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AbstractThis article illustrates numerically that the adjustment path of the economy will not show how a national policymaker may be misled by overaggregation until it is too late for correction. Labor and other resources are overaggregated in the equilibrating mechanism of most economic models, tending to mislead policymakers regarding both the amount and direction of change of important variables. Overaggregation also hides important constraints and tradeoffs which masks opportunities to use slack resources. In turn, this creates unnecessary dilemmas, such as that between inflation and unemployment which plagued the progress of the Humphrey‐Hawkins Bill. The article first illustrates the hypothesis using simple models. Then its relevance to current analysis and planning is discussed.

Abstract:
The extractive, particularly mining has become
in recent years one of the most important economic
activities for the accumulation of capital,
as well as one of the most controversial activities
confluence of various actors (government,
private sector [mainly of a transnational], and
communities or inhabitants of the territories)
in a permanent struggle mediated by the strong
correlation that expresses the full enjoyment of
life and social classes, is to say, those who have
dominion and control of the means of production
and those without.
Resumen:
El extractivismo, y particularmente la actividad
minera se ha convertido en los últimos años en
una de las actividades económicas más relevantes
para la acumulación de capital, así como una
de las actividades más polémicas donde confluyen
diversos actores (Estado, sector privado
[principalmente de carácter transnacional],y las
comunidades o habitantes de los territorios) en
una lucha permanente mediados por la correlación
de fuerza que expresa la existencia y plena
vigencia de las clases sociales, es decir, de los
que tienen el dominio y control de los medios
de producción y los que no.

Economists & political scientists liberally criticize each other's approach to human behavior, even the Public Choice model that has been integrated into economic analysis. Gebhard Kirchgassner's 2000 evaluation of the economic model of human behavior & its four basic assumptions on methodological individualism, rational individual behavior, the existence of relevant alternatives, & selfishness as a main motivator are reviewed. Kirchgassner critiqued the limits of the economic approach & other political scientists, such as Persson & Tabellini (2003, 2004) have mounted similar attacks. However, the attacks on homo economicus are becoming less fruitful, so more dialogue between economists & political scientists would be useful. The articles in this special issue, summarized here, bridge the gap between the two research disciplines. They cover fiscal policy, the public sector & deregulation, European integration, & how to reinforce the bridge between the disciplines. References. M. Pflum

We develop an economic model of terrorism. Groups undertake violent activities to change the status quo when they are unable to bring about drastic political change in the face of limited access to economic opportunity. Furthermore, these groups are more likely to resort to terrorist activity when they face powerful policy-making elites who can't be uprooted easily, by legitimate means or otherwise. If, on the other hand, the elite groups currently in power are weak but can't be removed from power legitimately, the dissident groups are likely to initiate rebellion activity, such as civil wars & coups, to take over the rule of the governing elite themselves. In particular, the model exhibits multiple equilibria. For example, one equilibrium can be sustained where groups with limited access to opportunity may find it rational to engage in terrorist activities while policy-maker elites may find it rational not to engage in opening access to these groups. The result is, then, a pattern of reduced economic activity & increased terrorism. An alternative equilibrium can be sustained where access is more abundant & terrorism is reduced. 3 Figures, 19 References. Adapted from the source document.

