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The book explores whether fiscal policies can secure full employment without inflation, one of the key questions in economics after Keynes. Part 1, General Theory of Public Finance and Fiscal Policy, discusses Ends and Means in economic policy. The results of this ends-means analysis are applied to fiscal policy. Part 2, Microeconomics, deals with the impact of fiscal measures on the behaviour of the individual household, firm and other organization, concentrating on the effects on consumption and saving. Part 3, Macroeconomics, considers how the problem of keeping the price-level cons.

The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons

Fuzzy set theory, which started not much more than 20 years ago as a generalization of classical set theory, has in the meantime evolved into an area which scientifically, as well as from the point of view of applications, is recognized as a very valuable contribution to the existing knowledge. This book provides a remarkable contribution to Fuzzy Economics and presents the state of the art in fuzzy theory of value, namely the aggregated model of microeconomics with fuzzy behaviours. It presents an analysis of classical problems with new tools which lead to interesting results

I defended my doctoral dissertation on stochastic stability of general equilibrium systems in Penn's Applied Mathematics program in fall 1968. That year I began teaching math for economists, mathematical economics, microeconomics, and even econometrics at Rutgers College, where I remained for a couple of years before moving to Duke. At Rutgers I saw that graduate students took required courses in micro, macro, statistics, math, and econometrics, and there were electives in other fields like public finance and economic history. I didn't know that there was any subdiscipline, or field, called the history of economic thought.

The present thesis is made up by three separate chapters in applied microeconomics touching the realms of labor, health and family economics. The first one considers individual genetic information to explore the interplay between genes and environmental factors in shaping individual labor outcomes. The second one looks at old age health and provide an estimate of the causal effect of retirement on a syndrome of health deficit accumulation known as frailty. The third one investigates and describes the role of preferences in the screening and matching process of child adoption with the use of a novel dataset.

Articulating thoughtful learning outcome statements for courses and majors improves teaching and learning and satisfies accreditation requirements. After reading this paper, economists will be able to construct learning outcome statements that guide and enhance teaching and learning in their courses and programs. We present a framework for developing learning outcomes based on a set of five fundamental competencies in economics. We then provide another public good, offering a complete set of learning outcomes for an introductory microeconomics course, which instructors can include in their syllabi. For additional guidance, we construct examples of lesson-specific learning outcomes as well.

Studies have demonstrated that classroom experiments have a positive effect on student achievement in economics courses. Questions remain regarding the appropriate number of experiments. In the current study we attempt to determine whether more intensive use of classroom experiments is associated with greater student achievement. Our data contains variation in the number of experiments administered in a principles of microeconomics course. We find that participation in classroom experiments has a positive, but diminishing, marginal benefit on students' final course scores. We also find that classroom experiments can bridge some achievement gaps (between older and younger students, between whites and minorities).

AbstractTransaction cost economics is a key topic in many conversations in business and economics related disciplines, much as a result of Oliver Williamson's intellectual crusade. By claiming a "distinct worldview," he develops arguments of association and differentiation to established worldviews, like traditional microeconomics, earlier institutionalism, Austrian and radical economics, and also within the new institutional economics itself, in order to advance his theory. His resourcefulness defies straight argumentative decisions, catering to different audiences whilst trying to break new ground. Surely Williamson has not pleased everyone, but his discourse is greatly responsible for placing TCE in the everyday parlance of economics.

The last decade in Russia has been marked by an expansive growth of interest to measuring the level of institutional maturity and quality. These measurements are carried out through international comparisons, correlation coefficients between the quality of institutions and GDP are calculated. However, these estimations are mostly possible within the framework of assumptions of the public choice theory. The paper attempts to prove that this theory uses the same assumption of homo oeconomicus, as conventional microeconomics. Therefore, the public choice theory has the same shortcomings that may be attributed to the neoclassical paradigm as a whole.

