourism is also ...
Firms, Resources and Production Functions
... and what these things (capital, labor and technical progress) really are. The conversation has, indeed, been considerably broadened in recent years with a revival of growth theory that has concentrated on these questions, the so called New Growth Economics. Because it has turned to an explanation of ...
... and what these things (capital, labor and technical progress) really are. The conversation has, indeed, been considerably broadened in recent years with a revival of growth theory that has concentrated on these questions, the so called New Growth Economics. Because it has turned to an explanation of ...
Entropy, limits to growth, and the prospects for
... consequences of the second law to an unforeseeable future or even to avoid them completely. Smulders (1995a,b) show this formally in the context of an endogenous growth model that includes human capital. Finally, Young (1994) argues that most of the content of the second law is already included in t ...
... consequences of the second law to an unforeseeable future or even to avoid them completely. Smulders (1995a,b) show this formally in the context of an endogenous growth model that includes human capital. Finally, Young (1994) argues that most of the content of the second law is already included in t ...
Financialized capitalism and the irrelevance of self - Hal-SHS
... financialized economy. This leads to a new speculative regime of accumulation that is fuelled by continuous but unsustainable bubbles and hampers real growth. The third section asserts, in a Minskyian tradition, that - given the structural characteristics of capitalism - financial instability is an ...
... financialized economy. This leads to a new speculative regime of accumulation that is fuelled by continuous but unsustainable bubbles and hampers real growth. The third section asserts, in a Minskyian tradition, that - given the structural characteristics of capitalism - financial instability is an ...
Chapter 9: Input Demand: The Labor and Land Markets
... Demand for Inputs: A Derived Demand • Derived demand is demand for resources (inputs) that is dependent on the demand for the outputs those resources can be used to produce. • Inputs are demanded by a firm if, and only if, households demand the good or service produced by that firm. ...
... Demand for Inputs: A Derived Demand • Derived demand is demand for resources (inputs) that is dependent on the demand for the outputs those resources can be used to produce. • Inputs are demanded by a firm if, and only if, households demand the good or service produced by that firm. ...
Wilderness Economics Must Look Through the Windshield, Not the
... Designated wilderness appears to be associated with such attractive amenities. A review of all counties adjacent to federally designated wilderness reveals that the population growth rates in this set of nonmetropolitan counties has been two to three times that of all nonmetropolitan counties in the ...
... Designated wilderness appears to be associated with such attractive amenities. A review of all counties adjacent to federally designated wilderness reveals that the population growth rates in this set of nonmetropolitan counties has been two to three times that of all nonmetropolitan counties in the ...
Macro-economic Thinking and the Market Economy
... In a recent article1 Professor James Tobin is highly critical of the Cambridge School in England and defensive of Cambridge in the USA; in this Paper Professor Lachmann is severely critical of both. He finds the analyses of both schools defective on the ground that they have lost sight of the micro- ...
... In a recent article1 Professor James Tobin is highly critical of the Cambridge School in England and defensive of Cambridge in the USA; in this Paper Professor Lachmann is severely critical of both. He finds the analyses of both schools defective on the ground that they have lost sight of the micro- ...
Capitalism as a Mixed Economic System
... are private schools as well as public, and a number of families choose to send their children to them even if they have to pay to do so, the central role in education of public finance and public provision is generally accepted. The provision of medical care is another “mixed” system in most capital ...
... are private schools as well as public, and a number of families choose to send their children to them even if they have to pay to do so, the central role in education of public finance and public provision is generally accepted. The provision of medical care is another “mixed” system in most capital ...
S C B A
... the link between monetary policy and asset prices1 and what exact role the central bank should play in this regard has been of perennial interest to economists. the collapse of us house prices and the ensuing financial crisis and global re- cession has served but to only increase the attention this ...
... the link between monetary policy and asset prices1 and what exact role the central bank should play in this regard has been of perennial interest to economists. the collapse of us house prices and the ensuing financial crisis and global re- cession has served but to only increase the attention this ...
