Effects Of The Price
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Price Theory
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Author : Milton Friedman
language : en
Publisher: Routledge
Release Date : 2017-07-12
Price Theory written by Milton Friedman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-12 with Business & Economics categories.
Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics. Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another. Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices. Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. Price Theory is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.
Contractionary Effects Of Foreign Price Shocks And Potentially Expansionary Effects Of Inflation
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Author : Michalis Nikiforos
language : en
Publisher:
Release Date : 2023
Contractionary Effects Of Foreign Price Shocks And Potentially Expansionary Effects Of Inflation written by Michalis Nikiforos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Using the model proposed in Krugman and Taylor's "Contractionary effects of devaluation" (1978), we examine what macroeconomic effects of shocks to foreign prices. We show that these shocks can be contractionary for two reasons: (i) because they imply a loss of income if an economy has a trade deficit or import prices increase proportionally more than export prices; (ii) because there is a redistribution of income from wages to profits and rent, which leads to a decrease in consumption and output (as the wage earners' propensity to consume is higher than that of profit earners and rentiers). An endogenous reaction of nominal wages to the increase in the price level might lead to even higher increases in prices, but mitigates the negative macroeconomic effects of the foreign price shocks because it reduces their negative distributional effects. If the proportional increase in nominal wages is higher than that of domestic prices, the distributional effect becomes positive. The opposite is the case with markups. If they increase in reaction to higher prices, they contribute to further price increases but they also exacerbate the negative distributional effects. The paper also provides an analytical solution for a general case of the model of Krugman and Taylor.
The Impact Of Oil Import Price Shocks
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Author : Robert A. Feldman
language : en
Publisher:
Release Date : 1979
The Impact Of Oil Import Price Shocks written by Robert A. Feldman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Petroleum products categories.
Economic Ideas You Should Forget
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Author : Bruno S. Frey
language : en
Publisher: Springer
Release Date : 2017-03-08
Economic Ideas You Should Forget written by Bruno S. Frey and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-08 with Business & Economics categories.
Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Predetermined Prices And The Persistent Effects Of Money On Output
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Author : Michael B. Devereux
language : en
Publisher:
Release Date : 2001
Predetermined Prices And The Persistent Effects Of Money On Output written by Michael B. Devereux and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Monetary policy categories.
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a money shock, the aggregate dynamics are very similar to those under a specification of fixed prices, the assumption underlying most recent dynamic sticky-price models.
The Price Effects Of Mergers
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Author : Bruce M. Owen
language : en
Publisher:
Release Date : 1970
The Price Effects Of Mergers written by Bruce M. Owen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1970 with Consolidation and merger of corporations categories.
The Formation Of Permanent Price And The Effects On Equilibrium Supply And Price
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Author : Sharon Jeanne Erenburg
language : en
Publisher:
Release Date : 1986
The Formation Of Permanent Price And The Effects On Equilibrium Supply And Price written by Sharon Jeanne Erenburg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Prices categories.
Oil Price Effects And Opec S Pricing Policy
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Author : Jaime R. Marquez
language : en
Publisher: Free Press
Release Date : 1984
Oil Price Effects And Opec S Pricing Policy written by Jaime R. Marquez and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.
The Nature And Determinants Of Customer Expectations Of Service
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Author : Valarie A. Zeithaml
language : en
Publisher:
Release Date : 1991
The Nature And Determinants Of Customer Expectations Of Service written by Valarie A. Zeithaml and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Price Limits In Futures Markets
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Author : Yulia Veld-Merkoulova
language : en
Publisher:
Release Date : 2000
Price Limits In Futures Markets written by Yulia Veld-Merkoulova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.