Arguing that economic development must be moved from a residual category of the United States Agency for Development's budget and made a priority, examined are the concept of foreign aid for development, how to generate economic growth, the microeconomics-economic growth relationship, difficulties in obtaining funding drivers for economic growth, and the advantages that USAID has over the World Bank for aiding economic growth. Aside from a larger budget for economic growth, USAID needs more experienced economists and private sector officers and its procedural and contracting requirements must be simplified.

More than 100 years have passed since Alfred Marshall introduced the representative firm to economic theory in 1891. During this long period of time, many arguments have been raised giving either support or opposition to the concept. In recent years, macroeconomists have taken an increasing interest in the representative firm. Since the beginning of the modern microfoundations literature in the early 1970s, the representative firm and its big brother, the representative agent, have been made essential analytical tools for linking macroeconomics and microeconomics. Within this debate, the microfoundation of business cycle theory has played a prominent role.

Industrial restructuring and microeconomics adjustment in Poland. A cross sectoral approach.
The paper analyses the impact of the Polish stabilisation programme on the behaviour of state owned firms by summarising and evaluating three case studies of firms. The authors outline a framework to analyse whether firms have adjusted differently according to differences in their market power, financial status, exposure to trade and international comparative advantage. They find no evidence for differences in adjustment from any source ; in all three industries, adjustment has been relatively modest and the governance of firms has hardly changed at all.

The book examines the contemporary art system with a broad and systematic approach, through the application of models of microeconomics and industrial organizations. By breaking down the traditional barriers between different academic disciplines such as art and economics, this book offers a unique opportunity to grasp the complexities of the contemporary art world and provides the tools to conduct a structural analysis of that market. The result is an in-depth analysis of the contemporary art market from an interdisciplinary perspective. While it is not a textbook in the strictest sense, the book offers a concise and effective overview of all actors in the art system, and provides supporting data and valuable information, both conceptual and practical. It is therefore a text that can be used by students wishing to better understand the complex dynamics that govern the contemporary art market, but also by cultural managers, collectors, potential art investors or simply art lovers who need a quick reference.​

In February 1998 the Dutch government auctioned licences to operate mobile telecommunications networks according to the DCS-1800 technology. Two "national" licences and sixteen "regional" ones were auctioned by using a variant of the simultaneous, multiple round auction that was proposed by US-economists and that had been tested in the US. This paper describes how the decision to auction came about, it details the auction rules, and it analyzes the resulting outcomes.

Dating business cycle turning points / Marcelle Chauvet, James D. Hamilton -- A new framework to analyze business cycle synchronization / Jeffrey A. Modisett, Judge David J. Dreyer -- Non-linearity and instability in the Euro area / Massimiliano Marcellino -- Nonlinear modelling of autoregressive structural breaks in some US macroeconomic series / George Kapetanios, Elias Tzavalis -- Trend-cycle decomposition models with smooth-transition parameters : evidence from U.S. economic time series / Siem Jan Koopman, Soon Yip Wong, David E. Wildasin -- Modeling inflation and money demand using a fourier-series approximation / Ralf Becker, Stan Hurn -- Random walk smooth transition autoregressive models / Heather M. Anderson, Chin Nam Low -- Nonlinearity and structural change in interest rate reaction functions for the US, UK and Germany / Mehtap Kesriyeli, Denise R. Osborn -- State asymmetries in the effects of monetary policy shocks on output : some new evidence for the Euro-Area / Juan J. Dolado, Ramon Maria-Dolores -- Non-linear dynamics in output, real exchange rates and real money balances : Norway, 1830-2003 / Q.Farooq Akram, (p)Øyvind Eitrheim, Lucio Sarno -- A predictive comparison of some simple long- and short memory models of daily U.S. stock returns, with emphasis on business cycle effects / Geetesh Bhardwaj, Norman R. Swanson -- Nonlinear modeling of the changing lag structure in U.S. housing construction / Christian M. Dahl, Tamer Kulaksizoglu -- Combining predictors and combining information in modelling : forecasting US recession probabilities and output growth / Michael P. Clements, Ana Beatriz Galvao -- The importance of nonlinearity in reproducing business cycle features / James Morley, Jeremy Piger -- The vector floor and ceiling model / Gary Koop, Simon Potter