Neoclassical Employment Theory And Cyclical Real Wage Behavior

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General Theory Of Employment , Interest And Money

Author : John Maynard Keynes
Publisher : Atlantic Publishers & Dist
ISBN 13 : 9788126905911
Total Pages : 410 pages
Book Rating : 4.9/5 (59 download)

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Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes

Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning

The State and the Labor Market

Author : Samuel Rosenberg
Publisher : Springer Science & Business Media
ISBN 13 : 1461308011
Total Pages : 266 pages
Book Rating : 4.4/5 (613 download)

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Book Synopsis The State and the Labor Market by : Samuel Rosenberg

Download or read book The State and the Labor Market written by Samuel Rosenberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the two decades before the mid-1970s, macroeconomic policies in Western Europe were frequently accompanied by policies of direct wage restraint in the pursuit of acceptable levels of employment, inflation, and international competitiveness. The same period witnessed a proliferation of social welfare programs, elements of which were sometimes commingled with demand management and pay policies in trilateral bargaining processes involving gov ernments, unions, and employers. In the wake of such subsequent develop ments as the oil price shocks, sharply intensified international competition, and slowing of growth rates in productivity, however, governments resorted more frequently to deflationist macroeconomic policies and also to policies aimed directly at increasing IIflexibility" in wage determination and the de ployment of labor by the firm. It is a major theme of this very interesting book that these labor market policies have not been demonstrably (or at least sufficiently) effective in com bating the high rates of unemployment which have been prevalent in most of the countries of Western Europe since the late 1970s. This theme emerges from the chapters on labor market developments and policies in six countries of Western Europe, the United States, and Hungary (a welcome addition to this type of scholarship), as well as another set of chapters'devoted to specific policy areas. In effect, Samuel Rosenberg and his colleagues-an interna tional team of nineteen economists and sociologists-are repeating in con crete terms a sermon preached by Keynes over a half century ago.

Contending Economic Theories

Author : Richard D. Wolff
Publisher : MIT Press
ISBN 13 : 0262517833
Total Pages : 425 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Contending Economic Theories by : Richard D. Wolff

Download or read book Contending Economic Theories written by Richard D. Wolff and published by MIT Press. This book was released on 2012-09-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic comparison of the 3 major economic theories—neoclassical, Keynesian, and Marxian—showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. They connect their comparative theory analysis to the larger policy issues that divide the rival camps of theorists around such central issues as the role government should play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that flow from each theory's conceptualization of economics. Building on their earlier book Economics: Marxian versus Neoclassical, the authors offer an expanded treatment of Keynesian economics and a comprehensive introduction to Marxian economics, including its class analysis of society. Beyond providing a systematic explanation of the logic and structure of standard neoclassical theory, they analyze recent extensions and developments of that theory around such topics as market imperfections, information economics, new theories of equilibrium, and behavioral economics, considering whether these advances represent new paradigms or merely adjustments to the standard theory. They also explain why economic reasoning has varied among these three approaches throughout the twentieth century, and why this variation continues today—as neoclassical views give way to new Keynesian approaches in the wake of the economic collapse of 2008.

The General Theory of Employment, Interest and Money

Author : John Maynard Keynes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis The General Theory of Employment, Interest and Money by : John Maynard Keynes

Download or read book The General Theory of Employment, Interest and Money written by John Maynard Keynes and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Labor Markets and Business Cycles

Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Labor Markets and Business Cycles by : Robert Shimer

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

NBER Macroeconomics Annual 1991

Author : Olivier Blanchard
Publisher : MIT Press
ISBN 13 : 9780262521659
Total Pages : 392 pages
Book Rating : 4.5/5 (216 download)

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Book Synopsis NBER Macroeconomics Annual 1991 by : Olivier Blanchard

