Peter Nedergaard: The Influence of Ordoliberalism in European
... The idea that a strong state should act as a guardian of the competitive order is in stark contrast to neo-liberalism as represented by Friedrich A. Hayek (1960, p. 221), who stressed that “the method of specific orders and prohibitions” (which might be necessary for the 'cultivation' of the market ...
... The idea that a strong state should act as a guardian of the competitive order is in stark contrast to neo-liberalism as represented by Friedrich A. Hayek (1960, p. 221), who stressed that “the method of specific orders and prohibitions” (which might be necessary for the 'cultivation' of the market ...
here - Kornai János
... fundamental differences in the fate of capitalism and socialism. Kornai attempts to replace general equilibrium theory by examining the seller–buyer interaction. However, serious challenges will arise because this analysis involves environments that the economists are playing in (e.g., governance s ...
... fundamental differences in the fate of capitalism and socialism. Kornai attempts to replace general equilibrium theory by examining the seller–buyer interaction. However, serious challenges will arise because this analysis involves environments that the economists are playing in (e.g., governance s ...
Chapter 13
... Fiscal policy time lags are long. A policy designed to correct a recession may not produce results until the economy is experiencing inflation. Fiscal policy time lags are variable in length (1–3 years). The timing of the desired effect cannot be predicted. Slide 13-38 ...
... Fiscal policy time lags are long. A policy designed to correct a recession may not produce results until the economy is experiencing inflation. Fiscal policy time lags are variable in length (1–3 years). The timing of the desired effect cannot be predicted. Slide 13-38 ...
Chapter 13 - The Citadel
... Fiscal policy time lags are long. A policy designed to correct a recession may not produce results until the economy is experiencing inflation. Fiscal policy time lags are variable in length (1–3 years). The timing of the desired effect cannot be predicted. Slide 13-38 ...
... Fiscal policy time lags are long. A policy designed to correct a recession may not produce results until the economy is experiencing inflation. Fiscal policy time lags are variable in length (1–3 years). The timing of the desired effect cannot be predicted. Slide 13-38 ...
W What is the Monetary Standard, Or, How Did the Volcker-Greenspan FOMCs
... procedures for controlling inflation by reconciling the endogeneity of money with price level determinacy. His result rests on the rational expectations hypothesis that the central bank can condition the inflationary expectations of price setters (firms) through consistent behavior. But how, given t ...
... procedures for controlling inflation by reconciling the endogeneity of money with price level determinacy. His result rests on the rational expectations hypothesis that the central bank can condition the inflationary expectations of price setters (firms) through consistent behavior. But how, given t ...
Inflation - luthapmacro
... -Firms cannot respond to increases in demand by increasing output. So, in effect, further increases in demand raise the price level. The rate of inflation may be high and still rising because total demand greatly exceeds society’s capacity to produce. There is no increase in real output to asorb som ...
... -Firms cannot respond to increases in demand by increasing output. So, in effect, further increases in demand raise the price level. The rate of inflation may be high and still rising because total demand greatly exceeds society’s capacity to produce. There is no increase in real output to asorb som ...
BREAKDOWN OF THE FOUR-YEAR DEGREE PROGRAMME: 100
... demand curve; constrained output and profit maximization and cost minimization; production functions and their properties, and Euler's theorem; market dynamic equilibrium analysis and stability; Walrasian and Marshallian approaches; the monopsony model bilateral monopoly and theory of exploitation; ...
... demand curve; constrained output and profit maximization and cost minimization; production functions and their properties, and Euler's theorem; market dynamic equilibrium analysis and stability; Walrasian and Marshallian approaches; the monopsony model bilateral monopoly and theory of exploitation; ...
regional inequalities in greece: determining factors, trends and
... found to have a positive and statistically significant effect on regional disparities (β2 is 0.044 and the t-statistic 2.699). This could be attributed to the „wrong‟ measure of „investment‟ or the use of a „wrong‟ time interval (i.e. the dynamic specification is not correct and a lagged value shoul ...
... found to have a positive and statistically significant effect on regional disparities (β2 is 0.044 and the t-statistic 2.699). This could be attributed to the „wrong‟ measure of „investment‟ or the use of a „wrong‟ time interval (i.e. the dynamic specification is not correct and a lagged value shoul ...
Principles of Economics, Case and Fair,9e
... CHAPTER 17 Long-Run Growth © 2009 Pearson Education, Inc. Publishing as Prentice Hall ...
... CHAPTER 17 Long-Run Growth © 2009 Pearson Education, Inc. Publishing as Prentice Hall ...
ECN 202 Lecture 5
... – If T > G, the government runs a budget surplus because it receives more money than it spends. – The surplus of T - G represents public saving. – If G > T, the government runs a budget deficit because it spends more money than it receives in tax revenue. ...
