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Disequilibrium Macroeconomics
Disequilibrium macroeconomics is a tradition of research centered on the role of disequilibrium in economics. This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement theory. Early work in the area was done by Don Patinkin, Robert W. Clower, and Axel Leijonhufvud. Their work was formalized into general disequilibrium models, which were very influential in the 1970s. American economists had mostly abandoned these models by the late 1970s, but French economists continued work in the tradition and developed fixprice models. Macroeconomic disequilibria In the neoclassical synthesis, equilibrium models were the rule. In these models, rigid wages modeled unemployment at equilibria. These models were challenged by Don Patinkin and later disequilibrium theorists. Patinkin argued that unemployment resulted from disequilibrium. Patinkin, Robert W. Clower, and Axel Leijonhufvud focused on the role of disequ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disequilibrium (economics)
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (:wikt:equilibrium, equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by Law of supply and demand, buyers is equal to the amount of goods or services produced by Law of supply and demand, sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of ''equilibrium'' in economics also applies to Imperfect competition, imperfectly competitive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malinvaud Unemployment Typology
Malinvaud is a French surname. Notable people with the surname include: *Edmond Malinvaud Edmond Malinvaud (25 April 1923 – 7 March 2015) was a French economist. He was the first president of the Pontifical Academy of Social Sciences. Trained at the École Polytechnique and at the École Nationale de la Statistique et de l'Adminis ... (1923–2015), French economist * Louis Jules Ernest Malinvaud (1836–1913), French physician and botanist {{surname French-language surnames ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microfoundations Of Macroeconomics
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions.Maarten Janssen (2008),Microfoundations, in ''The New Palgrave Dictionary of Economics'', 2nd ed. Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models. During recent decades, macroeconomists have attempted to combine microeconomic models of individual behaviour to derive the relationships between macroeconomic variables. Presently, many macroeconomic models, representing different theories, are derived by aggregating microeconomic models, allowing economists to test them with both macroeconomic and microeconomic data. However, microfoundations research is still heavily debated with management, strategy and organization scholars having varying views on the "micro-macro" link. The study of microfoundations is gaining popularity even outsid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillips Curve
The Phillips curve is an economic model, named after William Phillips hypothesizing a correlation between reduction in unemployment and increased rates of wage rises within an economy. While Phillips himself did not state a linked relationship between employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and subsequently Milton Friedman and Edmund Phelps put the theoretical structure in place. While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.Chang, R. (1997"Is Low Unemployment Inflationary?" ''Federal Reserve Bank of Atlanta Economic Review'' 1Q97:4-13 In 1967 and 1968, Friedman and Phelps asserted that the Phillips curve was only applicable in the short-run and that, in the long-run, inflationary policies would not decrease unemployment. Friedman then correctly predicted that in the 1973–75 recession, both inflation an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donald John Roberts
Donald John Roberts (born February 11, 1945) is a Canadian-American economist, and John H. and Irene S. Scully Professor of Economics, Strategic Management and International Business at the Stanford Graduate School of Business. Biography Born in Winnipeg, Manitoba, Roberts received his bachelor's degree from the University of Manitoba in 1967, and his doctorate in economics from the University of Minnesota in 1972. In 2007 he received a Doctor of Laws degree (honoris causa) from the University of Winnipeg. After graduation he taught at Northwestern University from 1971 until coming to Stanford in 1980. From 1980 until 2001 he held the Jonathan B. Lovelace Professorship at the school. He was a senior associate dean of the Stanford Graduate School of Business in charge of external relations and executive education from 2000 to 2008. and He also is a professor (by courtesy) in the Department of Economics at Stanford, and he directs the Global Management Program and the Center fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Economics
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium Theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arrow–Debreu Model
In mathematical economics, the Arrow–Debreu model suggests that under certain economic assumptions (convex preferences, perfect competition, and demand independence) there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy. The model is central to the theory of general (economic) equilibrium and it is often used as a general reference for other microeconomic models. It is named after Kenneth Arrow, Gérard Debreu, and sometimes also Lionel W. McKenzie for his independent proof of equilibrium existence in 1954 as well as his later improvements in 1959. The A-D model is one of the most general models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian equilibrium) of an economy. In general, there may be many equilibria; however, with extra assumptions on consumer preferences, namely that their utility function ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Layard
Peter Richard Grenville Layard, Baron Layard FBA (born 15 March 1934) is a British labour economist, currently working as programme director of the Centre for Economic Performance at the London School of Economics. Layard was Senior Research Officer for the Robbins Committee on Higher Education. His work on mental health, including publishing The Depression Report in 2006, led to the establishment of the Improving Access to Psychological Therapies (IAPT) programme in England. He is co-editor of the World Happiness Report, with John F. Helliwell and Jeffrey Sachs. Family and education Peter Richard Grenville Layard is the son of John Layard and his wife Doris. He was educated at Eton College, where he was a King's scholar; at King's College, Cambridge; and at the London School of Economics. Work Layard assisted Claus Moser on the Robbins enquiry, and later developed a reputation in the economics of education (with Mark Blaug at LSE), and labour economics (in particular with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrics
Econometrics is the application of Statistics, statistical methods to economic data in order to give Empirical evidence, empirical content to economic relationships.M. Hashem Pesaran (1987). "Econometrics," ''The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 [pp. 8–22]. Reprinted in J. Eatwell ''et al.'', eds. (1990). ''Econometrics: The New Palgrave''p. 1[pp. 1–34].Abstract (The New Palgrave Dictionary of Economics, 2008 revision by J. Geweke, J. Horowitz, and H. P. Pesaran). More precisely, it is "the quantitative analysis of actual economic Phenomenon, phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used toda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques Drèze
Jacques H. Drèze (5 August 1929 – 25 September 2022) was a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economist, economics profession. Drèze was the first President of the European Economic Association in 1986 and was the President of the Econometric Society in 1970. Jacques Drèze was also the father of five sons. One son is the economist, Jean Drèze, who is known for his work on poverty and hunger in India (some of which has been in collaboration with Amartya Kumar Sen, Amartya K. Sen); another son, Xavier Drèze, was professor of Marketing at UCLA. Contributions to economics Drèze's contributions to economics combine policy-relevance and mathematical techniques. Indeed, models basically play the same role in economics as in fashion: they provide an articulated frame on which to show off your material to advantage ... ; a useful role, but fraught with the dangers that the de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edmond Malinvaud
Edmond Malinvaud (25 April 1923 – 7 March 2015) was a French economist. He was the first president of the Pontifical Academy of Social Sciences. Trained at the École Polytechnique and at the École Nationale de la Statistique et de l'Administration Économique ( ENSAE) in Paris, Malinvaud was a student of Maurice Allais. In 1950, Malinvaud left Allais to join the Cowles Commission in the United States. At Cowles, Malinvaud produced work in many directions. His famous article, "Capital Accumulation and the Efficient Allocation of Resources" (1953), provided an intertemporal theory of capital for general equilibrium theory and introduced the concept of dynamic efficiency. He became director of the ENSAE (1962–1966), director of the forecast department of French Treasury (1972–1974), director of the INSEE (1974–1987) and Professor at the Collège de France (1988–1993). He also worked on uncertainty theory, notably the theory of "first order certainty equivalence" (1969) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
