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economics and philosophy: more than having fun and
economics and philosophy: more than having fun and

STRUCTURAL DYNAMICS AND LATTER
STRUCTURAL DYNAMICS AND LATTER

... theorists since it seemed to be incompatible with balanced growth theory. However, this analytical situation was not satisfactory. Structural change has always appeared to be one of the most obvious features of empirical growth and it was impossible to continue to ignore it, restricting theory to b ...
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Debt, Equity and Monetary Policy∗
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... Looking at the desirability of the policy objective as price stability is relevant to point out that Wicksell related it to the undesirable effects on income distribution (see Wicksell (1898, 1965, 2000, chapter 1)) and later on stabilization of business cycles. Wicksell, in developing his hypothesi ...
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V E Meir Kohn ALUE AND
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... is today the high-status field in the best graduate schools and the one that attracts many of the best minds.10 Because the applied econometrics program is firmly empirical it has been much more fruitful.11 Some interesting work has focused on an area particularly refractive to the Hicks-Samuelson a ...
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... A if larger firms have lower costs, new small entrants will ) not be able to produce at the low costs achieved by the big established firms. B if economies of scale are insignificant in production ) only a few firms are able to produce at the low costs achieved by the big established firms. C a few ...
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... profits. Firms in this industry are losing money so while they will stay open in the short run (since they are covering variable costs) they will shut down in the long run. As firms shut down, the industry supply curve shifts in, raising price. Firms will keep leaving the industry until profits are ...
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History of macroeconomic thought



Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not have an impact on real factors such as real output. John Maynard Keynes attacked some of these ""classical"" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle. The word macroeconomics was first used by Ragnar FrischThe generation of economists that followed Keynes synthesized his theory with neoclassical microeconomics to form the neoclassical synthesis. Although Keynesian theory originally omitted an explanation of price levels and inflation, later Keynesians adopted the Phillips curve to model price-level changes. Some Keynesians opposed the synthesis method of combining Keynes's theory with an equilibrium system and advocated disequilibrium models instead. Monetarists, led by Milton Friedman, adopted some Keynesian ideas, such as the importance of the demand for money, but argued that Keynesians ignored the role of money supply in inflation. Robert Lucas and other new classical macroeconomists criticized Keynesian models that did not work under rational expectations. Lucas also argued that Keynesian empirical models would not be as stable as models based on microeconomic foundations.The new classical school culminated in real business cycle theory (RBC). Like early classical economic models, RBC models assumed that markets clear and that business cycles are driven by changes in technology and supply, not demand. New Keynesians tried to address many of the criticisms leveled by Lucas and other new classical economists against Neo-Keynesians. New Keynesians adopted rational expectations and built models with microfoundations of sticky prices that suggested recessions could still be explained by demand factors because rigidities stop prices from falling to a market-clearing level, leaving a surplus of goods and labor. The new neoclassical synthesis combined elements of both new classical and new Keynesian macroeconomics into a consensus. Other economists avoided the new classical and new Keynesian debate on short-term dynamics and developed the new growth theories of long-run economic growth. The Great Recession led to a retrospective on the state of the field and some popular attention turned toward heterodox economics.
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