Download or read book Resolving An Inconsistency In Economic Theory written by John P. Barrados, Ph.D. and published by Trafford Publishing. This book was released on 2010-03-29 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uncovers and resolves an inconsistency in orthodox theoretical price systems, systems we represent by the orthodox classical system. This inconsistency stems from the general economic logic that should underlie all price systems being suppressed in the orthodox systems. This is a result of an aspect to the behavior of individuals and firms being missing from the systems. The book first establishes how this inconsistency enters the orthodox classical system. Then a revised form of this system is set out that is rid of this inconsistency; and the focus of much of the book is on the revised classical system. This, however, is with the broader aim of bringing out how the general economic logic of price systems should be brought into all price systems. This general economic logic brings a common element to price systems that provides, in principle, the basis to integrate the systems. There are key implications of the book not only for the classical system but also for the Keynesian and Patinkin systems. As well, the book has relevance for Say’s Law and for issues about ensuring consistency of price systems, the existence of market processes in the systems and the use of mathematics in writing price systems.
Download or read book Resolving An Inconsistency In Economic Theory written by John P. Barrados, Ph.D. (Columbia) and published by WestBow Press. This book was released on 2010-03 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uncovers and resolves an inconsistency in orthodox theoretical price systems. This inconsistency arises because the systems lack an aspect to the behavior of individuals and firms. However, this inconsistency is resolved in the book which leads to a more general approach to price systems compared to the orthodox approach. There are many consequences of this new approach to price systems; but most generally, it integrates microeconomic and macroeconomic systems, systems that are dichotomized.
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Download or read book Uncovering the General Economic Logic of Price Systems written by John P. Barrados Ph.D. and published by Trafford Publishing. This book was released on 2013-05-28 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book establishes that there is a fault or inconsistency in the orthodox classical price system. This suppresses in the system the general economic logic that should characterize all price systems. This mars the orthodox classical system in various ways, for example, by bringing an incorrect form of Say's Law into the system that restricts it to long-run states. However, the inconsistency in the orthodox classical system is resolved in the book through a revised classical system. This gives the latter system a more general character than the orthodox form of the system. This is reflected, for example, in the revised classical system being rid of the incorrect form of Say's Law that restricts the orthodox classical system to long-run states.
Download or read book Stabilizing an Unstable Economy written by Hyman P. Minsky and published by McGraw Hill Professional. This book was released on 2008-05-01 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oxford Handbook of Christianity and Economics written by Paul Oslington and published by Oxford University Press. This book was released on 2014-01-31 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many important contemporary debates cross economics and religion, in turn raising questions about the relationship between the two fields. This book, edited by a leader in the new interdisciplinary field of economics and religion and with contributions by experts on different aspects of the relationship between economics and Christianity, maps the current state of scholarship and points to new directions for the field. It covers the history of the relationship between economics and Christianity, economic thinking in the main Christian traditions, and the role of religion in economic development, as well as new work on the economics of religious behavior and religious markets and topics of debate between economists and theologians. It is essential reading for economists concerned with the foundations of their discipline, historians, moral philosophers, theologians seeking to engage with economics, and public policy researchers and practitioners.
Download or read book Economic Theory and Policy amidst Global Discontent written by Ananya Ghosh Dastidar and published by Taylor & Francis. This book was released on 2018-02-06 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled. Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis. This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.
Download or read book Developing Contemporary Marxism written by J. Short and published by Springer. This book was released on 1985-02-18 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Freedom Authority and Economics Essays on Michael Polanyi s Politics and Economics written by R. T. Allen and published by Vernon Press. This book was released on 2019-08-05 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume of original contributions deals with the economic and political thought of Michael Polanyi. Requiring little prior knowledge of Polanyi, this volume further develops a somewhat neglected side of Polanyi's work. In particular it examines the 'tacit integration', of subsidiary details into focal objects or actions as central to all knowing and action. It traces ontological counterparts in the structures of comprehensive entities and complex actions, and a multi-level universe in which lower levels have their boundary conditions, the extents to which they apply, determined by those of the next higher level, whilst each possessing its own laws or operative principles. This schema of 'dual control' preserves the reality and relative autonomy of each level, and its interactions with others, against the various reductions. The essays in this volume also employ and develop important additional concepts and distinctions such as: 'corporate' and 'spontaneous' order; 'public' and 'private' liberties; 'general' and 'specific authority'; and 'moral inversion'; which, as the essays show, are necessary for understanding and maintaining a free society and the freedom of institutions within it. Among the topics treated with them are: more of the prerequisites of freedom in public liberties dedicated to principles and transcendent values; totalitarianism and society as spontaneous order; the balance of general and specific authority in society and particular institutions; reductionism, totalitarianism and consumption in consumer societies, as moral inversions; the mutual interactions of economics and politics as distinct and autonomous but interacting levels; the sociological aspects of economics; and Polanyi's own contributions to sociology. Although, as indicated, Polanyi has his special terms, the essays in this volume, like his works, give them meaning with concrete examples and so avoid merely shuffling a mass of abstractions. Together the essays show that his work is a rich seam of ideas and inspiration for yet further extension and application.