The welfare state: a theoretical framework for justification and
... extended availability of health and education services, and so on is a highly complex one, and 1 cannot possibly do justice to it here. But because I later emphasize some of the justifications for this development, as seen from a modern perspective, here I should also emphasize that there was undoub ...
... extended availability of health and education services, and so on is a highly complex one, and 1 cannot possibly do justice to it here. But because I later emphasize some of the justifications for this development, as seen from a modern perspective, here I should also emphasize that there was undoub ...
IOSR Journal of Business and Management (IOSR-JBM)
... Economic rationalism is the dogma which says that markets and money can always do everything better than governments, bureaucracies and the law.(Michael Pusey, 1991) After reviewing the definition of economic rationalism, it is determined that, the goal of rationalist is to the „Making of money‟ whi ...
... Economic rationalism is the dogma which says that markets and money can always do everything better than governments, bureaucracies and the law.(Michael Pusey, 1991) After reviewing the definition of economic rationalism, it is determined that, the goal of rationalist is to the „Making of money‟ whi ...
Alternate Views on the Purpose of Business
... Business” (STW/AWDB) paradigm. This view emerges from their understanding of the creation, fall, redemption, and consummation meta-narrative elements in the Judeo-Christian worldview. STW/AWDB shares some commonalities with SKH and conscious capitalism, but it does depart from some fundamental SKH t ...
... Business” (STW/AWDB) paradigm. This view emerges from their understanding of the creation, fall, redemption, and consummation meta-narrative elements in the Judeo-Christian worldview. STW/AWDB shares some commonalities with SKH and conscious capitalism, but it does depart from some fundamental SKH t ...
A NOTE ON THE TRANSFORMATION OF ECONOMIC SYSTEMS
... or constitutional economics enters the scene. 2.2 The Constitutional Economics View Representatives of Buchanan’s constitutional economics, Eucken’s ordo-economics, the property rights approach or Douglass North’s new institutional approach to economic history use a mixture of both the concepts of c ...
... or constitutional economics enters the scene. 2.2 The Constitutional Economics View Representatives of Buchanan’s constitutional economics, Eucken’s ordo-economics, the property rights approach or Douglass North’s new institutional approach to economic history use a mixture of both the concepts of c ...
The Political Economy of Capitalism
... administrative in assuring the maintenance of the existing system, and one entrepreneurial, in mobilizing power to achieve legislative authorization to make changes, whether in laws, regulations or the provision of such public goods as infrastructure, the police force, schools or public health syste ...
... administrative in assuring the maintenance of the existing system, and one entrepreneurial, in mobilizing power to achieve legislative authorization to make changes, whether in laws, regulations or the provision of such public goods as infrastructure, the police force, schools or public health syste ...
1 virtual economics: applying economics to the study of
... terms are used in the narrative. In other cases it is the system of rules that makes the analogy pertinent. The subset of the functionality or the narrative of the game that bears this resemblance could be called a virtual economy. However, it is not necessary nor desirable to define this concept in ...
... terms are used in the narrative. In other cases it is the system of rules that makes the analogy pertinent. The subset of the functionality or the narrative of the game that bears this resemblance could be called a virtual economy. However, it is not necessary nor desirable to define this concept in ...
Liberty and Democracy as Economic Systems
... without paying for them whenever they have the chance, causing a “market failure” that requires government intervention to correct.6 Are people really as selfish as economists assume? The economists’ assumptions, Kelman (1987) argues, may do real damage, poisoning individuals’ behavior. Kelman suppo ...
... without paying for them whenever they have the chance, causing a “market failure” that requires government intervention to correct.6 Are people really as selfish as economists assume? The economists’ assumptions, Kelman (1987) argues, may do real damage, poisoning individuals’ behavior. Kelman suppo ...
THE INFORMATION ECONOMY THEORY AS A LOGICAL STAGE
... In fact, innovation is not always form a new phase of the economy. But consider another extraordinary wave of innovation that did not create a “new economy.” William Nordhaus has analyzed the real price of light—how much it costs in the way of resources and labor to produce a fixed amount of artific ...
