摘要:

Though there is consensus among economists about microeconomic theory, neither the Keynesian nor the Monetarist theory of macroeconomics has attracted a consensus, presumably because neither is compelling enough to persuade the skeptical. A new approach to the subject that combines insights from each of the familiar schools with considerations that both schools have overlooked is accordingly offered here. This argument accepts the evidence that involuntary unemployment and depressions sometimes occur and thus rejects the finding of the new classical or equilibrium macroeconomics, that markets always clear and that all individuals and firms are in equilibrium. It also rejects the Keynesian assumption of wages or prices arbitrarily fixed at disequilibrium levels, and insists that any adequate theory must show what interests are served by the existence of involuntary unemployment. The theory offered here shows that an institutional or organizational arrangement common in all societies which have experienced widespread unemployment and deep recessions entails that many firms and individuals will be in disequilibrium. This disequilibrium becomes more severe when there is unexpected deflation or disinflation. The disequilibrium is of precisely the type commonplace in recessions and entails involuntary unemployment. The theory also shows how groups of individuals and firms can gain from practices that entail involuntary unemployment and underutilization of resources for others.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00688.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper examines the appropriateness of the median voter hypothesis within an agenda control framework where the alternative to a proposed expenditure level is the existing level. Evidence from New York State school districts suggests that within this institutional setting the actual level of public service provision does not differ significantly from the median voter's preferred level. The evidence also suggests that demand function parameter estimates for educational expenditures are not sensitive to the assumption that the public service output level corresponds to the median voter's private equilibrium.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00689.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00690.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00691.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper extends the hedonic technique of adjusting for quality change to a new area: the construction of a quality‐adjusted automobile fuel efficiency index. This index, which holds constant a wide range of characteristics that affect observed fuel economy, rises by over 20 percent from 1949 until the late 1960s. The advent of increasingly stringent antipollution regulations coincides with its decline through the mid‐1970s. Thereafter, the constant‐quality index rises sharply. This paper will demonstrate that the fall and rise over the last decade coincide with the reductions in allowable automobile exhaust emissions and the rising relative price of petroleum, respect

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00692.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00693.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper re‐examines the issue of real versus nominal specification of the money demand function and presents evidence in favor of the nominal specification. A series of experiments with U.S. quarterly data show that the money demand function specified in nominal terms is more stable and generates more accurate forecasts than that specified in real terms. “The case of the missing money” also is disc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00694.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

The Laffer curve shows the relationship between tax revenue and the personal income tax rate, with tax revenue being a presumably concave function of the tax rate and equal to zero at tax rates of zero percent and 100 percent. If the personal income tax rate is reduced, then tax revenue will decrease (increase) if the economy is on the positively (negatively) sloped section of the Laffer curve. This paper derives a sufficient condition for the economy to be on the positively sloped section of the Laffer curve. In light of the current knowledge of the elasticities of supply of labor and supply of saving, it is difficult to escape the conclusion that a decrease in U.S. personal income tax rates will decrease tax revenue.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00695.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00696.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00697.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY