Hungary under Orbán: Can Central Planning Revive Its Economy?
... In 1990, at the beginning of the transition from a centrally planned economy, Hungary had the second highest income per capita in Eastern Europe, trailing only Slovenia. Twenty-five years later, Hungary trails the Czech Republic, Poland, Slovakia, Estonia, Latvia, and Lithuania, as well as Croatia. ...
... In 1990, at the beginning of the transition from a centrally planned economy, Hungary had the second highest income per capita in Eastern Europe, trailing only Slovenia. Twenty-five years later, Hungary trails the Czech Republic, Poland, Slovakia, Estonia, Latvia, and Lithuania, as well as Croatia. ...
Equilibrium in the monetarist/new classical model
... are assumed to remain constant during the short run, the short run supply curve does not shift. Instead firms experience higher costs due to bottlenecks and scarcer factors. B to C: The short run effect is an inflationary gap at point B. In line with derived demand effects on factors, this will resu ...
... are assumed to remain constant during the short run, the short run supply curve does not shift. Instead firms experience higher costs due to bottlenecks and scarcer factors. B to C: The short run effect is an inflationary gap at point B. In line with derived demand effects on factors, this will resu ...
presentation materials
... Does not measure income distribution Does not measure non-monetary output or transactions (e.g., barter, household activities) Does not take into account desirable externalities, such as leisure or environment Does not measure social well-being Correlates to standard of living but is not a measure o ...
... Does not measure income distribution Does not measure non-monetary output or transactions (e.g., barter, household activities) Does not take into account desirable externalities, such as leisure or environment Does not measure social well-being Correlates to standard of living but is not a measure o ...
NBER WORKING PAPER SERIES IMPERFECT COMPETITION AND THE KEYNESIAN CROSS N. Gregory Mankiw
... I am grateful to David Romer and the participants in the NBER Summer Institute on Industrial Organization and Macroeconomics for helpful comments, and to the National Science Foundation and the Olin Foundation for financial support. The research reported here is part of the NBER's research program i ...
... I am grateful to David Romer and the participants in the NBER Summer Institute on Industrial Organization and Macroeconomics for helpful comments, and to the National Science Foundation and the Olin Foundation for financial support. The research reported here is part of the NBER's research program i ...
The World in 2050 Will the shift in global economic power continue?
... policy and intellectual property rights protection. It could also involve investing in social and economic infrastructure (e.g. schools, roads, railways, power and water networks) where these are critical to a company’s longer term success in a region. Finally, don’t forget existing core markets in ...
... policy and intellectual property rights protection. It could also involve investing in social and economic infrastructure (e.g. schools, roads, railways, power and water networks) where these are critical to a company’s longer term success in a region. Finally, don’t forget existing core markets in ...
Corruption and the shadow economy: like oil and vinegar, like water
... shadow economy refer to economic activities—and income earned from them—that circumvent government regulation, taxation, or observation. To develop a reasonable understanding, Table 1 presents a classification of shadow economic activities. From Table 1, it is clear that the shadow economy includes ...
... shadow economy refer to economic activities—and income earned from them—that circumvent government regulation, taxation, or observation. To develop a reasonable understanding, Table 1 presents a classification of shadow economic activities. From Table 1, it is clear that the shadow economy includes ...
Macroeconomics
... Why does unemployment occur? • In an ideal labor market, wages would adjust to balance the supply and demand for labor, ensuring that all workers would be fully employed. • Frictional unemployment refers to the unemployment that results from the time that it takes to match workers with jobs. In oth ...
... Why does unemployment occur? • In an ideal labor market, wages would adjust to balance the supply and demand for labor, ensuring that all workers would be fully employed. • Frictional unemployment refers to the unemployment that results from the time that it takes to match workers with jobs. In oth ...
On Balance Sheets, Idiosyncratic Risk, and Aggregate Volatility: Is
... The Model To assess the effect of larger firm-specific risk on the volatility of GDP growth we use Bernanke, Gertler and Gilchrist (1999) financial accelerator framework. The financial accelerator is a propagation mechanism built into a general equilibrium model in which the firms' ability to borrow ...
... The Model To assess the effect of larger firm-specific risk on the volatility of GDP growth we use Bernanke, Gertler and Gilchrist (1999) financial accelerator framework. The financial accelerator is a propagation mechanism built into a general equilibrium model in which the firms' ability to borrow ...
Dia 1 - Groningen Growth and Development Centre (GGDC)
... • A-factor changes very slowly, even in the ‘most dynamic’ economies of Holland and England • Fluctuate around 2 (consistent with the Bairoch rule?), in rapidly developing economies long term tendency is upward, but not very strong • If we have estimates of real wages and costs of subsistence only, ...