... – If T > G, the government runs a budget surplus because it receives more money than it spends. – The surplus of T - G represents public saving. – If G > T, the government runs a budget deficit because it spends more money than it receives in tax revenue. ...
Chapter 22
... 22.3 UNEMPLOYMENT AND FULL EMPLOYMENT The key reason why there is always some unemployment is because the labor market is constantly churning. New jobs are created and old jobs die; and some people move into the labor force and some move out of it. This churning creates unemployment. We distinguish ...
... 22.3 UNEMPLOYMENT AND FULL EMPLOYMENT The key reason why there is always some unemployment is because the labor market is constantly churning. New jobs are created and old jobs die; and some people move into the labor force and some move out of it. This churning creates unemployment. We distinguish ...
Economics_paper_2__HL_markscheme
... show the imposition of a tariff, can be rewarded with a maximum of [1 mark] for the diagram. If the explanation correctly refers to an increase in domestic production, [2 marks] may be awarded. Candidates who incorrectly label diagrams can be rewarded with a maximum of [3 marks]. The use of P and Q ...
... show the imposition of a tariff, can be rewarded with a maximum of [1 mark] for the diagram. If the explanation correctly refers to an increase in domestic production, [2 marks] may be awarded. Candidates who incorrectly label diagrams can be rewarded with a maximum of [3 marks]. The use of P and Q ...
The New IS-LM Model: Language, Logic, and Limits
... One initial attempt at updating the IS-LM model was initiated in Sargent and Wallace (1975), who incorporated a version of the aggregate supply theory developed by Lucas (1972, 1973) in place of the Phillips curve or wage/price block. According to this rational expectations IS-LM model, systematic m ...
... One initial attempt at updating the IS-LM model was initiated in Sargent and Wallace (1975), who incorporated a version of the aggregate supply theory developed by Lucas (1972, 1973) in place of the Phillips curve or wage/price block. According to this rational expectations IS-LM model, systematic m ...
Chapter 7 PowerPoint Presentation
... and in what quantities they buy it • Base Year: year in which the market basket is established and year to which all other prices are compared • Price of the Market Basket in the Base Year: (PBYMB) national average of the total cost of the market basket for the first month in the first year. McGraw- ...
... and in what quantities they buy it • Base Year: year in which the market basket is established and year to which all other prices are compared • Price of the Market Basket in the Base Year: (PBYMB) national average of the total cost of the market basket for the first month in the first year. McGraw- ...
Price Stability and the Long-Run Target for
... shocks, with the amount of long-run drift in the price level inversely related to the relative weight on forward-looking expectations in the Phillips curve. If current inflation cannot be controlled because of lags in the monetary-transmission mechanism, inflation targeting is the optimal policy. In ...
... shocks, with the amount of long-run drift in the price level inversely related to the relative weight on forward-looking expectations in the Phillips curve. If current inflation cannot be controlled because of lags in the monetary-transmission mechanism, inflation targeting is the optimal policy. In ...
Excess Capacity in a Fixed Cost Economy
... to help explain demand-determined output and economic slack. A common feature of this recent work is that the theoretical possibility of excess capacity relies on rigid prices (or wages) and/or the zero lower bound on interest rates (e.g. Michaillat 2012; Rendahl 2015; Michaillat and Saez 2015). The ...
... to help explain demand-determined output and economic slack. A common feature of this recent work is that the theoretical possibility of excess capacity relies on rigid prices (or wages) and/or the zero lower bound on interest rates (e.g. Michaillat 2012; Rendahl 2015; Michaillat and Saez 2015). The ...
Consumers and Demand 1 Ben Fine
... The theory of the consumer, and of demand, lies at the heart of mainstream economics. Yet, as shown in section 2, its substantive content is extraordinarily limited in and of itself and in relation to the demands of the subject matter that it putatively addresses, and it has been like this for a ver ...
... The theory of the consumer, and of demand, lies at the heart of mainstream economics. Yet, as shown in section 2, its substantive content is extraordinarily limited in and of itself and in relation to the demands of the subject matter that it putatively addresses, and it has been like this for a ver ...
From the impossible monetary trinity towards economic depression*
... of the country. We can term this phenomenon as the impossible monetary trinity. In such conditions the Croatian development strategy suffers too large constraints in order to successfully overcome long-term recession which transited into the state of depression of the Croatian economy in whole, for ...
... of the country. We can term this phenomenon as the impossible monetary trinity. In such conditions the Croatian development strategy suffers too large constraints in order to successfully overcome long-term recession which transited into the state of depression of the Croatian economy in whole, for ...