Download or read book NBER Macroeconomics Annual 1991 written by Olivier Blanchard and published by MIT Press. This book was released on 1991 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the sixth in a series of annuals from the National Bureau of EconomicResearch that are designed to stimulate research on problems in applied economics, to bring frontiertheoretical developments to a wider audience, and to accelerate the interaction between analyticaland empirical research in macroeconomics.Olivier Blanchard and Stanley Fischer are both Professorsof Economics at MIT.Contents: Pitfalls and Opportunities: What Macroeconomists Should Know aboutUnit Roots, John Y. Campbell and Pierre Perron. Markups and the Business Cycle, Julio Rotemberg andMichael Woodford. Privatization in Eastern Europe: Incentives and the Economics of Transition, JeanTirole. The EMS, the EMU, and the Transition to a Common Currency, Kenneth A. Froot and Kenneth S.Rogoff. Growth, Macroeconomics, and Development, Stanley S. Fischer. Recessions as Reorganizations,Robert E. Hall.

The Beginnings of Behavioral Economics

Author : Roger Frantz
Publisher : Academic Press
ISBN 13 : 0128157054
Total Pages : 254 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis The Beginnings of Behavioral Economics by : Roger Frantz

Download or read book The Beginnings of Behavioral Economics written by Roger Frantz and published by Academic Press. This book was released on 2019-10-05 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein's X-Efficiency Theory explores the mid-20th century roots of behavioral economics, placing the origin of this now-dominant approach to economic theory many years before the groundbreaking 1979 work on prospect theory by Daniel Kahneman and Amos Tversky. It discusses the work of Harvey Leibenstein, Herbert Simon, George Katona, and Frederick Hayek, reintroducing their contributions as founding pillars of the behavioral approach. It concentrates on the work of Leibenstein, reviewing his nuanced introduction of X-efficiency theory. Building from these foundations, the work explores the body of empirical research on market power and firm behavior – XE relationship. This book is a tremendous resource for graduate students and early career researchers in behavioral economics, experimental economics, organizational economics, social and organizational psychology, labor market economics and public policy. - Reviews the powerful, but neglected contributions of mid-20th century scholars, like Leibenstein and Katona in building the roots of behavioral economic theory - Amalgamates and reviews 50 years of empirical research and over 200 empirical papers on X-efficiency theory - Establishes how X-efficiency can aid modern behavioral economics in further developing firm theory and understanding efficiency wages

Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Journal of Economics

Author : Missouri Valley Economic Association
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Journal of Economics by : Missouri Valley Economic Association

Download or read book Journal of Economics written by Missouri Valley Economic Association and published by . This book was released on 1993 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays in the Theory of Economic Growth

Author : Joan Robinson
Publisher : Springer
ISBN 13 : 1349006262
Total Pages : 150 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis Essays in the Theory of Economic Growth by : Joan Robinson

Download or read book Essays in the Theory of Economic Growth written by Joan Robinson and published by Springer. This book was released on 1965-01-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Journal of Economic Literature

Author :
Publisher :
ISBN 13 :
Total Pages : 1242 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Journal of Economic Literature by :

Download or read book Journal of Economic Literature written by and published by . This book was released on 1995 with total page 1242 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Ravages of Neo-liberalism

Author : Nesecan Balkan
Publisher : Nova Publishers
ISBN 13 : 9781590332795
Total Pages : 258 pages
Book Rating : 4.3/5 (327 download)

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Book Synopsis The Ravages of Neo-liberalism by : Nesecan Balkan

Download or read book The Ravages of Neo-liberalism written by Nesecan Balkan and published by Nova Publishers. This book was released on 2002 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ravages Of Neo-Liberalism Economy, Society & Gender In Turkey

Business Cycles and Depressions

Author : David Glasner
Publisher : Routledge
ISBN 13 : 1136545204
Total Pages : 796 pages
Book Rating : 4.1/5 (365 download)

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Book Synopsis Business Cycles and Depressions by : David Glasner

Download or read book Business Cycles and Depressions written by David Glasner and published by Routledge. This book was released on 2013-12-16 with total page 796 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts define, review, and evaluate economic fluctuations Economic and business uncertainty dominate today's economic analyses. This new Encyclopedia illuminates the subject by offering 323 original articles on every major aspect of business cycles, fluctuations, financial crises, recessions, and depressions. The work of more than 200 experts, including many of the leading researchers in the field, the articles cover a broad range of subjects, including capsule biographies of leading economists born before 1920. Individual entries explore banking panics, the cobweb cycle, consumer durables, the depression of 1937-1938, Otto Eckstein, Friedrich Engels, experimental price bubbles, forced savings, lass-Steagall Act, Friedrich hagen, qualitative indicators, use of macro-econometric models, monetary neutrality, Phillips Curve, Paul Samuelson, Say's law, supply-side recessions, James Tokin, trend and random wages, Thorstein Veblen, worker-job turnover, and more.

