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State Versus Private Ownership
Shleifer, Andrei - 2021
costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of …
Persistent link: https://www.econbiz.de/10013239155
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The General Theory of Employment, Interest, and Money after 75 Years : The Importance of Being in the Right Place at the Right Time
Luzzetti, Matthew N. - 2011
This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We discuss three key elements along these lines, including...
Persistent link: https://www.econbiz.de/10013131957
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Keynes and the Dollar in 1933
Edwards, Sebastian - 2017
On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: “The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.” In this paper I use high frequency data to...
Persistent link: https://www.econbiz.de/10012963186
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On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory : A Rejoinder
Buiter, Willem H.; Eaton, Jonathan - 2021
This note again refutes Kuska's proposition that equality between the demand for and supply of money ("money market … balance of payments deficit or surplus that equilibrates the money market.The refutation of Kuska's proposition does not … independently achieve a money supply target.Failure to distinguish between the change in the money stock and domestic credit …
Persistent link: https://www.econbiz.de/10013230996
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Capitalizing China
Fan, Joseph P. H. - 2011
Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …
Persistent link: https://www.econbiz.de/10013117212
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Uncertainty and Sentiment-Driven Equilibria
Benhabib, Jess - 2013
We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations … of aggregate demand driven by sentiments, and that realized demand follows from the production and employment decisions …
Persistent link: https://www.econbiz.de/10013078372
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Customer Capital
Gourio, Francois - 2011
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this paper develops a search theoretic model of firm dynamics in frictional product markets. Introducing...
Persistent link: https://www.econbiz.de/10013122655
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Occupational Choice and the Spirit of Capitalism
Doepke, Matthias - 2007
The British Industrial Revolution triggered a reversal in the social order of society whereby the landed elite was replaced by industrial capitalists rising from the middle classes as the economically dominant group. Many observers have linked this transformation to the contrast in values...
Persistent link: https://www.econbiz.de/10012777611
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Capitalists in the Twenty-First Century
Smith, Matthew - 2019
How important is human capital at the top of the U.S. income distribution? A primary source of top income is private “pass-through” business profit, which can include entrepreneurial labor income for tax reasons. This paper asks whether top pass-through profit mostly reflects human capital,...
Persistent link: https://www.econbiz.de/10012894999
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A Model of Capital and Crises
He, Zhiguo - 2010
We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low...
Persistent link: https://www.econbiz.de/10012758330