(Approximation by Moving Equilibrium). The analysis of multivariate dynamical models can sometimes be considerably simplified by the assumption that one or several variables move infinitely fast to their equilibrium values. The method is known as the 'moving equilibrium method'. Various...

Wage formation is often analyzed by assuming that wage differentials reflect productivity differentials intrinsic to the workers, like differences in skill or qualification. Observed industry and firm effects on wages suggests, however, that wage differentials may result from causes rather...

This paper develops a theory of stagflation, based on turnover-efficiency-wage theory. In these theories, wages are forward-looking, i.e., set to keep incumbents with the firm. The employed workers apply for better jobs and compete with unemployed applicants. An employed applicant is, however,...

The analysis of multivariate dynamical models can sometimes be considerably simplified by the assumption that one or several variables move infinitely fast to their equilibrium values. The method is known as the ‘moving equilibrium method’. Various dynamical theories that build on...

In explaining economic phenomena, economic analysis concentrates on selected influences and fixes the host of other factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first part of the book. Aggregation is viewed as a particular...

This papers describes an estimator for a standard state-space model with coefficients generated by a random walk that is statistically superior to the Kalman filter as applied to this particular class of models. Two closely related estimators for the variances are introduced: A maximum...

This chapter analyses some phenomena in organized religion from the point of view of economics. It is argued that religious activity derives from the individual's quest for sense and justification that molds institutional and other features of religious activity, as brought about by competitive...

Most demand -- especially labor demand -- is derived from the demand for some other product. This note demonstrates that the usual analysis of economic rent, as typically explained for the case of consumers' surplus, carries over to the case of derived demand.

Entry for the Elgar Companion to Alfred Marshall, edited by Tiziano Raffaelli, Marco Dardi, and Giacomo Becatini, Cheltenham: Edward Elgar 2004

Many contributions to the economics of religion postulate an "afterlife consumption motive." People are assumed to maximize total utility--including afterlife utility. This essay argues that the approach is unsatifactory for several reasons. First, many regularities in religious participation...