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Growth with unused capacity and endogenous depreciation
Patriarca, Fabrizio; Sardoni, Claudio - 2014
depreciation is an increasing function of the degree of capacity utilization. This hypothesis implies analytical results that …
Persistent link: https://www.econbiz.de/10010340282
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Saving and Investment in US Economic Growth
Sy, Wilson N. - 2014
Key economic concepts of saving and investment are defined and discussed in this paper. It is shown that the equation … “saving=investment” is a fundamental fallacy of macroeconomics due to a confusion between real and financial variables, and … also between stock and flow variables. Economic growth is shown to be driven by investment, not by consumption as Keynes …
Persistent link: https://www.econbiz.de/10013043655
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European Union and the Solow model : empirical contribution to theories of economic growth
Abdallah, Kareem - In: World economy and policy 2 (2023) 2, pp. 1-23
The following article deals with the basic Solow model of economic growth for the states of the EU-28 and empirically confirms its conclusions. Based on growth accounting, and by analyzing different determinants of the respective steady states of each country, we confirm the importance of...
Persistent link: https://www.econbiz.de/10014547104
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Time to Ditch AD-AS?
Grieve, Roy H. - In: Review of Radical Political Economics 42 (2010) 3, pp. 315-320
Complementing previous, often ignored criticism of the AD-AS model - to the effect that this widely-used construction is inherently inconsistent - this note argues that a (rare) defence of the model by Peter Kennedy fails to convince and that the model does indeed, as alleged, give rise to...
Persistent link: https://www.econbiz.de/10009004534
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Aggregate Demand- Supply Analysis and Its Critics: An Evaluation of the Controversy
Scarth, William - In: Review of Radical Political Economics 42 (2010) 3, pp. 321-326
While acknowledging that the AD-AS model is sometimes applied carelessly, this note defends this analytical framework against charges that it is internally inconsistent, empirically unrealistic, and unable to clarify major controversies in macroeconomic theory and policy.
Persistent link: https://www.econbiz.de/10009004541
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The "Modern" View of Macroeconomics: Somo Critical Reflections
Palacio-Vera, Alfonso - Facultad de Ciencias Económicas y Empresariales, … - 2002
Romer has proposed an alternative macroeconomic framework, i.e., the IS-MP-IA model. Its proponents claim that it constitutes a ‘modern’ view of macroeconomics. We show that the new framework is closely attached to the neoclassical synthesis and, in addition, fails to take account of: (i)...
Persistent link: https://www.econbiz.de/10005004902
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Oil-Price Shocks: Beyond Standard Aggregate Demand/Aggregate Supply Analysis
Elwood, S. Kirk - In: Journal of Economic Education 32 (2001) 4, pp. 381-386
The author explores the problems of portraying oil-price shocks using the aggregate demand/aggregate supply model. Although oil-price shocks are the most commonly cited examples of aggregate supply shocks, they violate the model’s assumption of constant relative prices (as acknowledged by...
Persistent link: https://www.econbiz.de/10005464478
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Teaching Chain-Weight Real GDP Measures
Cahill, Miles - Department of Economics and Accounting, College of the … - 2002
In 1996, the Bureau of Economic Analysis (BEA) changed the method used to calculate measures of real GDP from a Laspeyres or Paasche index to a Fisher ideal index, also called a chain-weight index. Even though this is a significant change in approach and has resulted in extensive revisions of...
Persistent link: https://www.econbiz.de/10005429874
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Classicals versus Keynesians : A Comprehensive Table to Teach 50 Distinctions between Two Major Schools of Economic Thought
Zeytoon Nejad Moosavian, Seyyed Ali - 2018
Macroeconomics essentially discusses macroeconomic phenomena from the perspectives of various schools of economic thought, each of which takes different views on how macroeconomic agents make decisions and how the corresponding markets operate. Therefore, developing a clear, comprehensive...
Persistent link: https://www.econbiz.de/10012914305
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Bitcoin Mission Statement. Or What Does It Mean Sharing Economy and Distributed Trust?
Kosten, Dmitri - 2015
Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained...
Persistent link: https://www.econbiz.de/10013012829