Download or read book Advances in Social Simulation written by Marcin Czupryna and published by Springer Nature. This book was released on 2022-03-29 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the latest advances in applying agent-based modelling in social sciences. The Social Simulation Conference is the major global conference devoted to this topic. It is aimed at promoting social simulation and computational social science. This year’s special theme is “Social Simulation geared towards Post-Pandemic times”, focused not only on questions raised by the current pandemic but also on future challenges related to economic recovery, such as localization, globalization, inequality, sustainable growth and social changes induced by progressive digitalization, data availability and artificial intelligence. The primary audience of this book are scholars and practitioners in computational social sciences including economics, business, sociology, politics, psychology and urban studies.
Download or read book The Irreconcilable Inconsistencies of Neoclassical Macroeconomics written by John Weeks and published by Routledge. This book was released on 2012-02-23 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the course of this book it is argued that the loss of what is essentially "macro" in Keynes is the result of a preference for a form of equilibrium analysis that gives unqualified support to the ideology of free markets. In the case of Marx, his theory of exploitation and from this the stress on class struggle, led to an almost complete neglect of his contribution to the analysis of the aggregate demand and supply of commodities.
Download or read book Inconsistency Tolerance written by Leopoldo Bertossi and published by Springer Science & Business Media. This book was released on 2004 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inconsistency arises in many areas in advanced computing. Often inconsistency is unwanted, for example in the specification for a plan or in sensor fusion in robotics; however, sometimes inconsistency is useful. Whether inconsistency is unwanted or useful, there is a need to develop tolerance to inconsistency in application technologies such as databases, knowledge bases, and software systems. To address this situation, inconsistency tolerance is being built on foundational technologies for identifying and analyzing inconsistency in information, for representing and reasoning with inconsistent information, for resolving inconsistent information, and for merging inconsistent information. The idea for this book arose out of a Dagstuhl Seminar on the topic held in summer 2003. The nine chapters in this first book devoted to the subject of inconsistency tolerance were carefully invited and anonymously reviewed. The book provides an exciting introduction to this new field.
Download or read book The International Handbook on Innovation written by Larisa V Shavinina and published by Elsevier. This book was released on 2003-10-16 with total page 1202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The breadth of this work will allow the reader to acquire a comprehensive and panoramic picture of the nature of innovation within a single handbook.
Download or read book Dennis Robertson written by G. Fletcher and published by Springer. This book was released on 2006-11-14 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new collection of essays, ranging from biography to critical surveys of opinion, the events of Robertson's life and career, his contributions to economics, the all-important influence of temperament on the development of his thought, his relationship with Keynes and the issues in his opposition to the Keynesian revolution are considered.
Download or read book Fact and Fiction in Economics written by Uskali Mäki and published by Cambridge University Press. This book was released on 2002-12-12 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an embarrassing polarization of opinions about the status of economics as an academic discipline, as reflected in epithets such as the Dismal Science and the Queen of the Social Sciences. This collection brings together some of the leading figures in the methodology and philosophy of economics to provide a thoughtful and balanced overview of the current state of debate about the nature and limits of economic knowledge. Authors with partly rival and partly complementary perspectives examine how abstract models work and how they might connect with the real world, they look at the special nature of the facts about the economy, and they direct attention towards the academic institutions themselves and how they shape economic research. These issues are thus analysed from the point of view of methodology, semantics, ontology, rhetoric, sociology, and economics of science.
Download or read book Support bargaining Economics and Society written by Patrick Spread and published by Routledge. This book was released on 2013 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Support-Bargaining, Economics and Society links support-bargaining to Darwin's theory of natural selection and traces the implications of support-bargaining and money-bargaining across society. It provides a wholly different account of the functioning of human societies from anything that has gone before. Social scientists, ever since there have been such people, have missed the crucial human characteristic - the propensity to seek support - that has given rise to group formation and the myriad activities that are feasible in groups.