1. Introduction. 1.1. Questions about model uncertainty. 1.2. Ten papers about model uncertainty -- 2. Discounted linear exponential quadratic Gaussian control. 2.1. Cost formulation. 2.2. Cost recursions and aggregator functions. 2.3. Infinite horizon costs. 2.4. Arbitrary time-invariant linear control laws. 2.5. Solution to the infinite horizon discounted problem. 2.6. Summary -- 3. Robust permanent income and pricing / Thomas D. Tallarini -- 4. A quartet of semigroups for model specification, robustness, prices of risk, and model detection / Evan W. Anderson -- 5. Robust control and model uncertainty. 5.1. Introduction. 5.2. A benchmark resource allocation problem. 5.3. Model misspecification. 5.4. Two robust control problems. 5.5. Recursivity of the multiplier formulation. 5.6. Two preference orderings. 5.7. Recursivity of the preference orderings. 5.8. Concluding remarks -- 6. Robust control and model misspecification / Gauhar A. Turmuhambetova and Noah Williams -- 7. Doubts or variability? / Francisco Barillas -- 8. Robust estimation and control without commitment. 8.1. Introduction. 8.2. A control problem without model uncertainty. 8.3. Using Martingales to represent model misspecifications. 8.4. Two pairs of operators. 8.5. Control problems with model uncertainty. 8.6. The [symbol] = [symbol] case. 8.7. Implied worst case model of signal distortion. 8.8. A recursive multiple priors model. 8.9. Risk sensitivity and compound lotteries. 8.10. Another example. 8.11. Concluding remarks -- 9. Fragile beliefs and the price of uncertainty. 9.1. Introduction. 9.2. Stochastic discounting and risks. 9.3. Three information structures. 9.4. Risk prices. 9.5. A full-information perspective on agents' learning. 9.6. Price effects of concerns about robustness. 9.7. Illustrating the mechanism. 9.8. Concluding remarks -- 10. Beliefs, doubts and learning: Valuing macroeconomic risk / Lars Peter Hansen -- 11. Three types of ambiguity. 11.1. Illustrative model. 11.2. No concern about robustness. 11.3. Representing probability distortions. 11.4. The first type of ambiguity. 11.5. Heterogeneous beliefs without robustness. 11.6. The second type of ambiguity. 11.7. The third type of ambiguity. 11.8. Comparisons. 11.9. Numerical example. 11.10. Concluding remarks.

Cover -- Half Title -- Title Page -- Copyright Page -- Preface -- Contents -- Chapter 1: Mathematical Preliminaries -- 1.1 Complex Numbers -- 1.2 Sequences -- 1.3 The Algebra of Operators -- 1.4 Introduction to Linear Algebra -- 1.5 Characteristic Roots -- Chapter 2: Introduction to Difference Equations -- 2.1 Applications of Differenc Eequations in Economics -- 2.2 The Concept of a Solution of a Difference Equation -- 2.3 The Solution of the Equation y(t+l) - ay(t) = b -- 2.4 Limiting Behavior of the Solution -- Chapter 3: General Theory of Linear Difference Equations -- 3.1 Introduction -- 3.2 The Homogeneous Linear Difference Equation -- 3.3 Summary -- Chapter 4: Linear Homogeneous Difference Equations with Constant Coefficients -- 4.1 Introduction -- 4.2 The Second Order Case -- 4.3 The n-th Order Case -- 4.4 Limiting Behavior of Solutions of Linear Homogeneous Difference Equations Having Constant Coefficients -- 4.5 Summary -- Chapter 5: Particular Solutions -- 5.1 Introduction -- 5.2 Particular Solution when f(t) is Constant -- 5.3 The Method of Undetermined Coefficients -- 5.4 Summary -- Chapter 6: Solving Linear Difference Equations Using Operators -- Chapter 7: Equilibrium and Stability -- 7.1 Introduction -- 7.2 The Routhian Conditions to Check Stability -- 7.3 Summary -- Chapter 8: Systems of Difference Equations -- Chapter 9: Distributed Lags -- 9.1 Introduction -- 9.2 The Koyck Distributed Lag Model -- 9.3 The Lag Polynomial Operator -- 9.4 The General Distributed Lag Model -- 9.5 Some Frequently Used Lag Distributions -- 9.6 Summary and Conclusions -- Chapter 10: Analysis of Accelerator Models -- 10.1 Introduction -- 10.2 Analysis Using Matrices and Shift Operators -- 10.3 Capital Stock Adjustment Models -- 10.4 Various Criticisms -- 10.5 Moving Equilibrium -- Chapter 11: Linear Dynamic Economic Models -- 11.1 Introduction