Money, Reality, and Value: Non-Commodity Money in Marxian
... not sure if Julie had similar worries, but if she did they did not constrain her. I wish
I could say that I was more successful in living up to her example.
Agustin Lao-Montes was generous in joining this eclectic dissertation project late.
I was incredibly lucky to find a scholar with such diverse ...
Capital and Production
... time.12 Here he discusses the problems that would occupy the
energies of the next two generations of neoclassical economists:
the shape of the cost curve from which he hoped to derive a longrun supply curve, and pricing in different market structures, in
particular competitive and monopoly prices.
Theory of Consumer Behavior
... Then he pays fewer amounts for the successive
units. He tries to equate at every step the marginal
utility and the price of the commodity, he must lower
its price so that the consumers are induced to buy
large quantities and this is what is explained in the
law of demand.
From this, we conclude that ...
Independent Demand Inventory Management
... SPI Model Example: T-shirts are purchase in multiples of 10 for
a charity event for $8 each. When sold during the event the selling
price is $20. After the event their salvage value is just $2. From
past events the organizers know the probability of selling different
quantities of t-shirts within a ...
Ordering, pricing, and lead-time quotation under lead
... and lead-time decisions are made in the presence of
lead-time uncertainty, but the influence of stocking
decisions is not investigated. In this section, we review
both streams of research and present how our work is
related to each.
The modeling approach used in this article regarding the optimal se ...
Access Regulation under Asymmetric Information about Demand!
... asking for access in the …rst period. First-best access prices will then involve
inducing the entrant to invest in the second period in the case of a high
demand state, and promoting service-based competition in both periods in
the case of a low demand state.
We …rst show that welfare is higher if ...
Endogenous supply of fiat money
... money supplier faces a trade-off between short-run gains from overissue and long-run losses due
to a decrease in its reputation for providing valuable currency. Indeed, if it overissues, the agents
in the economy become more convinced that the money supplier they face is impatient, leading to
a smal ...
... result, regularities of collective behaviour - institutions - which create individual expectations,
are the matrix of social order : this point is crucial in Commons’s analysis of “futurity” and
efficiency of monetary policy according to Whalen (1993). More generally, collective action
considered as ...
The Quality of Money
... (2004, pp. 189–93) have followed Carl Menger in their analysis of the
origins of money. While Mises does not list the specific qualities that
help a commodity to become money, Rothbard (2008, p. 6) mentions the
“proper qualities of money”: commodity money is in heavy demand,
highly divisible, portab ...
I The social life of things - Home | Townsend Working Groups
... are things with a particular type of social potential, that they are
distinguishable from "products," "objects," "goods," "artifacts," and
other sorts of things - but only in certain respects and from a certain
point of view. If my argument holds water, it will follow that it is
definitionally usefu ...
... these rules, not just by observing them as sequences of physical events. Participants
must broadly follow these rules; otherwise the game does not take place. Rules define
rights and obligations, desirable or acceptable moves in the game. That participants
have to be able to act according to the rel ...
... education. Presently, the unemployment rate between males and females is roughly equal;
however, this has not always been true. In the past females were more likely to suffer from
unemployment than males. Because there are unemployment differentials among groups, it
follows that a decrease in the ov ...
The Evaluation of Post-Keynesian Economics
... underestimate future prices; hence they fail to raise
their nominal wages by the same rate of price
increase. Instead, Friedman accepted “Adjusted
Expectations Hypothesis” (AEH) which assumes
that workers err in their price expectations only for
one period. When AD is increased, say, by an
Marginal Utility Theory of Household Behavior
... consumption of clothing must rise (and possibly consumption of
other commodities must fall) until the ratio of marginal utilities is
again equated to the price ratio ... this leads to the basic prediction
of demand theory:
THE LAW OF DEMAND: A rise in the price of one commodity (with income and the ...
Using Supply and Demand
... The Limitations Of Supply
And Demand Analysis
It is not enough to be able to explain
what happens when supply or demand
The Uses of Money: Money in the Theory of an Exchange Economy
... basket of goods and more leisure.
Potential transactors possess very incomplete information about the location
The two postulates are necessary and
and identity of other transactors, about
sufficient conditions for the use of a methe quality of the goods offered or dedium of exchange. They emphasize ...
Austrian Economics—The Ultimate Achievement of an Intellectual
... reserves the use of the word inflation for big changes. However, Mises
remarks that there is no objective way to define the limit (big changes), and
that is why he suggests inflation as “an increase in the quantity of money
above the market demand of money.” Note that, under Mises’ suggested
7- consumers_producers welfare
... Smith’s invisible hand of the marketplace,
The social planner doesn’t need to alter
the market outcome because the invisible
hand has already guided buyers and
sellers to an allocation of the economy’s
resources that maximizes total surplus.
Austrian Economics—The Ultimate Achievement of an Intellectual
... In fact, we can find similar passages in Mises’ original essay. Consider
Every man who, in the course of economic life, takes a choice
between the satisfaction of one need as against another, eo ipso makes
a judgment of value. Such judgments of value at once include only
the very sati ...
First Pages - Yale Economics
... and how used-car markets behave when people’s information is limited. A significant recent example illustrating
behavioral principles came when millions of people took
out “subprime mortgages” to buy homes in the 2000s.
They did not read or could not understand the fine print,
and as a result many p ...
Working Paper No. 313
... agent obtain all the information of other agents' individual effective
The Market for Illegal Goods
... Section 3 formalizes that analysis systematically, and incorporates expenditures by illegal
suppliers to avoid detection and punishment. It also derives optimal public expenditures
on apprehension and conviction of illegal suppliers by assuming the government
maximizes a welfare function that takes ...
consumer surplus and prices in perfect competition and
... indicative of welfare. For instance, consumer welfare is measured by the magnitude of consumer surplus.
Consumer welfare too is non-decreasing in consumer surplus. Perfect competition is the market form in which
consumer surplus is the greatest in magnitude, thus most favorable to the consumers, as ...
Say's law, or the law of markets, found in classical economics, states that aggregate production necessarily creates an equal quantity of aggregate demand. It was stated by the French economist Jean-Baptiste Say (1767–1832), who wrote in 1803 in Say's principal work, A Treatise on Political Economy (Traité d'économie politique):A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.and As each of us can only purchase the productions of others with his own productions – as the value we can buy is equal to the value we can produce, the more men can produce, the more they will purchase.Say further argued that the law of markets implies that a ""general glut"" (the term used in Say's time for a widespread excess of supply over demand) cannot occur. If there is a surplus of one good, there must be unmet demand for another: ""If certain goods remain unsold, it is because other goods are not produced."" Say's law has been one of the principal doctrines used to support the laissez-faire belief that a capitalist economy will naturally tend toward full employment and prosperity without government intervention.Over the years, at least two objections to Say's law have been raised: General gluts do in fact occur, particularly during recessions and depressions. Economic agents may collectively choose to increase the amount of money they hold, thereby reducing demand but not supply.Say's law was generally accepted throughout the 19th century, though modified to incorporate the idea of a ""boom-and-bust"" cycle. During the worldwide Great Depression of the 1930s, the novel theories of Keynesian economics disputed Say's conclusions. The debate between classical and Keynesian economics continues today.Scholars disagree on the surprisingly subtle question of whether it was Say who first stated the principle, but by convention, ""Say's law"" has been another name for the law of markets ever since John Maynard Keynes used the term in the 1930s.