Suchergebnisse

Alfred Marshall and Modern Economics re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time

Finding Equilibrium explores the post-World War II transformation of economics by constructing a history of the proof of its central dogma-that a competitive market economy may possess a set of equilibrium prices. The model economy for which the theorem could be proved was mapped out in 1954 by Kenneth Arrow and Gerard Debreu collaboratively, and by Lionel McKenzie separately, and would become widely known as the "Arrow-Debreu Model." While Arrow and Debreu would later go on to win separate Nobel prizes in economics, McKenzie would never receive it. Till Düppe and E. Roy Weintraub explore the lives and work of these economists and the issues of scientific credit against the extraordinary backdrop of overlapping research communities and an economics discipline that was shifting dramatically to mathematical modes of expression.Based on recently opened archives, Finding Equilibrium shows the complex interplay between each man's personal life and work, and examines compelling ideas about scientific credit, publication, regard for different research institutions, and the awarding of Nobel prizes. Instead of asking whether recognition was rightly or wrongly given, and who were the heroes or villains, the book considers attitudes toward intellectual credit and strategies to gain it vis-à-vis the communities that grant it.Telling the story behind the proof of the central theorem in economics, Finding Equilibrium sheds light on the changing nature of the scientific community and the critical connections between the personal and public rewards of scientific work

Many considerations are involved in examining the regularities regarding how changes in the tax burden affect national budget revenues, on the one hand, and how these changes influence economic activities, on the other hand. This book will explain how these affect employment and output rates. It is equally important to examine how government spending influences economic growth. The Keynesian model of aggregate demand gives a quite comprehensive picture of how the tax burden influences economic growth. Though this model has been the subject of many studies and is well explored, it can be said t

Defence date: 7 February 1998 ; Examining Board: Prof. Fabio Canova, Universitat Pompeu Fabra Barcelona, co-supervisor ; Prof. Tryphon Kollintzas, University of Athens ; Prof. Alfonso Novales, Universidad Complutense de Madrid ; Prof. Mark Salmon, EUI and City University London, Supervisor ; First made available online on 4 September 2018 ; Stochastic dynamic general equilibrium models have become in recent years the central paradigm for the analysis and understanding of macroeconomic fluctuations. As Gali (1995) puts it, though early applications to business cycle models (e.g., Kydland and Prescott (1982)) were generally restricted to model economies for which technology shocks were the only sources of fluctuations, and where built-in classical assumptions guaranteed the optimality of equilibrium allocations, the flexibility of that paradigm has been illustrated in a number of recent papers which have developed models of economies characterized by the presence of non-classical features (e.g., imperfect competition as in Rotemberg and Woodford (1991), Gali (1994) or Ubide (1995) and/or alternative sources of fluctuations (e.g., shocks to government spending as in Christiano and Eichenbaum (1992) or Baxter and King (1993)). These efforts to enrich the basic framework have been conducted with the objective of improving its empirical relevance and performance.

This note shows that much conventional macro‐economic literature uses two inconsistent definitions of equilibrium in the commodity market. Equilibrium is defined as income equalling expenditure when deriving the IS curve; but when overall equilibrium is treated the requirement for equilibrium is that planned supply equals planned demand. The note shows that these inconsistent definitions lead to a confusing and often erroneous exposition of disequilibrium behaviour.