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1 – 10 of over 19000

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Documents on Modern History of Economic Thought: Part C
Type: Book
ISBN: 978-0-76230-998-6

Book part
Publication date: 16 October 2007

Richard E. Just and Gordon C. Rausser

The lens used by the courts and much of the antitrust literature on predatory selling and/or buying is based on partial equilibrium methodology. We demonstrate that such…

Abstract

The lens used by the courts and much of the antitrust literature on predatory selling and/or buying is based on partial equilibrium methodology. We demonstrate that such methodology is unreliable for assessments of predatory monopoly or monopsony conduct. In contrast to the typical two-stage dynamic analysis involving a predation period followed by a recoupment period, we advance a general equilibrium analysis that demonstrates the critical role of related industries and markets. Substitutability versus complementarity of both inputs and outputs is critical. With either monopolistic or monopsonistic market power (but not both), neither predatory overselling nor predatory overbuying is profitably sustainable. Two-stage predation/recoupment is profitable only with irreversibility in production and cost functions, unlike typical estimated forms from the production economic literature. However, when the market structure admits both monopolistic and monopsonistic behavior, predatory overbuying can be profitably sustainable while overselling cannot. Useful distinctions are drawn between contract versus non-contract markets for input markets.

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Research in Law and Economics
Type: Book
ISBN: 978-1-84950-455-3

Article
Publication date: 1 April 1983

Anghel N. Rugina

Whenever capitalism in the West appears to be dragging with unresolved problems, then quite a few people, including professional economists, begin to think that perhaps…

Abstract

Whenever capitalism in the West appears to be dragging with unresolved problems, then quite a few people, including professional economists, begin to think that perhaps socialism is a better alternative. Conversely, in the East even a larger number of people, including economists (who are not activists), seriously believe that in view of their shortages and meagre incomes capitalism would be a better alternative.

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International Journal of Social Economics, vol. 10 no. 4
Type: Research Article
ISSN: 0306-8293

Book part
Publication date: 18 February 2004

Glenn Hueckel

The three volumes before us comprise the second title in the “Elgar Reference Collection” of Critical Ideas in Economics, a new series which, we learn from the book cover…

Abstract

The three volumes before us comprise the second title in the “Elgar Reference Collection” of Critical Ideas in Economics, a new series which, we learn from the book cover, aims to provide “an essential reference source for students, researchers and lecturers in economics.” Each volume in the series will bring together a collection of previously-published articles and book-chapters which “focuses on [a] concept widely used in economics,” and will thereby “improve access to important areas of literature which will not be available in the archives of many of the newer libraries.” No one can deny that Professor Walker’s topic is ideally suited to this stated intent; is there a concept more “widely used in economics” than that of equilibrium? A collection of previously-published items cannot, of course, be appraised in terms of the originality of its content. Such a work offers a different sort of contribution. In addition to the publisher’s stated aim of an improved access to those key articles which, either because of their age or the location of their publication, are not widely available, a work such as this can perform a function not unlike that which Weintraub (1991, pp. 129–130) ascribes to the survey article. The act of selection (and, hence, of exclusion) serves to delineate the field for the non-specialist, and the ordering of the items in the collection can reveal instructive lines of intellectual development – a “filiation of scientific ideas” to adopt Schumpeter’s (1954, p. 6) felicitous phrase – that otherwise might be obscured.

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A Research Annual
Type: Book
ISBN: 978-0-76231-089-0

Abstract

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Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

Abstract

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The Political Economy of Antitrust
Type: Book
ISBN: 978-0-44453-093-6

Abstract

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Mathematical and Economic Theory of Road Pricing
Type: Book
ISBN: 978-0-08-045671-3

Book part
Publication date: 1 November 2011

Bjarne S. Jensen and Ulla Lehmijoki

Multisector growth (MSG) models have a special aura that is shared with computable general equilibrium (CGE) models. Both of them, with their many sectors (industries and…

Abstract

Multisector growth (MSG) models have a special aura that is shared with computable general equilibrium (CGE) models. Both of them, with their many sectors (industries and goods), are known as trying to convert Walrasian general equilibrium systems from an abstract economy representation into workable models with industrial structures changing as actually observed. Yet, they are plagued by severe problems. First, they are difficult subjects involving systems of nonlinear equations. Second, their prevalent numerical (algorithmic) methodology offers little in the way of showing a clear overall picture and understanding the plethora of numbers pouring out from model simulations. The great wood is not seen for all the trees. Hence, the main objective is to set out comparative static and dynamic systems for succinctly stating and explicitly solving MSG models. The Walrasian general equilibrium is completely stated by one equation and the multisector dynamics by one differential equation. Benchmark solutions are shown for three Constant Elasticity of Substitution (CES) parameter regimes of a 10-sector general equilibrium model.

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Economic Growth and Development
Type: Book
ISBN: 978-1-78052-397-2

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Article
Publication date: 4 September 2009

Andreas Knabe

This paper aims to examine the effects of marginal and general wage subsidies on employment and income distribution.

Abstract

Purpose

This paper aims to examine the effects of marginal and general wage subsidies on employment and income distribution.

Design/methodology/approach

The paper constructs a theoretical, partial‐equilibrium model of an economy in which a large number of competitive firms produce a homogeneous output good. Involuntary unemployment arises from a too high and rigid wage. By conducting comparative static analyses, the paper evaluates the impact of general and marginal wage subsidies on employment and incomes.

Findings

The paper shows that a marginal wage subsidy is a fiscally more efficient instrument for employment creation than a general wage subsidy because it resembles a combination of a general wage subsidy with a profit tax. These favorable effects persist even if between‐firm displacement effects are taken into account.

Research limitations/implications

In line with most of the literature on marginal employment subsidies, attention is restricted to a partial‐equilibrium analysis in which the wage is assumed to be fixed. This helps to sharpen the focus on between‐firm competition, but is perhaps implausible when analyzing a generalequilibrium setting. The inclusion of endogenous wage setting is bound to provide an interesting area for future research.

Practical implications

If politicians want to implement a wage subsidy scheme that has to be self‐financing, marginal wage subsidies are an effective policy instrument for employment creation. Its downside is an inefficient allocation of labor among firms, because some firms become larger than is necessary.

Originality/value

The paper provides a novel approach to model the between‐firm displacement effects of marginal wage subsidies and derives policy conclusions.

Details

Journal of Economic Studies, vol. 36 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Book part
Publication date: 3 August 2015

Vipin P. Veetil and Richard E. Wagner

Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular…

Abstract

Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular products, macro theories work with equilibrium applied to aggregates of products. This common approach treats the micro–macro relationship as scalable, with macro variables being aggregations over micro variables. In contrast, we pursue a systems-theoretic approach to the micro–macro relationship. This relationship is not scalable and rather entails a disjunction between micro- and macro-levels of theory. While micro phenomena are still susceptible to choice-theoretic analysis, macro phenomena are products of ecological interaction and so entail emergent phenomena. Our alternative approach treats macro theory as a form of systems theory where the behavior of the system has properties that are not reducible to properties of the individual elements within that system. Besides sketching this alternative approach, we examine some of the different insights this approach offers into such topics as unemployment and stabilization.

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New Thinking in Austrian Political Economy
Type: Book
ISBN: 978-1-78560-137-8

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