... • A-factor changes very slowly, even in the ‘most dynamic’ economies of Holland and England • Fluctuate around 2 (consistent with the Bairoch rule?), in rapidly developing economies long term tendency is upward, but not very strong • If we have estimates of real wages and costs of subsistence only, ...
Working Papers in Technology Governance and Economic Dynamics no. 49
... 2007). Indeed, it can be argued that economists of almost all persuasions seemed to share one common view: globalization in the form of global financial markets and trade liberalization would greatly benefit the Eastern European countries. Globalization was seen as the main factor in delivering fas ...
... 2007). Indeed, it can be argued that economists of almost all persuasions seemed to share one common view: globalization in the form of global financial markets and trade liberalization would greatly benefit the Eastern European countries. Globalization was seen as the main factor in delivering fas ...
PDF Download
... Labor markets were relaxed as Egyptians could freely work abroad and foreigners were encouraged to invest in Egypt. Liberalization, under the Open Door policy, favored mostly the wealthy elites Egypt, e.g. by granting major tax exceptions and marginal tax reductions. However, the economic performanc ...
... Labor markets were relaxed as Egyptians could freely work abroad and foreigners were encouraged to invest in Egypt. Liberalization, under the Open Door policy, favored mostly the wealthy elites Egypt, e.g. by granting major tax exceptions and marginal tax reductions. However, the economic performanc ...
On the Dynamics of Profit – and Wage
... Amit Bhaduri Professor, Department of Economics, University of Pavia 27100 Pavia, Italy Any redistribution of income between profits and wages would have contradictory effects in terms of aggregate demand, so long as the propensities to consume are different for the two classes. For instance, the lo ...
... Amit Bhaduri Professor, Department of Economics, University of Pavia 27100 Pavia, Italy Any redistribution of income between profits and wages would have contradictory effects in terms of aggregate demand, so long as the propensities to consume are different for the two classes. For instance, the lo ...
chapter 2
... We introduce a productivity breakthrough – a self-cleaning public toilet just outside Chicago. It’s a quirky way to show what productivity IS: economic growth per person: getting more with less. The modern guru of economic growth, Nobel laureate Robert Solow, helps explain the concept. (This video i ...
... We introduce a productivity breakthrough – a self-cleaning public toilet just outside Chicago. It’s a quirky way to show what productivity IS: economic growth per person: getting more with less. The modern guru of economic growth, Nobel laureate Robert Solow, helps explain the concept. (This video i ...
Professor Prabhat Patnaik Professor of Economics, Centre for
... Against this backdrop of growing and acute rural distress, the need for an Employment Guarantee Act cannot be overemphasized. Such an Act, welcome as it is under all circumstances, should be particularly welcome in the present context. And yet this proposal has aroused intense opposition from the m ...
... Against this backdrop of growing and acute rural distress, the need for an Employment Guarantee Act cannot be overemphasized. Such an Act, welcome as it is under all circumstances, should be particularly welcome in the present context. And yet this proposal has aroused intense opposition from the m ...
12 - Brad DeLong
... policy mix that would keep the target level of production and employment unchanged, but that with lower interest rates would promise higher investment and faster productivity growth: an "investment-led recovery." ...
... policy mix that would keep the target level of production and employment unchanged, but that with lower interest rates would promise higher investment and faster productivity growth: an "investment-led recovery." ...
In particular, the assumptions about the wage
... The Findlay-Wellisz (1982) model takes one factor as mobile between two sectors each of which also has a sector-specific factor in addition. They model lobbying for and against a tariff by the sector-specific factors since in the simple model structure the tariff will raise the real wage of one such ...
... The Findlay-Wellisz (1982) model takes one factor as mobile between two sectors each of which also has a sector-specific factor in addition. They model lobbying for and against a tariff by the sector-specific factors since in the simple model structure the tariff will raise the real wage of one such ...
CHAPTER OVERVIEW
... collections, both income taxes and sales taxes. At the same time, government payouts—transfer payments such as unemployment compensation, and welfare—are decreasing. Since net taxes are taxes less transfer payments, net taxes definitely rise with GDP, which dampens the rise in GDP. On the other hand ...
... collections, both income taxes and sales taxes. At the same time, government payouts—transfer payments such as unemployment compensation, and welfare—are decreasing. Since net taxes are taxes less transfer payments, net taxes definitely rise with GDP, which dampens the rise in GDP. On the other hand ...
Krugman_s Economics for AP
... Figure 3.2 illustrates a different assumption, a case in which Tom faces increasing opportunity cost. Here, the more fish he catches, the more coconuts he has to give up to catch an additional fish, and vice versa. For example, to go from producing zero fish to producing 20 fish, he has to give up 5 ...
... Figure 3.2 illustrates a different assumption, a case in which Tom faces increasing opportunity cost. Here, the more fish he catches, the more coconuts he has to give up to catch an additional fish, and vice versa. For example, to go from producing zero fish to producing 20 fish, he has to give up 5 ...