Narrow search
Showing 1 - 3 of 3
Cover Image
Though Arrow Says It’s Impossible, It Happens Everyday
Gani, Mohammad - EconWPA - 2004
Arrow’s Impossibility Theorem shows that transitive social preference is impossible. This note shows that in the general case of exchange, social preference need not be transitive. Indeed, it shows that social preference must be non-transitive to allow gainful exchange to maximize social...
Persistent link: https://www.econbiz.de/10005135127
Cover Image
Equality of Demand and Supply Neither Determines Price Nor Clears the Market
Gani, Mohammad - EconWPA - 2004
indirect trade, money also must be used. Micro says that price is equal to marginal cost, rejecting trade theory’s claim that … trade is gainful. To remove these and other contradictions, price theory must be repaired. Money’s role in market clearing …
Persistent link: https://www.econbiz.de/10005413280
Cover Image
Exit Lucas, Reenter Keynes
Gani, Mohammad - EconWPA - 2004
demand for labor is equal to supply, and the wage rate is precisely the market-clearing one, if and only the necessary money …Keynes (1936) said that shortage of money caused by hoarding or failure to invest led to unemployment, but Lucas (1972 …) said that money does not affect unemployment. The tables have now turned. Gani (2003) produced a model of indirect trade in …
Persistent link: https://www.econbiz.de/10005561133