The Historical Logic of Economics Imperialism and Meeting the
... absence of factor reversals in trade theory, of externalities in many models, and of a mode of setting prices other than through a fictional auctioneer. The point is not that neoclassical economics never confronts these issues. On the contrary, the fact that it does so reveals how important they are ...
... absence of factor reversals in trade theory, of externalities in many models, and of a mode of setting prices other than through a fictional auctioneer. The point is not that neoclassical economics never confronts these issues. On the contrary, the fact that it does so reveals how important they are ...
Unemployment and Inflation
... In 1948, the labor force participation rate for women 20 years and older was 32 percent. By 1970, it had grown to 43 percent, and by 1997 it had reached 60 percent. But since 1997, the figure has remained virtually constant at 60 percent. Women still provide more household services than men, and thi ...
... In 1948, the labor force participation rate for women 20 years and older was 32 percent. By 1970, it had grown to 43 percent, and by 1997 it had reached 60 percent. But since 1997, the figure has remained virtually constant at 60 percent. Women still provide more household services than men, and thi ...
Chapter 1: Introduction
... In the last chapter, Chapter 11, we combined the IS curve with this Taylor rule for setting monetary policy and produced an aggregate demand function that showed how real GDP depended on the inflation rate. This monetary policy reaction function [MPRF] was: ...
... In the last chapter, Chapter 11, we combined the IS curve with this Taylor rule for setting monetary policy and produced an aggregate demand function that showed how real GDP depended on the inflation rate. This monetary policy reaction function [MPRF] was: ...
university of maiduguri - Unimaid, Centre for Distance Learning
... prevailing wage rate can find them in productive activities without considerable delays. In other wards it means full time jobs for all people who want to work full time. It does not mean unemployment is ever zero. Here again, like Beveridge, the Committee considered full employment to be consistent ...
... prevailing wage rate can find them in productive activities without considerable delays. In other wards it means full time jobs for all people who want to work full time. It does not mean unemployment is ever zero. Here again, like Beveridge, the Committee considered full employment to be consistent ...
Was the New Deal Contractionary?
... traditional channels. The New Deal policies are expansionary in the model because they are a response to the “emergency" conditions created by deflationary shocks. Building on Eggertsson and Woodford (2003), I show that excessive deflation will follow from persistent deflationary shocks that imply ...
... traditional channels. The New Deal policies are expansionary in the model because they are a response to the “emergency" conditions created by deflationary shocks. Building on Eggertsson and Woodford (2003), I show that excessive deflation will follow from persistent deflationary shocks that imply ...
Page 277
... offer you a raise of 6% today, you would probably be delighted. But if I offered you the same raise in 1981, following a year in which prices rose 13.5%, you would have considered my offer an insult. This brings us to the question: just how do we form expectations of inflation? There are two major t ...
... offer you a raise of 6% today, you would probably be delighted. But if I offered you the same raise in 1981, following a year in which prices rose 13.5%, you would have considered my offer an insult. This brings us to the question: just how do we form expectations of inflation? There are two major t ...
HOW I TAUGHT THE HISTORY OF ECONOMIC THOUGHT
... did write one it would cover the original materials plus the interpretive literature in detail). Alas, as must be the case with such notes, they embody and make use of sources that arguably should be cited. I regret my inability to give credit where credit is due. Surely the influence of the half-do ...
... did write one it would cover the original materials plus the interpretive literature in detail). Alas, as must be the case with such notes, they embody and make use of sources that arguably should be cited. I regret my inability to give credit where credit is due. Surely the influence of the half-do ...
Sen`s capability approach and Post Keynesianism: similarities
... Garegnani also argued that Sraffa was bringing back a classical tradition that included Marx, whose work Sraffa (and Garegnani) considered to be in many respects one of the highest points of analytical development of classical thought. Of course, there are also some differences between Marxian econo ...
... Garegnani also argued that Sraffa was bringing back a classical tradition that included Marx, whose work Sraffa (and Garegnani) considered to be in many respects one of the highest points of analytical development of classical thought. Of course, there are also some differences between Marxian econo ...
Cambridge History of Science Morgan Ch 16
... early twentieth century, “neoclassical” economics had established a new research approach by combining the older classical focus on production or supply with the new insights of marginalism on the demand side, in a mathematical account developed from the work of Jevons and Walras. This approach cont ...
... early twentieth century, “neoclassical” economics had established a new research approach by combining the older classical focus on production or supply with the new insights of marginalism on the demand side, in a mathematical account developed from the work of Jevons and Walras. This approach cont ...
