ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01220.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Economic theories of socialism during the 1930's were based on Walrasian general equilibrium models in which the central planning board was to function as the auctioneer. Socialists assumed that “market socialism” would achieve all the efficiencies characteristic of perfect competition while avoiding the serious market failures of real capitalist economies. The Austrians, Ludwig von Mises and Friedrich Hayek, argued that even market socialism would fail to ‘achieve the efficiency of real market capitalism because Walrasian models used to construct the economic theory of socialism left out important features of real markets that generate efficient outcomes. Specifically, the entrepreneurial nature of the adjustment process, the importance of decentralized information and the role of incentives under vaying institutional set

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01221.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Commercial bank behavior is not adequately dealt with in existing macro models of the financial sector. The central role of a demand for excess reserves (or free reserves) function in models of the money supply process is particularly suspect. In this paper, it is argued that changes in commercial bank behavior induced by alterations in economic and financial conditions and various banking regulations, along with the central bank's approach to policy, have combined to alter the excess reserve function and the relationship between bank reserves and the money supply. Empirical work presented suggests that the “demand” for excess reserves has indeed undergone structural change. Thus, the study indicates that conventional approaches to commercial bank behavior and the demand for excess reserves need to be rewor

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01222.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

The gradual evolution to free enterprise in England, which became quite pronounced about the time of Adam Smith, is explained in this paper in terms of institutional changes in the rent‐seeking society of mercantile England. In this explanation the role of ideas and influential writers is seen as subsidiary to the role of real economic and institutional forces in producing historical outcomes. Moreover, a major feature of our rent‐seeking interpretation is that the poor design and competition for control of the mercantile regulatory process unintentionally helped bring about the institutional changes which made rent seeking and economic regulation by the central government less feasible.“a part of that force which always intends evil 4und always creates good”— Goet

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01223.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper notes that economists generally accept that locally provided public services behave as Tiebout goods while non‐locally provided public services possess the properties described by Samuelson. These beliefs are held despite the absence of empirical evidence supporting this dichotomous categorization. This paper derives an empirical methodology for testing the properties possessed by a public good by noting that only Tiebout goods will necessarily display price/quantity relationships which are consistent with demand theory restrictions. The methodology is applied to a sample of New Jersey suburbs with respect to educational services and non‐educational local servi

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01224.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

The three uses of one's time — leisure, nonmarket work, and market work — are affected by the availability of others' time for sale in the market. The paper integrates the supply of time and the demand for others' time by means of geometric models of exchange and production. Possible patterns of market work behavior are enriched by the incorporation of proportional and lump‐sum transaction costs. The diversity of the results argues against indiscriminate reliance on institutional restrictions in explaining work deci

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01225.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper presents secular evidence on the income velocity of money, exploring the issue of the superiority of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non‐traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support. Indeed, income elasticities of demand for M2balances of .3 to .45 are observed, elasticities much smaller than previously though

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01226.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper first shows that, under certain conditions, strikes benefit capital at the expense of union labor in the aggregate. It is then argued that observed variations in strikes and labor's right to strike are largely explainable by variations in the profitability of strikes to capital and not explainable by popular alternative hypotheses purporting to explain the existence of strikes. Finally, an explanation is offered for the persistence of labor's right to strike over time and across various political systems.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01227.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

When two policy authorities are exercising instruments to affect a common macroeconomic variable, this paper emphasizes the need for nonpolicy agents anticipating policy actions to identify a separate reaction function for each fully informed policy maker, based on observed equilibrium instrument settings. Estimation problems on reaction functions arise if the policy authorities have imperfect knowledge about the system they are attempting to control: if intercept errors occur in the system, long run policy may attain global equilibrium, but short run observed policy must be modelled as a disequilibrium process; if slope coefficient errors exist, even long run instrument settings may be biased due to asymptotic biases on coefficient estimation by authorities.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01228.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Two aid predictor models (binomial logit/regression and Tobit) were fitted to the subset of aid applicants from the National Longitudinal Survey of the High School Class of 1972 who had been accepted for admission by at least one college. Although undergraduate financial aid programs are designed to compensate for financial need, variables related to financial need were found to be relatively poor predictors of college aid offers and the inclusion of “non‐need” variables did not measurably improve the predictive power of the model. These results suggest that disbursement of financial aid funds through college aid offices in 1972 was both inefficient and inequi

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb01229.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY