Download or read book The Fallacy of the Fiscal Theory of the Price Level written by Willem H. Buiter and published by . This book was released on 1999 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is not common for an entire scholarly literature to be based on a fallacy, that is, 'on faulty reasoning; misleading or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and others, is an example of a fatally flawed research programme. The source of the fallacy is an economic misspecification. The proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal budget constraint is a constraint on the government's instruments that must be satisfied for all admissible values of the economy-wide endogenous variables. Instead they require it to be satisfied only in equilibrium. This economic misspecification has implications for the mathematical or logical properties of the equilibria supported by models purporting to demonstrate the properties of the fiscal approach. These include: overdetermined (internally inconsistent) equilibria; anomalies like the apparent ability to price things that do not exist; the need for arbitrary restrictions on the exogenous and predetermined variables in the government's budget constraint; and anomalous behaviour of the equilibrium' price sequences, including behaviour that will ultimately violate physical resource constraints. The issue is of more than academic interest. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the actual behaviour of the fiscal and monetary authorities. The fiscal theory of the price level implies that a government could exogenously fix its real spending, revenue and seigniorage plans, and that the general price level would adjust the real value of its contractual nominal debt obligations so as to ensure government solvency. When reality dawns, the result could be painful fiscal tightening, government default, or unplanned recourse to the inflation tax.

Download or read book Bulletin written by Enoch Pratt Free Library of Baltimore City and published by . This book was released on 1895 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Magazine of American History with Notes and Queries written by and published by . This book was released on 1907 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book General Theory Of Employment Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning

Download or read book Economic Facts and Fallacies written by Thomas Sowell and published by Basic Books. This book was released on 2011-03-22 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Sowell “both surprises and overturns received wisdom” in this indispensable examination of widespread economic fallacies (The Economist) Economic Facts and Fallacies exposes some of the most popular fallacies about economic issues-and does so in a lively manner and without requiring any prior knowledge of economics by the reader. These include many beliefs widely disseminated in the media and by politicians, such as mistaken ideas about urban problems, income differences, male-female economic differences, as well as economics fallacies about academia, about race, and about Third World countries. One of the themes of Economic Facts and Fallacies is that fallacies are not simply crazy ideas but in fact have a certain plausibility that gives them their staying power-and makes careful examination of their flaws both necessary and important, as well as sometimes humorous. Written in the easy-to-follow style of the author's Basic Economics, this latest book is able to go into greater depth, with real world examples, on specific issues.

Download or read book Anonyms written by William Cushing and published by . This book was released on 1889 with total page 854 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Publishers Weekly written by and published by . This book was released on 1878 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Publishers Weekly written by and published by . This book was released on 1878 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The American Bookseller written by and published by . This book was released on 1878 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Library Catalogue written by Michigan State Prison and published by . This book was released on 1904 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Illustrated Catalogue of Books Standard and Holiday written by McClurg, Firm, Booksellers, Chicago and published by . This book was released on 1899 with total page 842 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Bibliography of Economics written by Benjamin Rand and published by . This book was released on 1895 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Catalogue of the Library of the Parliament of Ontario written by Ontario. Legislative Library and published by . This book was released on 1881 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Publishers Trade List Annual written by and published by . This book was released on 1880 with total page 1856 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Lamb s Biographical Dictionary of the United States written by John Howard Brown and published by . This book was released on 1901 with total page 718 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Twentieth Century Biographical Dictionary of Notable Americans written by Rossiter Johnson and published by . This book was released on 1904 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dictionary of Political Economy written by Robert Harry Inglis Palgrave and published by . This book was released on 1896 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: