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Author : John Hicks
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (119 download)
Download or read book A "value and Capital" Growth Model written by John Hicks and published by . This book was released on 1957 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gabriel R. Ricci
Publisher : Routledge
ISBN 13 : 1351300199
Total Pages : 565 pages
Book Rating : 4.3/5 (513 download)
Download or read book Value, Capital and Growth written by Gabriel R. Ricci and published by Routledge. This book was released on 2017-09-08 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value, Capital and Growth was written as a mark of honor to Sir John Hicks on the occasion of his retirement as Drummond Professor of Political Economy at the University of Oxford. As the title implies, most of the essays are directed to the development of the three great topics of modern economic theory to which he contributed--Value, Capital, and Growth. More specifically, there are important papers on general equilibrium, aggregation, and index numbers-- all topics of deep interest in international economics.The volume is particularly noteworthy for a number of papers exploring hitherto unrealized implications of general equilibrium models. There are also several papers dealing with mathematical economics as they relate to trade and development, which will be of great interest to students of those fields. Few theorists possessed Hicks catholicity in economics and his interest in and appetite for all branches of applied economics, and especially comparative economic history. His interests ranged from Italian Renaissance banking to academic publishing and the export and import of scholarly works,The international eminence of the contributors and the quality of their work ensure that this volume is a fitting tribute to a great economist and that it will be studied carefully for many years. No effort was spared to present the work in a style and format worthy of the subject and of the occasion. The volume includes masterful contributions by Kenneth Arrow, Jagdish Bhagwati, Roy Harrod, Paul A. Samuelson, Robert M. Solow, and Alan A. Walters among others, and contains a full biographical and bibliographical data base on Hicks.J.N. Wolfe was professor of economics at the University of Edinburgh until his retirement.
Author : James Nathaniel Wolfe
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (68 download)
Download or read book Value, capital and growth written by James Nathaniel Wolfe and published by . This book was released on 1968 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paolo Mattana
Publisher : Routledge
ISBN 13 : 1351144944
Total Pages : 183 pages
Book Rating : 4.3/5 (511 download)
Download or read book The Uzawa-Lucas Endogenous Growth Model written by Paolo Mattana and published by Routledge. This book was released on 2017-11-30 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using state of the art mathematical techniques this book provides a complete characterization of the Uzawa-Lucas growth model. In his path-breaking contribution on the 'Mechanics of Economic Growth' Lucas suggested that human capital is the key variable through which technical change is most likely to occur and (by taking some initial intuitions of Uzawa a step further) proposed a two-sector capital accumulation growth model where human capital is allowed to enter a neo-classical-style production structure in multiplicative terms. In this book Paolo Mattana fully explores the dynamic possibilities of the model from both the market and the centralized perspective. A critical evaluation of the inefficiency in the market economy is also provided.
Author : L.D. Taylor
Publisher : Springer Science & Business Media
ISBN 13 : 1475747098
Total Pages : 271 pages
Book Rating : 4.4/5 (757 download)
Download or read book Capital, Accumulation, and Money written by L.D. Taylor and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital, Accumulation, and Money: An Integration of Capital, Growth, and Monetary Theory is a book about capital. A root concept of capital is developed which allows for most existing concepts of capital to be unified and related to one another in consistent fashion. Such a root concept of capital offers a framework for integrating monetary and capital theory, and for analyzing the functioning of an economy, whether that economy is in a steady state of subsistence or in a process of sustainable growth. Specifically, it is shown that a conservation principle emerges that both implies and imposes a variety of constraints on the macro behavior of an economy, constraints which make for straightforward understanding and analysis of such concepts as the real stock of money, real-balance effects, and the general price level. New and illuminating insights are also provided into aggregate supply and demand, natural and money rates of interest, the relationship between real and monetary economies, and economic growth and development.
Author : Brett D. Berger
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Putty-putty, Two Sector, Vintage Capital Growth Models written by Brett D. Berger and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wei-Bin Zhang
Publisher : Routledge
ISBN 13 : 1134043724
Total Pages : 395 pages
Book Rating : 4.1/5 (34 download)
Download or read book Monetary Growth Theory written by Wei-Bin Zhang and published by Routledge. This book was released on 2009 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 Money and growth theory -- chapter 2 Money as a store of value -- chapter 3 Money in utility and production functions -- chapter 4 Money-in-advance approaches -- chapter 5 Unemployment and money -- chapter 6 Preference change and habit formation -- chapter 7 Monetary growth with urban structure -- chapter 8 Money in multi-regional and growth economies -- chapter 9 Money, growth, and international trade -- chapter 10 Money and economic complexity.
Author : Wei-Bin Zhang
Publisher : Routledge
ISBN 13 : 1134043716
Total Pages : 395 pages
Book Rating : 4.1/5 (34 download)
Download or read book Monetary Growth Theory written by Wei-Bin Zhang and published by Routledge. This book was released on 2008-07-23 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book answers some challenging questions in monetary growth theory within a compact theoretical framework. The author succeeds in integrating the theory of money, the theory of value and the theory of growth. The book re-examines many important ideas in modern monetary economics within a single analytical framework. It is concerned not only wit
Author : Leonard C Maclean
Publisher : World Scientific
ISBN 13 : 981446581X
Total Pages : 883 pages
Book Rating : 4.8/5 (144 download)
Download or read book Kelly Capital Growth Investment Criterion, The: Theory And Practice written by Leonard C Maclean and published by World Scientific. This book was released on 2011-02-10 with total page 883 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.Contents: "The Early Ideas and Contributions: "Introduction to the Early Ideas and ContributionsExposition of a New Theory on the Measurement of Risk (translated by Louise Sommer) "(D Bernoulli)"A New Interpretation of Information Rate "(J R Kelly, Jr)"Criteria for Choice among Risky Ventures "(H A Latan)"Optimal Gambling Systems for Favorable Games "(L Breiman)"Optimal Gambling Systems for Favorable Games "(E O Thorp)"Portfolio Choice and the Kelly Criterion "(E O Thorp)"Optimal Investment and Consumption Strategies under Risk for a Class of Utility Functions "(N H Hakansson)"On Optimal Myopic Portfolio Policies, with and without Serial Correlation of Yields "(N H Hakansson)"Evidence on the ?Growth-Optimum-Model? "(R Roll)""Classic Papers and Theories: "Introduction to the Classic Papers and TheoriesCompetitive Optimality of Logarithmic Investment "(R M Bell and T M Cover)"A Bound on the Financial Value of Information "(A R Barron and T M Cover)"Asymptotic Optimality and Asymptotic Equipartition Properties of Log-Optimum Investment "(P H Algoet and T M Cover)"Universal Portfolios "(T M Cover)"The Cost of Achieving the Best Portfolio in Hindsight "(E Ordentlich and T M Cover)"Optimal Strategies for Repeated Games "(M Finkelstein and R Whitley)"The Effect of Errors in Means, Variances and Co-Variances on Optimal Portfolio Choice "(V K Chopra and W T Ziemba)"Time to Wealth Goals in Capital Accumulation "(L C MacLean, W T Ziemba, and Y Li)"Survival and Evolutionary Stability of Rule the Kelly "(I V Evstigneev, T Hens, and K R Schenk-Hopp)"Application of the Kelly Criterion to Ornstein-Uhlenbeck Processes "(Y Lv and B K Meister)""The Relationship of Kelly Optimization to Asset Allocation: "Introduction to the Relationship of Kelly Optimization to Asset AllocationSurvival and Growth with a Liability: Optimal Portfolio Strategies in Continuous Time "(S Browne)"Growth versus Security in Dynamic Investment Analysis "(L C MacLean, W T Ziemba, and G Blazenko)"Capital Growth with Security "(L C MacLean, R Sanegre, Y Zhao, and W T Ziemba)"
Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Capital Mobility in Neoclassical Models of Growth written by Robert J. Barro and published by . This book was released on 1992 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Barro
Publisher : MIT Press
ISBN 13 : 0262025531
Total Pages : 673 pages
Book Rating : 4.2/5 (62 download)
Download or read book Economic Growth, second edition written by Robert J. Barro and published by MIT Press. This book was released on 2003-10-10 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.
Author : D C Hagued
Publisher : Springer
ISBN 13 : 1349084522
Total Pages : 419 pages
Book Rating : 4.3/5 (49 download)
Download or read book The Theory of Capital written by D C Hagued and published by Springer. This book was released on 1961-01-01 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Willem H. Buiter
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.X/5 (2 download)
Download or read book Saving and Endogenous Growth written by Willem H. Buiter and published by . This book was released on 1991 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lant Pritchett
Publisher : World Bank Publications
ISBN 13 : 6010532299
Total Pages : 46 pages
Book Rating : 4.0/5 (15 download)
Download or read book The Tyranny of Concepts:CUDIE (Cumulated, Depreciated, Investment Effort) is Not Captial written by Lant Pritchett and published by World Bank Publications. This book was released on 1999 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: May 2000 - Using the word capital to represent two different concepts is not such a problem when government is responsible for only a small fraction of national investment and is reasonably effective (as in the United States). But when government is a major investor and is ineffective, the gap between capital and cumulative, depreciated investment effort (CUDIE) may be enormous. A public sector steel mill may absorb billions as an investment, but if it cannot produce steel it has zero value as capital. The cost of public investment is not the value of public capital. Unlike for private investors, there is no remotely plausible behavioral model of the government as investor that suggests that every dollar the public sector spends as investment creates capital in an economic sense. This seemingly obvious point has so far been uniformly ignored in the voluminous empirical literature on economic growth, which uses, at best, cumulated, depreciated investment effort (CUDIE) to estimate capital stocks. But in developing countries especially, the difference between investment cumulated at cost and capital value is of primary empirical importance: government investment is half or more of total investment. And perhaps as much as half or more of government investment spending has not created equivalent capital. This suggests that nearly everything empirical written in three broad areas is misguided. First, none of the estimates of the impact of public spending identify the productivity of public capital. Even where public capital could be very productive, regressions and evaluations may suggest that public investment spending has little impact. Second, everything currently said about total factor productivity in developing countries is deeply suspect, as there is no way empirically to distinguish between low output (or growth) attributable to investments that created no factors and low output (or growth) attributable to low (or slow growth in) productivity in using accumulated factors. Third, multivariate growth regressions to date have not, in fact, controlled for the growth of capital stock, so spurious interpretations have emerged. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the importance of public sector actions for economic growth.