The Minimum Wage and Teen Unemployment: A Study of the Effect
... Our study exploits a key difference between the teen and adult labor markets to assess the effect of the 2007 law. We make the obvious assumption that a far greater proportion of the teen labor force is low-skill labor than that of the adult labor force. Teen laborers, by their very nature, have rel ...
... Our study exploits a key difference between the teen and adult labor markets to assess the effect of the 2007 law. We make the obvious assumption that a far greater proportion of the teen labor force is low-skill labor than that of the adult labor force. Teen laborers, by their very nature, have rel ...
Chapter 12 Aggregate Supply, Aggregate Demand
... should be able to raise output infinitely high! In a graph like Figure 12.2, for example, there is nothing in the model that would seem to prevent expansionary policies from just shifting the AD curve, and output, up and up and up. Obviously, this can't be true in the real world. At any given time, ...
... should be able to raise output infinitely high! In a graph like Figure 12.2, for example, there is nothing in the model that would seem to prevent expansionary policies from just shifting the AD curve, and output, up and up and up. Obviously, this can't be true in the real world. At any given time, ...
O`Sullivan Sheffrin Peres 6e
... APPLYING THE CONCEPTS #2: What are the links between presidential elections and macroeconomic performance? ...
... APPLYING THE CONCEPTS #2: What are the links between presidential elections and macroeconomic performance? ...
Studies on the Macroeconomics of Monetary Union - Jultika
... The research of all these essays is carried out using dynamic general equilibrium models with a staggered price setting. A nondistorting source of government revenue is also assumed. I argue that understanding the dynamics in a simple setting provides an important starting point for the analysis of ...
... The research of all these essays is carried out using dynamic general equilibrium models with a staggered price setting. A nondistorting source of government revenue is also assumed. I argue that understanding the dynamics in a simple setting provides an important starting point for the analysis of ...
Scribner AP Macroeconomics Syllabus 2016-17
... L. Using AD/AS analysis, show the effect on price level and RDGP of changes in fiscal policy M. Define the balance budget multiplier N. Distinguish between sticky-price and sticky-wage models and flexible price and wage models; identify the effect of these differences on the AS curve III. Graphs and ...
... L. Using AD/AS analysis, show the effect on price level and RDGP of changes in fiscal policy M. Define the balance budget multiplier N. Distinguish between sticky-price and sticky-wage models and flexible price and wage models; identify the effect of these differences on the AS curve III. Graphs and ...
Introduction to Macroeconomics
... overall price level. Hyperinflations are rare, but have been used to study the costs and consequences of even moderate inflation. • Hyperinflation is a situation in which prices and wages rise very fast, causing damage to a country’s economy: ...
... overall price level. Hyperinflations are rare, but have been used to study the costs and consequences of even moderate inflation. • Hyperinflation is a situation in which prices and wages rise very fast, causing damage to a country’s economy: ...
Unemployment, Human Rights and a Full Employment Policy in
... work statute and a full employment goal could be implemented through a buffer stock employment program We then deal with possible objections to our proposal including that it is too costly, impractical and inflationary. ...
... work statute and a full employment goal could be implemented through a buffer stock employment program We then deal with possible objections to our proposal including that it is too costly, impractical and inflationary. ...
The comparative statics of effective demand
... The second line of Table 1 lists the production function as well as Z and D for the second set of assumptions, and Figure 2 shows the result of the simulation. The Z curve moves down. Its slope is now the inverse of 0.75, so it is flatter than before. The D curve moves up because every unit of emplo ...
... The second line of Table 1 lists the production function as well as Z and D for the second set of assumptions, and Figure 2 shows the result of the simulation. The Z curve moves down. Its slope is now the inverse of 0.75, so it is flatter than before. The D curve moves up because every unit of emplo ...
4. Expansionary gaps tend to raise inflation, and recessionary gaps
... 1. Using the AD-AS diagram to show the short-run and long-run effects on output and inflation of AD and AS shocks: a. See Figure 25.12. An increase in consumer confidence that leads to higher consumption spending shifts the AD curve to the right and increases output and inflation in the short run. I ...
... 1. Using the AD-AS diagram to show the short-run and long-run effects on output and inflation of AD and AS shocks: a. See Figure 25.12. An increase in consumer confidence that leads to higher consumption spending shifts the AD curve to the right and increases output and inflation in the short run. I ...
Edmund Phelps
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation—one featuring imperfect information, incomplete knowledge and expectations about wages and prices—to support a macroeconomic theory of employment determination and price-wage dynamics. This led to his development of the natural rate of unemployment—its existence and the mechanism governing its size.Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.