摘要:

ABSTRACTWith economic reforms, the control of financial resources becomes important as a means of securing property rights. Both China and the former Soviet Union, in their transition from a centrally‐planned economy, have faced problems of a weakened center which, either completely or on occasions, has lost control of the money creation process. This paper analyses the attempts of provinces and republics to vary the money supply with the objective of acquiring physical resources at the cost of the other provinces (republics), while balancing the costs of potential inflation. Equilibrium outcomes are found to depend on the provinces' (republics') preferences about the growth in real absorption and the rate of inflation, on the growth of national output, and on the relative size of their economie

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00010.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTWe analyse the traverse path following either the introduction of a more profitable production technique or a rise in the wage rate on the assumption that investment depends, with a time lag, on the activity level of the economic system. We compare this case with the previously studied cases of an immediate reaction and, the opposite situation, an absence of reaction.We conclude by examining the case in which only some entrepreneurs are innovators.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00011.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTA Sraffian model is presented in which commodities are produced by means of heterogeneous labour, and wages are (partially) determined by scarcity. Demand is explicitly taken into account, and therefore a “choice of techniques” perspective is adopted. It is shown that demand influences the choice of the cost‐minimizing technique, and that the cost‐minimizing technique may not always be unique. A dynamic extension of the model is briefly discussed. A numerical example illustrates how systems might behave ov

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00012.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTThis paper examines three competing approaches to the determination of the money supply. The first approach is labelled the pure portfolio approach, and corresponds to the orthodox approach to the money supply. The second approach is labelled the pure loan demand approach, and corresponds to the Post Keynesian accommodationist view of endogenous money. The third approach is labelled the mixed portfolio‐loan demand approach, and corresponds to the Post Keynesian structuralist view of endogenous money. The critical theoretical difference between the latter two models is identified in terms of the importance of the private initiatives of banks in accommodating expansions of loan demand. The paper then provides Granger‐causality evidence on the three approaches, and concludes in favor of the mixed portfolio‐loan demand app

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00013.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTIn a recent note, Bhaduri and Harris (1987) showed that a discrete‐time dynamic version of the ‘simple’Ricardian system (i.e. Blaug's (1978) popular version of Kaldor's (1955‐6) representation of Ricardian distribution theory, which includes linear agricultural productivity) can be endowed with an unstable stationary state, and that the system can also exhibit “chaotic” orbits (cfr. Collet and Eckmann, 1980), even if these phenomena cannot appear when the adjustment process is continuous.This stationary state does not necessarily have to be unstable. A slightly generalized version of the ‘simple’Ricardian system (we dispense with the linearity assumption) is used in this paper to analyse a number of meaningful special cases in which the stationary

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00014.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY