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textual analysis as the microeconomic foundations for Keynes’s Consumption Theory; the second goal is to demonstrate that it … is possible to ground a Keynesian-type aggregate Consumption function on the basis of (some of) the principles underlying …
Persistent link: https://www.econbiz.de/10008690468
The study develops a standard representative-agents’ New Keynesian model for macroeconomic analysis in a developing African economy. Using Bayesian estimation techniques and Ghanaian dataset, the core objective of the paper is to determine the best suited monetary policy rule for Ghana. After...
Persistent link: https://www.econbiz.de/10014092518
's optimization problem to out students in Microeconomics course. It suggests that while maximizing utility subject to a budget … implications of these alternatives presentations of the optimization problem may be quite different. …
Persistent link: https://www.econbiz.de/10005671191
There are still problems in handling diversity in economics. The general equilibrium model itself lacks determinacy for a generic population of economic agents. In an ourstanding contribution, Jean-Michel Grandmont (1992) argues that increasing behavioural heterogeneity makes aggregate...
Persistent link: https://www.econbiz.de/10005744288
This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. This paper delves into market...
Persistent link: https://www.econbiz.de/10015223454
This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. It delves into market theory to...
Persistent link: https://www.econbiz.de/10015223546
The modern economic theory implemented today is inherently flawed. Unfortunately these flaws are not apparent in contemporary economic theory which is built on the idea that scarcity is an ever present condition; an approach referred to as scarce resource theory (SRT) in operating level...
Persistent link: https://www.econbiz.de/10015228009
events within a Minsky-Veblen Cycle. To illustrate this claim we introduce conspicuous consumption concerns, as described by … equality leads to a corresponding increase in debt-financed consumption demand. Here Minskyian dynamics come into play …-financed consumption boom. As the solvency of households decreases and interest rates move up, banks reduce lending, triggering household …
Persistent link: https://www.econbiz.de/10010294885
and Steven Marglin in the early 1990s, by incorporating relative consumption concerns. Specifically, it integrates the … Veblenian concept of conspicuous consumption into a typical Bhaduri-Marglin model by assuming that relative consumption concerns … in workers' income is distributed unevenly, efforts to keep up with the Joneses may increase consumption and, hence, lead …
Persistent link: https://www.econbiz.de/10010294925
Consumption theory has always been a neglected eld in Post Keynesian economics, whereas it is at the center of New … questions, still remain. Building on insights from Economic Sociology and Behavioral Economics, the importance for consumption …
Persistent link: https://www.econbiz.de/10010420858