... In fact, innovation is not always form a new phase of the economy. But consider another extraordinary wave of innovation that did not create a “new economy.” William Nordhaus has analyzed the real price of light—how much it costs in the way of resources and labor to produce a fixed amount of artific ...
Ecological Economics
... Renewable resources, such as wood or wind energy, are in continuous supply, although the rate at which they can be replenished will vary from resource to resource Non-renewable resources, such as iron ore or fossil fuels, are in limited supply within the earth’s crust, and thus once they are used up ...
... Renewable resources, such as wood or wind energy, are in continuous supply, although the rate at which they can be replenished will vary from resource to resource Non-renewable resources, such as iron ore or fossil fuels, are in limited supply within the earth’s crust, and thus once they are used up ...
`Classical` vs. `Neoclassical` Theories of Value and Distribution and
... system. Because of its fecundity, the long-period method was almost generally adopted in political economy until the 1930s and still plays an important role in contemporary economics. This does not mean that there was no interest in short-period problems amongst the classical economists; there was, ...
... system. Because of its fecundity, the long-period method was almost generally adopted in political economy until the 1930s and still plays an important role in contemporary economics. This does not mean that there was no interest in short-period problems amongst the classical economists; there was, ...
Liberty and Democracy as Economic System
... Democracy answers this question—“who ought to exercise the public power?” The answer it gives is—the exercise of public power belongs to the citizens as a body. . . . Liberalism, on the other hand, answers this other question—“regardless of who exercises the public power, what should its limits be?” ...
... Democracy answers this question—“who ought to exercise the public power?” The answer it gives is—the exercise of public power belongs to the citizens as a body. . . . Liberalism, on the other hand, answers this other question—“regardless of who exercises the public power, what should its limits be?” ...
Application of Complexity Theory in Industrial Cluster Evolution
... Abstract: Complex networks describe a wide range of systems in nature and society, but it is not that widely used on economic issues when compared to physics or computer science. This paper first looks back to industrial cluster theory, and then analyzes its benefits and deficiency. After reviewing ...
... Abstract: Complex networks describe a wide range of systems in nature and society, but it is not that widely used on economic issues when compared to physics or computer science. This paper first looks back to industrial cluster theory, and then analyzes its benefits and deficiency. After reviewing ...
Economic Science and Evolution of Economic Agents` Expectations
... production relations development, formation of markets and new economic system, finished in early XVI century, called for innovative approaches to the study of flowing economic processes and quality improvement of scientific research and developments in national economy. Fragmented knowledge and sep ...
... production relations development, formation of markets and new economic system, finished in early XVI century, called for innovative approaches to the study of flowing economic processes and quality improvement of scientific research and developments in national economy. Fragmented knowledge and sep ...
Icons of Repute: The attribution of Lamarckian and Darwinian
... evolutionary economics as being Darwinian in nature? How did evolutionary dynamics in economics come to be described utilising concepts and nomenclature typical of organic or biological evolution? It is suggested that it was the extension of Veblen’s advocacy of Darwinism as a “scientific methodo ...
... evolutionary economics as being Darwinian in nature? How did evolutionary dynamics in economics come to be described utilising concepts and nomenclature typical of organic or biological evolution? It is suggested that it was the extension of Veblen’s advocacy of Darwinism as a “scientific methodo ...
Principles of Economics, Case and Fair,9e
... All economic analysis deals with the problem of making choices under conditions of scarcity, and the problem of satisfying people’s wants and needs is as real for Somalia and Haiti as it is for the United States, Germany, and Japan. The universality of scarcity is what makes economic analysis releva ...
... All economic analysis deals with the problem of making choices under conditions of scarcity, and the problem of satisfying people’s wants and needs is as real for Somalia and Haiti as it is for the United States, Germany, and Japan. The universality of scarcity is what makes economic analysis releva ...