摘要:

This paper critically reviews and resolves some controversies on the so‐called “excess capacity” theorem that allegedly are deducible from the theory of monopolistic competition. The fundamental model initially focuses attention on the main sources of confusion, which are shown to relate to certain terminological ambiguities. The conditions under which an unambiguously defined excess capacity can be set forth are discussed herein. Finally, and perhaps most importantly, the paper goes beyond critiques and proposes a dynamic adjustment mechanism which would establish the properties of a full equilibrium under conditions of productive efficiency for the otherwise static framework of monopolistic compet

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00463.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This paper develops an extended inventory theoretic model for the purpose of analyzing the optimal use and issuance of trade credit. One significant result is that the incentives payments costs associated with commodity transactions and from the existence of positive per unit cost associated with storing commodities. A further important result is that the cost charged by the firm in return for its issuance of credit consists in firm earning asset holdings, and a risk premium reflecting the possibility of default on the part of the household.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00464.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This paper compares the structure of ad hoc stabilization policy rules of the type suggested by Phillips with the structure of optimal policy rules derived for the same models using the Maximum principle. More particularly the paper suggests that the performance of ad hoc rules could be improved by reformulating them to accommodate both the lag structure and the forecast structure of the underlying macroeconomic model. The paper also illustrates the superiority of policy rules which utilize time‐varying policy coefficient

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00465.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This paper provides a systematic and precise microeconomic basis for aggregate effective demand and supply curves. A shadow price framework permits an orderly treatment of effective demand and supply. The shadow price is the monetary amount which one would pay for the right to buy or sell one extra unit of the good at the market price. The analysis supports Keynes's approach to interest rate and investment demand theory.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00466.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This study provides a foundation for an understanding of Veblen's economics by displaying its various parts as components of a system, and analyzing and evaluating them. An examination is made of Veblen's views on the subject‐matter of economics, his general theory of economic change, his theory of economic change under capitalism, and his prediction of the end of capitalism, under the emergence of a new economic order. It is shown that he constructed a highly general theory economic change that was scientific in character, but that in dealing with capitalism he wrote primarily as a social philosopher and ideologis

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00467.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

In this article an economic model of the determinants of first marriage is formulated and then empirically tested. The model incorporates household production theory and search theory in order to explain the incentives to marry and the determinants of the age at first marriage. Age at first marriage is viewed as depending on the determinants of entry into the marriage market and the duration of search for a spouse. Empirical results from the 1967 Survey of Economic Opportunity show a negative effect of male wages and a positive effect of female wages on own age at marriage. Additionally, education and urbanization are found to have positive effects and number of children a negative effect.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00468.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This article geometrically integrates the input and output effects induced by simple rate‐of‐return regulation of constrained firms. A determinate model is constructed to demonstrate the manner in which the distortions (input and output) can be optimally combined to achieve constrained profit‐maximization. Because a trade‐off is shown to exist among the three distortion types, it is concluded that amendments to the rate‐of‐return constraint should dampen all three distortions simultaneously. An amendment which is narrowly designed to reduce only one inefficiency may well exacerbate th

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00469.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This paper tests the null hypothesis that “cycles” in business activity are merely Monte Carlo cycles. It compares the actual distribution of expansionary and contractionary phase duration times with those which would be expected under the null hypothesis. If the probability of a phase turning point is constant during a small interval of time, rather than increasing, the duration times of upswings and downswings should be exponentially distributed. Goodness of fit statistics were calculated for each phase for the post World War II time series of: five coincident indicators, inverted unemployment rate, and production index. The evidence found here supports the Monte Carlo the

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00470.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

摘要:

This paper examines the degree of consistency between various rating systems for University Economics Departments and concludes that only “distinguished” schools can be consistently recognized by all rating systems. The rankings of other schools are highly variable depending on the rating system u

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00471.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1977.tb00472.x

出版商:Blackwell Publishing Ltd    

年代:1977

数据来源: WILEY