del09 Philippopoulos new 9997294 en
... here the …scal stance reacts to a measure of resource misallocation, rather than to a measure of cyclical conditions. As far as we know, there have not been any other studies adopting this approach. We experiment with a number of di¤erent simple feedback policy rules/ gaps. In each case, the feedbac ...
... here the …scal stance reacts to a measure of resource misallocation, rather than to a measure of cyclical conditions. As far as we know, there have not been any other studies adopting this approach. We experiment with a number of di¤erent simple feedback policy rules/ gaps. In each case, the feedbac ...
Quality of Labor, Capital, and Productivity Growth in Japan
... frameworks for investigating embodied technological change is to capture decay of capital by estimating ages of production facilities. According to the concept of vintage capital proposed by Solow (1960) and Nelson (1964), an installation of new capital equipment increases productivity, and firm-lev ...
... frameworks for investigating embodied technological change is to capture decay of capital by estimating ages of production facilities. According to the concept of vintage capital proposed by Solow (1960) and Nelson (1964), an installation of new capital equipment increases productivity, and firm-lev ...
East Asia vs. Latin America: TFP and Human Capital Policies
... of schooling can be large, and depend on the level of development. If the human capital production technology is ‘close’ to constant returns, then the model will predict large cross country differences in human capital even if TFP differences are small.4 It is possible to show that, in the steady stat ...
... of schooling can be large, and depend on the level of development. If the human capital production technology is ‘close’ to constant returns, then the model will predict large cross country differences in human capital even if TFP differences are small.4 It is possible to show that, in the steady stat ...
How capitalists learned to stop worrying and love the crisis
... Shifting the research focus from utility to power has far-reaching consequences. Most importantly, it means that capitalist performance should be gauged not in absolute terms of ‘real’ consumption and production, but in financial-pecuniary terms of relative income and asset shares. And as we move fr ...
... Shifting the research focus from utility to power has far-reaching consequences. Most importantly, it means that capitalist performance should be gauged not in absolute terms of ‘real’ consumption and production, but in financial-pecuniary terms of relative income and asset shares. And as we move fr ...
PDF
... with 10 acres or less elected to increase size and in doing so, some increased production capability beyond the capacity of their specialized markets. The discussion above is directed principally to production and inputs required. For meaningful comparisons with other regions and other enterprises, ...
... with 10 acres or less elected to increase size and in doing so, some increased production capability beyond the capacity of their specialized markets. The discussion above is directed principally to production and inputs required. For meaningful comparisons with other regions and other enterprises, ...
THE LAWS OF RETURNS IN NEOCLASSICAL THEORIES OF GROWTH:
... consistent with such (in themselves quite unrealistic) full employment conditions forces these theories to rely on extreme and artificial assumptions about technology and technical progress. We first outline (in section II) how the neoclassical theories of distribution and of the utilization of fact ...
... consistent with such (in themselves quite unrealistic) full employment conditions forces these theories to rely on extreme and artificial assumptions about technology and technical progress. We first outline (in section II) how the neoclassical theories of distribution and of the utilization of fact ...
11 the journal of social science scholar
... There are many variants of capitalism in existence that differ according to country and region. They vary in their institutional makeup and by their economic policies. The common features among all the different forms of capitalism is that they are based on the production of goods and services for p ...
... There are many variants of capitalism in existence that differ according to country and region. They vary in their institutional makeup and by their economic policies. The common features among all the different forms of capitalism is that they are based on the production of goods and services for p ...
Transition Dynamics in Vintage Capital Models: Japan
... that employment remains near its steady-state level during the transition. In fact, the West German unemployment rate exceeded 10 percent in 1950, before gradually falling to below 2 percent by 1960. The situation was similar in Japan, where a significant degree of underemployment – manifested by rel ...
... that employment remains near its steady-state level during the transition. In fact, the West German unemployment rate exceeded 10 percent in 1950, before gradually falling to below 2 percent by 1960. The situation was similar in Japan, where a significant degree of underemployment – manifested by rel ...
RVI113Marquetti_en.pdf
... to obtain a super-profit. Marx thought that the struggle between capitalists and workers over value added created a systematic incentive for a labour-saving and capitalusing bias in technical change. According to Marx’s analysis, mechanization is the typical form taken by technical change in capital ...
... to obtain a super-profit. Marx thought that the struggle between capitalists and workers over value added created a systematic incentive for a labour-saving and capitalusing bias in technical change. According to Marx’s analysis, mechanization is the typical form taken by technical change in capital ...
Jonathan Eaton Working Paper No. 1512 1050 Massachusetts Avenue Cambridge,
... causes and consequences of international trade in claims on land. This paper analyzes the determinants of foreign ownership of land, and its implications for national welfare. ...
... causes and consequences of international trade in claims on land. This paper analyzes the determinants of foreign ownership of land, and its implications for national welfare. ...
THE JOURNAL OF INDIAN PHILOSOPHER
... Capitalism is defined as a social and economic system where capital assets are mainly owned and controlled by private persons, where labor is purchased for money wages, capital gains accrue to private owners, and the price mechanism is utilized to allocate capital goods between uses. The extent to w ...
... Capitalism is defined as a social and economic system where capital assets are mainly owned and controlled by private persons, where labor is purchased for money wages, capital gains accrue to private owners, and the price mechanism is utilized to allocate capital goods between uses. The extent to w ...
Judd
... 3. Case I: Workers do not save In this section we turn our attention to a special case similar to the neoclassical savings models used, for example, by Bernheim, Boadway, Hamada, and Grieson - only capitalists save and only workers work. In terms of our notation, this means L’=O and L”= L= 1. Both a ...
... 3. Case I: Workers do not save In this section we turn our attention to a special case similar to the neoclassical savings models used, for example, by Bernheim, Boadway, Hamada, and Grieson - only capitalists save and only workers work. In terms of our notation, this means L’=O and L”= L= 1. Both a ...
Algebraic Production Functions and Their Uses Before Cobb
... Because of diminishing returns, however, the extra workers reduce labor’s marginal productivity and hence the real wage rate to subsistence. Conversely, below-subsistence wages lead to starvation, low birth rates, and labor-force decline. Fewer workers mean higher marginal productivity of labor, the ...
... Because of diminishing returns, however, the extra workers reduce labor’s marginal productivity and hence the real wage rate to subsistence. Conversely, below-subsistence wages lead to starvation, low birth rates, and labor-force decline. Fewer workers mean higher marginal productivity of labor, the ...
Dynamic Optimization Problems
... Above we have been somewhat vague about the information set. In principle it could include current and lagged values, but the question arises whether all this information is really useful. Let’s spend some time thinking what the economic agent really needs to know in period t to make his decision. T ...
... Above we have been somewhat vague about the information set. In principle it could include current and lagged values, but the question arises whether all this information is really useful. Let’s spend some time thinking what the economic agent really needs to know in period t to make his decision. T ...
What do we know about the labor share and the profit share? Part I
... Besides Ricardo, economists have treated the topic in a way that can only be described as bipolar (Solow, 1958). Going down history lane, the times of manic interest were under the Physiocrats and classical economists (including of course Marx), the early 20th century and its first statistical inqui ...
... Besides Ricardo, economists have treated the topic in a way that can only be described as bipolar (Solow, 1958). Going down history lane, the times of manic interest were under the Physiocrats and classical economists (including of course Marx), the early 20th century and its first statistical inqui ...
Towards a System Dynamics Model of De Soto`s Theory on Informal
... population is not badly impoverished; indeed they possess far more that someone might conceive. The astonishing difficulty is that their assets are not represented in such a way that can produce additional value; the related economic transactions on property rights are just not legally enforceable; ...
... population is not badly impoverished; indeed they possess far more that someone might conceive. The astonishing difficulty is that their assets are not represented in such a way that can produce additional value; the related economic transactions on property rights are just not legally enforceable; ...
