Structural Slumps
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Structural Slumps
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Author : Edmund S. Phelps
language : en
Publisher: Harvard University Press
Release Date : 1994
Structural Slumps written by Edmund S. Phelps and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Structural Slumps
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Author : Edmund Phelps
language : en
Publisher:
Release Date : 1994
Structural Slumps written by Edmund Phelps and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
My Journeys In Economic Theory
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Author : Edmund Phelps
language : en
Publisher: Columbia University Press
Release Date : 2023-05-16
My Journeys In Economic Theory written by Edmund Phelps and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-16 with Biography & Autobiography categories.
Edmund Phelps is among the most important economists of his generation. He developed a new understanding of unemployment and inflation and went on to rethink the roots of innovation. His work represents a lifelong project to put “people as we know them” into economic theory. In this book, Phelps tells the story of his role in reshaping economic theory, offering a powerful personal account of a creative and rewarding career. My Journeys in Economic Theory charts two major phases of Phelps’s work, illuminating the breadth of his contributions to the field. First, introducing the expectations of wage setters and cofounding the “equilibrium” rate of unemployment, he built the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. More recently, he conceived a theory of “mass flourishing” superseding Schumpeter and Solow’s conception of the process of innovating—a theory in which individuals’ creativity and society’s dynamism fuel grassroots innovation and generate job satisfaction in the process. Phelps recounts his vivid experiences in the world of economics—fierce arguments, competition and collaboration, and the good fortune of time spent among some great figures—as well as his relationships with luminaries such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. At its core, this book shares the joy of intellectual achievement: the excitement of coming up with a new idea that radically departs from prevailing views and the satisfaction of exercising one’s own ingenuity instead of applying or developing others’ models. Telling the story of a life packed with intellectual adventure, My Journeys in Economic Theory provides a profound vision of a dynamic, modern economy that offers lives rich with creativity and meaning.
Specifications For Structural Concrete
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Author : ACI Committee 301
language : en
Publisher: American Concrete Institute
Release Date : 2005
Specifications For Structural Concrete written by ACI Committee 301 and has been published by American Concrete Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Concrete categories.
Problems Of The Modern Economy
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Author : Edward C. Budd
language : en
Publisher: W. W. Norton
Release Date : 1966-10
Problems Of The Modern Economy written by Edward C. Budd and has been published by W. W. Norton this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966-10 with Business & Economics categories.
Deflation
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Author : Richard C. K. Burdekin
language : en
Publisher: Cambridge University Press
Release Date : 2004-09-06
Deflation written by Richard C. K. Burdekin and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-06 with Business & Economics categories.
This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.
Specifications For Structural Concrete Aci 301 05 With Selected Aci References
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Author : American Concrete Institute
language : en
Publisher: American Concrete Institute
Release Date : 2005
Specifications For Structural Concrete Aci 301 05 With Selected Aci References written by American Concrete Institute and has been published by American Concrete Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Concrete categories.
Structural Geology Of Rocks And Regions
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Author : George H. Davis
language : en
Publisher: John Wiley & Sons
Release Date : 2011-12-06
Structural Geology Of Rocks And Regions written by George H. Davis and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-06 with Science categories.
Relates the physical and geometric elegance of geologic structures within the Earth's crust and the ways in which these structures reflect the nature and origin of crystal deformation through time. The main thrust is on applications in regional tectonics, exploration geology, active tectonics and geohydrology. Techniques, experiments, and calculations are described in detail, with the purpose of offering active participation and discovery through laboratory and field work.
Structural Geology Of Southeastern Illinois And Vicinity
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Author : W. John Nelson
language : en
Publisher:
Release Date : 1987
Structural Geology Of Southeastern Illinois And Vicinity written by W. John Nelson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Faults (Geology) categories.
Unemployment Policy
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Author : Dennis J. Snower
language : en
Publisher: Cambridge University Press
Release Date : 1997-05-15
Unemployment Policy written by Dennis J. Snower and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-05-15 with Business & Economics categories.
There is substantial disagreement among policy-makers about how governments should respond to the problem of high unemployment. Thus far there has been little, if any, systematic attempt to evaluate the strengths and weaknesses of the main unemployment policies available to governments in market economies. Individual policy recommendations are usually made in isolation from one another. This book attempts to provide a balanced assessment of the various policy options, including the following: demand management versus supply-side policy, subsidizing employment and training, restructuring labour market regulations, and reforming the welfare state. The book also examines the political economy of unemployment policy and the effect of this policy on productivity growth.