Barriers to Foreign Direct Investment Under Political Instability
... (Corkran 1991). Of course, whether host countries respect such agreements
ex post is not obvious. A more important factor that reduced the incentives
to nationalize multinational corporations was the failure of state-owned enterprises. As mentioned earlier, more than 35 percent of the enterprises th ...
Capital and Production
... translation is due to the efforts of Professor Hans-Hermann and
Mrs. Margaret Hoppe, and has been made possible by a gift to the
Mises Institute by Dr. Mark Skousen. It has been distributed for
some time as a typewritten manuscript and is only now being
published as a book complete with an index.
Some Lessons for Monetary Policy Based on Interest Rates Rules
... substituted by other monetary rules allowing price stability without convertible money. A
monetary rule based on money supply does not appear effective in a monetary economy based on
credit and flexible exchange rates.
The Wicksell’s theory, or his hypothesis as he preferred to call it, takes as de ...
The Case of General Purpose Technologies
... the past would be the steam engine, electricity, and in the last years information and
communication technology (ICT). New generation technologies, and specifically nanotechnology (Youtie et al., 2008), have the high potential to become GPTs in the near
future. The term itself was introduced into th ...
... converges towards the value of labour power, which depends on “historical and
moral” factors and which can change over the medium or long term.
However, in Marx’s analysis, changes in the real wage and in the rate of
surplus value appear to be determined exclusively in the labour market. Let us
economics 1a - Together We Pass
... 2.4 Solutions to the central questions: an introduction to economic systems .........................25
Economics in action (looking back) ...........................................................................................27
STRUCTURAL DYNAMICS AND LATTER
... consumption of manufactured goods, grows at the same rate. Therefore, if the proportion of
inputs allocated to each sector is constant, the consumption of manufactured and primary goods and
of services grows at different rates, in line with diverse forms of technical change as well as,
The Philosophical Underpinnings of Production of Commodities by
... This points to the subtitle of the book, ‘prelude to a critique of economic theory’. To
understand the significance of this claim one needs to put the two claims together.
First it is claimed that the propositions of the book do not admit of any change and
then it is claimed that these propositions ...
Frank Plumpton Ramsey: The Economic Phenomenon Who Died
... the economic growth. This task is different from modelling a partial market equilibrium
or creating supply or demand for one good. A macroeconomic analysis cannot contain
growth. This task
Role of Human Capital in Economic Development: An Empirical
... Nigeria’s overarching objective since independence in 1960 has been to achieve
stability, material prosperity, peace and social progress. However, this has been
hampered as a result of internal problems. These include inadequate human development,
primitive agricultural practices, weak infrastructur ...
1 New Theoretical Perspectives on the Distribution of Income and
... facts. But on the face of it, this would suggest that they cannot explain the markedly different new
stylized facts. It would seem that a new set of theories is required.
This paper argues that only a slight (in the technical sense) modification of the old theories is required;
but that while ...
... This paper was written while the author was a consultant to the Strategy and
Trade Division of the Country Policy Department of the World Bank. The World
Bank does not accept responsibility for the views expressed, which are those of
the author and should not be attributed to the World Bank or its a ...
THE GREAT DIVERGENCE REVISITED: INDUSTRIALIZATION
... accumulation in the modern sector profitable. The simulations of the unified growth model in Jones
(2001) demonstrate a very strong effect of proper institutions on the timing of take-off. Good
policies and institutions can significantly alter the incentives and abilities of agents to adopt new
... to manufacturing driven purely by capital accumulation, as in standard dual growth models.
Under our assumptions, however, the model generates much richer dynamics, with structural
transformation interacting with the political balance of power.
In the initial, primarily agrarian phase, land is the m ...
PDF - Real
... This expression for the rate of growth of the numerator of the wealth/income ratio
β=W/Y makes it possible to examine how s, r, and Yl affect this ratio, given the rate of
growth of its denominator g:
a) β will increase if and only if s×(r + Yl/W) > g,
b) β will decrease if and only if s×(r + Yl/W) ...
Input–Output Analysis from a Wider Perspective: a Comparison of
... problem disappeared from the scene, or rather was eventually replaced by given ‘value
added’ coefficients in Leontief’s price equations (see Leontief, 1941). The difficulty
with this approach is that the magnitudes of value added per unit of output in the different
industries cannot generally be det ...
The Industrial Revolution in Theory and in History
... 1750 (Clark (2001)). Thus we can calculate long run technological advance at a world scale
before 1800 just by looking at long run population growth, as Kremer (1993) pointed out. Table
1 shows this calculation. As can be seen, for the world as a whole there is no period before 1700
when the calcula ...
Factor Market Distortions Across Time, Space and Sectors in China
... reductions in distortions that we expect to accompany the processes of economic transition
and development. In this paper, we measure the impact on aggregate TFP of distortions in
factor allocation across provinces and sectors in China and investigate the contribution of
changes in these distortions ...
Measuring Intangible Capital with Uncertainty
... development. People conventionally think that the uncertainty associated with intangible
capital is higher than that of the physical capital1 , so it is expensed and written o from
the balance sheet of the rms. However, recent research in cross-section stock returns
suggest that it may not be the ...
... have grown rapidly over the past 150 years
– While other nations such as Bangladesh have
experienced virtually zero growth.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Macroeconomics 2e by Dornbusch, Bodman, Crosby, Fischer, Startz
Slides prepared by Dr Monica Keneley
Measuring Intangible Capital with Uncertainty
... development. People conventionally think that the uncertainty associated with intangible capital is higher than that of the physical capital1 , so it is expensed and written
o from the balance sheet of the rms. However, recent research in cross-section stock
returns suggest that it may not be the ...
ARCHIVE: MARX, CLASSICAL POLITICAL ECONOMY AND THE
... receive as much in wages (measured in labour) from the employer as he gives in
labour then profit, surplus accruing to the employer, would be impossible, and
hence too the capitalist economy which is based on this profit .)22) And since both
profit and capitalism do in fact exist, no exchange of equ ...
- The International Institute of Social and Economic
... The financial system was completely different in the planned Czechoslovak economy
(before 1989) from what it is in a market economy. The former financial system
generated special processes. An environment of centrally planned economy combined
with non-democratic political system created specific fea ...
Cambridge capital controversy
The Cambridge capital controversy – sometimes called ""the capital controversy"" or ""the two Cambridges debate"" – refers to a theoretical and mathematical debate during the 1960s among economists concerning the nature and role of capital goods and the critique of the dominant neoclassical vision of aggregate production and distribution. The name arises because of the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology, in Cambridge, Massachusetts. The two schools are often labeled ""Sraffian"" or ""neo-Ricardian"" and ""neoclassical"", respectively.Most of the debate is mathematical, but some major elements can be explained in simple terms and as part of the 'aggregation problem'. That is, the critique of neoclassical capital theory might be summed up as saying that it suffers from the fallacy of composition, i.e., that we cannot simply jump from microeconomic conceptions to an understanding of production by society as a whole. The resolution of the debate, particularly how broad its implications are, has not been agreed upon by economists.