NBER WORXING PAPER SERIES RUN GROWTH LONG RUN POLICY ANALYSIS AND Sergio Rebelo
... there is a set of feasible paths among which households are indifferent because they all yield infinite utility. The requirement p > a(1_a)(A_ö) is also necessary and sufficient for the transversality condition associated with the households' maximization problem to hold. In all the other models stu ...
... there is a set of feasible paths among which households are indifferent because they all yield infinite utility. The requirement p > a(1_a)(A_ö) is also necessary and sufficient for the transversality condition associated with the households' maximization problem to hold. In all the other models stu ...
Practice Questions
... c. An increase in the minimum wage will increase teenage unemployment. d. American would be better served by single-payer health care system. e. The French trade deficit reached an all-time high last year. 12. An economic model can be described as a. an abstract representation of reality b. a detail ...
... c. An increase in the minimum wage will increase teenage unemployment. d. American would be better served by single-payer health care system. e. The French trade deficit reached an all-time high last year. 12. An economic model can be described as a. an abstract representation of reality b. a detail ...
3complete - Vassar economics
... sellers will be able to part with exactly what they want to sell. For a market to be competitive, there must be many sellers and many buyers, and no one seller or buyer is important enough to affect the sale price. The price therefore moves to equilibrate the demand and the supply side of the market ...
... sellers will be able to part with exactly what they want to sell. For a market to be competitive, there must be many sellers and many buyers, and no one seller or buyer is important enough to affect the sale price. The price therefore moves to equilibrate the demand and the supply side of the market ...
Week 3
... Investment is financed out of saving – the amount of national income not utilized for consumption. Domestic investment can exceed domestic saving in any given year due to foreign investments. Step 1: The Supply of Goods. Given that the production function reflects constant returns to scale then: zY ...
... Investment is financed out of saving – the amount of national income not utilized for consumption. Domestic investment can exceed domestic saving in any given year due to foreign investments. Step 1: The Supply of Goods. Given that the production function reflects constant returns to scale then: zY ...
New Growth Theory
... logic of the model, countries that exhibit similar structural parameters (savings rate, population growth) should in the long run have similar levels of income per capita. This is brought about by poor countries with a lower capital-to-labour ratio growing faster than rich countries. Alas, the propo ...
... logic of the model, countries that exhibit similar structural parameters (savings rate, population growth) should in the long run have similar levels of income per capita. This is brought about by poor countries with a lower capital-to-labour ratio growing faster than rich countries. Alas, the propo ...
7. Explaining Growth since the Industrial Revolution.
... unusual feature of the modern economy, however, is that the gap between the living standards of people in rich and poor economies is seemingly much wider than in the pre-industrial world. In the pre-industrial era the areas with the most favorable demographic factors could attain incomes perhaps fo ...
... unusual feature of the modern economy, however, is that the gap between the living standards of people in rich and poor economies is seemingly much wider than in the pre-industrial world. In the pre-industrial era the areas with the most favorable demographic factors could attain incomes perhaps fo ...
Economics 101 – Section 5
... For each level of production the firm must determine the cheapest method to produce that quantity – i.e. determine the least cost method At any level of output the firm may produce at it must incur the cost associated with “least cost method” This is largely determined by the firms production techno ...
... For each level of production the firm must determine the cheapest method to produce that quantity – i.e. determine the least cost method At any level of output the firm may produce at it must incur the cost associated with “least cost method” This is largely determined by the firms production techno ...
ECONOMIC DEVELOPMENT PLANNING MODELS
... competencies, and the infusion of greater productivity, technology and innovation, as well as improvement in human capital, resources, and access to large markets. Economic development transforms a traditional dual-system society into a productive framework in which everyone contributes and from whi ...
... competencies, and the infusion of greater productivity, technology and innovation, as well as improvement in human capital, resources, and access to large markets. Economic development transforms a traditional dual-system society into a productive framework in which everyone contributes and from whi ...