摘要:

Despite the dominance of the field of economic history by trained economists who use the tools of economics, the output and services of economic historians are declining in demand. The explanation advanced in this address is that economic historians have not proved their value to economics. To play an essential role in economics, we must broaden the questions we ask and concommittently devise a set of theoretical tools to provide meaningful and testable theories about the structure and performance of economies over time. This address suggests the direction that such theory should take in order to make the field an indispensable part of the discipline of economics.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00436.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

A debate that has raged for centuries is unlikely to be resolved by me in one lecture. However, I shall do my best to set forth the issues and indicate what ought to be the crucial factors that a jury should consider in rendering its verdict on the matter. The issue is one between forestry experts and the general public on the one side and professional economists and profit‐conscious businessmen on the other. At first blush this would seem to suggest that economists are on the side of the interests and are not themselves members of the human race. But, as I hope to show, sound economic analysis is needed to do justice to the cases put forward by either of the adversary partie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00437.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper examines the relationship between restrictions on price advertising in the retail market for prescription drugs and the retail price of prescription drugs. Utilizing data on state retail advertising restrictions and data from a national survey of pharmacies, the study estimates the effect of advertising restrictions on the retail price of prescription drugs, and the cost to consumers resulting from these restrictions.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00438.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

In this essay, emphasis is laid on the differences between the “revolutionary” innovations of Menger, jevons and Walras. The main point is that the persistent historiographic practice of classifying these authors together simply as independent discoverers of very much the same marginal utility principle has obscured essential differences not only in the original intent and design of their theoretical edifices, but also in the influence their major works exerted, each in a way of its own, upon the subsequent development of economic thou

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00439.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Money talks, but it does not give itself away. Lately there has been much talk about money, and even less agreement than heretofore about what it is. Because of the growing immateriality of money, the difficulty of defining it has waxed rather than waned with increased knowledge. This, of course, has not made the development of monetary theory or the determination of monetary policy any easier. Milton Friedman and Anna Jacobson Schwartz (hereafter referred to as F‐S) prefer an empirical definition of money to a priori definitions, such as the generally acceptable means of payment.1 However, they fail to demonstrate either that complete freedom from a priori conceptualization is possible or that such procedure can avoid circularity of reasoning.2 If there is no “right” definition of money (F‐S, 1970, pp. 137, 145–146, 151, 197–198), there is no “empirical” definition in the absence of the “right

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00440.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper investigates the human capital formation process when the learning situation is not neutral but is instead biased either to the market or to the production process. In the case of a production bias, human capital is more productive when generating additional human capital than when generating market activity. In the case of a market bias, the reverse holds. Implications from the model are used to explain the occurrence of different shaped earnings profiles of equal net present value as well as income profiles of unequal present value.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00441.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

The paper entertains the proposition that individuals' time performs a productive role in generating nonwage income through the management of nonhuman capital assets. The asset management hypothesis is used to develop a life cycle model of consumptive and productive decisions. The model allows for variations in gross rates of return both across persons at a point in time and for any one person over his life cycle. The behavioral implications developed show that differences across consumption units in their time allocations and in their borrowing, saving, and asset holding decisions may be the result of differences in opportunities rather than “tastes

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00442.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper develops a model of wage and price adjustment that is based on the optimizing behavior of firms. The output of the model is a relationship between price changes and excess demands that looks like a generalized Walrasian adjustment but which is based on firm microfoundations. The model is then applied to stability analysis and the “Phillips curve,” using restrictions derived from the underlying optimization to generate resu

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00443.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00444.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00445.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY