Economic Theory and Application Essay Example for Free

Volume 2 of James Tobin’s Essays in Economics brings together twenty papers published between 1940 and 1972. These cover macroeconomics, particularly the theory of the relationship between unemployment and inflation and the dilemma their connection poses for policy; consumption function, which is also related to macroeconomic theory and to the theory of individual behavior; consumer theory and statistical method applied to the problem of rationing; and the development and application of econometric methods suitable for the empirical analysis of consumer behavior.

Ph.D.--Massachusetts Institute of Technology

Economic Theory and Application
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Three Essays on the Theory of Money and ..

In an economy where production is possible, market participants find themselves endowed with productive resources. It is possible for the entrepreneur to buy resources, allow them to combine and yield output, and then to sell the output in the product market. A fundamental feature of any decision to produce in the real world is that any decision to produce represents at the same time Since every production process takes time, it follows that every decision to produce is a decision This aspect of production was not stressed in the treatment of production in Chapters 8, 9, and later chapters. In these chapters, where attention was focused on other aspects of production, a production decision was treated as if any difference in date between the application of resources and the yield of products could be ignored as of no consequence. We must now outline, or at least point to, the major implications for market theory that arise from taking notice of such time differences. These implications, taken in conjunction with the widened possibilities that exist within a production economy for those intertemporal decisions that we have already noticed for the pure exchange economy (with their application being widened now to cover also decisions concerning as well as consumer goods), provide the temporal framework within which a market system operates.

Dec 23, 2016 - economic theory of money and financial institutions

The inadequacy of the models constructed by neoclassical formalism, which I shall deal with at length in the next section, stems, then, not from its high degree of abstraction as such, for all theory is abstract; nor from the fact that quantitative relationsare determined, for all economic theory must achieve such determination; and most certainly not from the application of mathematics, for mathematics is a proved means of expressing quantitative relationships in all areas of knowledge. Rather, this inadequacy springs from the significance of the elements from which one must abstract: in macroeconomics one abstracts from the human actions and plans that underlie all economic phenomena, while in microeconomics these actions and plans appear all too often as an idealized distortion (“perfect competition”).

in 1976 with his thesis titled Essays on economic theory and applications, under the supervision of Franco Modigliani and Robert Solow
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What is the Austrian School of Economics

(Editor) This volume of essays has been assembled to honor Rex Bergstrom as a Festschrift on the occasion of his sixty-fifth birthday. The scholars who have contributed to the volume form a truly international group. Some have had the good fortune to study under Rex and learn directly from his guidance as a teacher or a thesis adviser. Others have worked with Rex and appreciate his insight and wisdom as a colleague. All of us have been inspired and influenced by his research. As the editor of this volume, it is a privilege for me to bring together and present to Rex this fine collection of essays, which in their breadth of themes and concern for fundamentals together reflect the extent of Rex’s own interest in economic modeling and in the theory and application of econometrics.

Sep 27, 2005 - Cite this paper as: Intriligator M.D

This collection of essays comprises some of Rudolf Richter’s important contributions to research on New Institutional Economics (NIE). It deals with the central idea, principles, and methodology of New Institutional Economics and explores its relation to sociology and law. Other chapters examine applications of NIE to various microeconomic and macroeconomic issues in the face of uncertainty, from entrepreneurship to the euro crisis.

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The work before us notably strengthens the forces making for the new conception of capital. Professor Fisher here renders a threefold service. He demonstrates mathematically the inconsistency of the old classification and conception of factors and incomes; he shows the mathematical consistency of the value concept of capital and of the capitalization theory of interest; and he illustrates by actuarial methods the application of the new conceptions to business problems. All three of these proofs have been offered before in verbal form, and the results are already accepted by a number of American economists. But it is always possible to miss the point more easily in a verbal argument, especially when it involves the rejection of familiar conceptions. The argument at a number of points is here restated fully, clearly, and conclusively. The peculiar endowment and training of Professor Fisher as both mathematician and economist made him uniquely capable of this notable performance in economic exposition.