Revisiting Hayek's Political Economy

Author : Peter J. Boettke
Publisher : Emerald Group Publishing
ISBN 13 : 1785609874
Total Pages : 204 pages
Book Rating : 4.7/5 (856 download)

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Book Synopsis Revisiting Hayek's Political Economy by : Peter J. Boettke

Download or read book Revisiting Hayek's Political Economy written by Peter J. Boettke and published by Emerald Group Publishing. This book was released on 2016-12-08 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 21 of Advances in Austrian Economics exemplifies this focus by highlighting key research from the Austrian tradition of economics with other research traditions in economics and related areas.

An Introduction to Wavelets and Other Filtering Methods in Finance and Economics

Author : Ramazan Gençay
Publisher : Elsevier
ISBN 13 : 0080509223
Total Pages : 383 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis An Introduction to Wavelets and Other Filtering Methods in Finance and Economics by : Ramazan Gençay

Download or read book An Introduction to Wavelets and Other Filtering Methods in Finance and Economics written by Ramazan Gençay and published by Elsevier. This book was released on 2001-10-12 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: An Introduction to Wavelets and Other Filtering Methods in Finance and Economics presents a unified view of filtering techniques with a special focus on wavelet analysis in finance and economics. It emphasizes the methods and explanations of the theory that underlies them. It also concentrates on exactly what wavelet analysis (and filtering methods in general) can reveal about a time series. It offers testing issues which can be performed with wavelets in conjunction with the multi-resolution analysis. The descriptive focus of the book avoids proofs and provides easy access to a wide spectrum of parametric and nonparametric filtering methods. Examples and empirical applications will show readers the capabilities, advantages, and disadvantages of each method. - The first book to present a unified view of filtering techniques - Concentrates on exactly what wavelets analysis and filtering methods in general can reveal about a time series - Provides easy access to a wide spectrum of parametric and non-parametric filtering methods

Macroeconomic Measurement Versus Macroeconomic Theory

Author : Merijn Knibbe
Publisher : Routledge
ISBN 13 : 1351136690
Total Pages : 264 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis Macroeconomic Measurement Versus Macroeconomic Theory by : Merijn Knibbe

Download or read book Macroeconomic Measurement Versus Macroeconomic Theory written by Merijn Knibbe and published by Routledge. This book was released on 2019-12-06 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ideally, scientific theory and scientific measurement should develop in tandem, but in recent years this has not been the case in economics. There used to be a time when leading economists, or their students, established or led statistical offices and took care that the measurements were consistent with the theory (and vice versa). Not anymore. Macroeconomic theorists and macroeconomic statisticians do not even speak the same language any longer. They do use the same words, such as ‘consumption’, ‘investments’ or ‘unemployment’ but the meanings can often be different. This book maps the differences between macroeconomic theory and measurement and explores them in some detail while also tracking their intellectual, historical and, in some cases, ideological origins. It also explores the possible policy implications. In doing so, the book draws on two separate strands of literature which are seldom used in unison: macro-statistical manuals and theoretical macro-papers. By doing so, the book contributes to the effort to bridge the gap between them without compromising on the idea that a meaningful science of economics should, in the end, be based upon individual people and households and their social and cultural embedding instead of a ‘representative consumer’, or Robinson Crusoe figure. This work is essential reading for students, economists, statisticians, and professionals.

The Global Trade Slowdown

Author : Cristina Constantinescu
Publisher : International Monetary Fund
ISBN 13 : 1498399134
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Global Trade Slowdown by : Cristina Constantinescu

Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.