Author : James N. Wolfe
Publisher : Transaction Publishers
ISBN 13 : 1412840945
Total Pages : 565 pages
Book Rating : 4.4/5 (128 download)
Download or read book Value, Capital and Growth written by James N. Wolfe and published by Transaction Publishers. This book was released on with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value, Capital and Growth was written as a mark of honor to Sir John Hicks on the occasion of his retirement as Drummond Professor of Political Economy at the University of Oxford. As the title implies, most of the essays are directed to the development of the three great topics of modern economic theory to which he contributed--Value, Capital, and Growth. More specifically, there are important papers on general equilibrium, aggregation, and index numbers-- all topics of deep interest in international economics. The volume is particularly noteworthy for a number of papers exploring hitherto unrealized implications of general equilibrium models. There are also several papers dealing with mathematical economics as they relate to trade and development, which will be of great interest to students of those fields. Few theorists possessed Hicks catholicity in economics and his interest in and appetite for all branches of applied economics, and especially comparative economic history. His interests ranged from Italian Renaissance banking to academic publishing and the export and import of scholarly works, The international eminence of the contributors and the quality of their work ensure that this volume is a fitting tribute to a great economist and that it will be studied carefully for many years. No effort was spared to present the work in a style and format worthy of the subject and of the occasion. The volume includes masterful contributions by Kenneth Arrow, Jagdish Bhagwati, Roy Harrod, Paul A. Samuelson, Robert M. Solow, and Alan A. Walters among others, and contains a full biographical and bibliographical data base on Hicks. J.N. Wolfe was professor of economics at the University of Edinburgh until his retirement.
Author : Larry E. Jones
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (228 download)
Download or read book Finite Lifetimes and Growth written by Larry E. Jones and published by . This book was released on 1990 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent literature an endogenous growth models has emphasized the effect that the rate of return has an the capital accumulation decisions and, consequently, on the growth rate of the economy. In most cases the basic model is a variant of the representative agent growth model. The key feature of the infinitely lived agent model is that "substitution effects" dominate, that is, in order to induce individuals to accumulate capital all that is required is a sufficiently high rate of return. In this paper we explore the long run behavior in a model with finite lifetimes -- a version of Diamond's overlapping generations model. Because individuals do not live forever (although the economy does) their level of income as well as the rate of return determine the rate of accumulation. Specifically, we show that for all one sector convex technologies the equilibrium limiting growth rate of the economy is zero. In this setting capital income taxation can have paradoxical effects; it is shown that if the proceeds are used to redistribute income to the young it is possible to have a positive long run growth rate. The effect of the tax rate on the growth rate is not monotonic: for small tax rates the effect is positive, while for sufficiently high rates it is negative. Additionally, income redistribution to the young will normally have positive effects upon the long run growth rate. We then study a two sector growth model and show conditions under which the laissez faire equilibrium displays long run growth. Intuitively, the key property is that the existence of a sector producing investment goods makes it possible that, along a growth path, the relative price of capital decreases sufficiently fast and allows the young to purchase ever increasing quantities of capital. Finally, we show that in an overlawing generations setting, a one sector model can generate growth if the technology displays a nonconvexity, as this is similar to the effect of a decrease in the price of capital: it prevents the ratio of t
Author : Roberto Scazzieri
Publisher : Cambridge University Press
ISBN 13 : 0521873215
Total Pages : 467 pages
Book Rating : 4.5/5 (218 download)
Download or read book Markets, Money and Capital written by Roberto Scazzieri and published by Cambridge University Press. This book was released on 2008 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sir John Hicks was one of the leading economic theorists of the twentieth century, jointly winning the Nobel Prize for his work in 1972. This volume addresses Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making.
