Cover -- Half Title -- Title Page -- Copyright Page -- Original Title Page -- Original Copyright Page -- PREFACE -- Table of Contents -- PART I. MACRO ANALYSIS AND POLICY -- 1. Multiplier Analysis and Fiscal Policy -- 2. Monetary Theory and General Prices -- 3. The Liquidity Trap and Full Employment -- 4. An Endogenous Model of Cyclical Growth -- PART II. MACRO LINEAR PROGRAMMING -- 5. Input-Output Preliminaries to Linear Programming -- 6. Linear Programming for Optimal Employment and Investment -- 7. The Harrod Matrix and Multisectoral Linear Programming -- 8. Parametric Non-linear Programming for Optimal Growth -- APPENDIX. Greek Letters Used in Mathematical Economics -- SELECTED REFERENCES -- INDEX.
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Collecting together papers from international journals, this book encompasses economics and the philosophical, historical, technical and practical facets of the real world. Grouped together in three separate, yet related parts, the essays deal with 'Problems of Developed Economies', 'Problems of Developing Economies' and 'International Prosperity and Progress'. Reviews of relevant books by Roy Harrod, T. Haavelmo, W. A. Lewis and T. Barna have been included as appendices. Truly international in its coverage and sources, this collection includes articles from the USA, Japan
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This volume represents the extension of Keynes' General Theory by a group of eminent economists. Each essay takes Keynes' work as a frame of reference for criticism, explorations and insights, whilst adding to the superstructure on the foundation of the General Theory. The essays also provide the necessary sense of perspective with a view to examining the Keynesian contribution to economic thought and also the limitations of Keynesian economics. The international contributors include:Dudley Dillard, Martin Bronfenbrenner, Mabel F. Timlin, William S. Vickrey, Don Patinkin, Howard R
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SUMMARYThe author makes net investment an increasing function of the marginal efficiency of capital affected by the corporate tax and accelerated depreciation, and then lets that investment enter the growth equation as an independent variable. Thus he shows that the corporate tax rate or the length of the period of accelerated depreciation will have to be reduced if the rate of growth of productive capacity is to be increased in a capital‐scarce market economy.Further the author brings out two implications. First, considering the tax‐afforded depreciation reserves as a definite fraction of national income, the resulting ratio is added to the private saving ratio so as to increase capacity growth. This first implication is thought important to a developing economy whose personal saving is insufficient to finance the net investment required for capacity expansion. The second of the implications is brought out by making externally raised capital funds an increasing function of tax‐influenced dividend payments. Considering such capital funds as a fraction of national income on a par with the personal saving ratio, the author demonstrates the theoretical possibility of the low corporate tax favorable influencing capacity expansion. He points out that this second implication is especially important to an economy whose securities market is highly developed but whose long‐term bank financing is relatively underdeveloped. He alludes to some relevant empirical evidence as supporting his theoretical arguments.
SUMMARYThis note is an attempt to offer a quantitatively significant answer to the question: How effective is cost disinflation likely to be in restoring a deficit country's balance of payments equilibrium? This question is occasioned by such recent structural changes in the world economy as to intensify cost‐price competition in international markets. In seeking the needed answer, the author has set up a system of equations to describe the relevant domestic and foreign variables affecting a trading nation's balance of payments–on plausible assumptions. The analysis made on the basis of that system leads to the following conclusions:1. If a nation is not a marginal supplier of internationally tradeable goods, the price‐elasticity of world demand for that nation's exports is likely to be so far below unity (trend value) as to worsen its balance of payments in consequence of a disinflation‐induced fall in its export price, given the constant exchange rates and the constant level of effective world demand.2. If a nation's exports consist largely of capital goods and manufactures, the income‐elasticity of world demand for that nation's exports is likely to exceed unity so as to aggravate its balance of payments difficulties during a period of falling effective world demand possibly set off by some other nation's disinflationary drive, cet. par.3. If a nation's cost disinflation increases its innovational investment (designed to increase general productivity), its induced imports are likely to increase via the foreign‐trade multiplier and so to offset any beneficial effect that a disinflationinduced fall in the export price might have on its trade balance.4. In sum, the analysis would make it theoretically unsound and practically unwise for any trading nation to place unilaterally excessive reliance on the price mechanism in general and disinflation in particular for balance of payments equilibrium–especially in this day and age of universal wage‐price rigidities, income sensibilities and exchange‐rate flexibilities.