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This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The...
Persistent link: https://www.econbiz.de/10011374993
Persistent link: https://www.econbiz.de/10011626623
Hans Albert hat in einigen Arbeiten den apriorischen Charakter des "neoklassischen Denkstils" kritisiert und treffend als "Modellplatonismus" bezeichnet. Die apriorische Denkhaltung findet sich aber nicht nur in der von Albert kritisierten Neoklassik, sondern vielleicht noch ausgeprägterer bei...
Persistent link: https://www.econbiz.de/10011626624
Market interactions are brought about by the interplay of entitlements and obligations. Entitlements are rights, as perceived by the individuals. They are subjectively perceived rights that go along with a motivational disposition to defend them. Obligations are the counterparts of entitlements....
Persistent link: https://www.econbiz.de/10011626627
The "iteration argument" presented in Schlicht (1996) shows that the allocation of property rights may generate inefficiencies, contrary to what the "Coase Theorem", as commonly understood, asserts. The argument may be summarized by saying that markets (and bargaining) cease to function properly...
Persistent link: https://www.econbiz.de/10011626628
This paper describes a moments estimator for a standard state-space model with coefficients generated by a random walk. A penalized least squares estimation is linked to the GLS (Aitken) estimates of the corresponding linear model with time-invariant parameters. The VC estimator is a moments...
Persistent link: https://www.econbiz.de/10012271254
For non-economists, it is often difficult to understand why economists place so much emphasis on the self-interest motive. It is obvious that people act out of a variety of motives - gratitude, anger, social obligation and many, many other motives. There are several reasons why economists still...
Persistent link: https://www.econbiz.de/10012695508
The nature of learning processes as well as evolutionary considerations suggest that aesthetic judgement is of central importance in the formation of custom. Learning and extrapolation rely on evaluations of non-instrumental features like simplicity, analogy, straightforwardness, and clarity....
Persistent link: https://www.econbiz.de/10012695510
The new institutional economics has one of its roots in evolutionary thinking. The idea is that there is competition among organizational forms. Some forms spread faster than others and thereby displace and eventually destroy the less well adapted forms. In the end, the most 'efficient'...
Persistent link: https://www.econbiz.de/10012695511
This paper documents the function and use of the Gretl function package VCwrapper.pdf that implements the VC method for estimating time-varying coefficients in linear models as described in Schlicht (2021). It builds on the VCC program by Schlicht (2021a), is easy to use and highly configurable....
Persistent link: https://www.econbiz.de/10014327352