25,922 research outputs found
Economic Explanation, Ordinality and the Adequacy of Analytic Specification
Full text linkThis paper examines the implicit links between models containing ordinal variables and their underlying unquantified counterparts that are necessary to make the former viable theoretical constructions. It is argued that when the underlying unquantified structure is unknown, the permissible transformations of scale applicable to the ordinal variables have to be restricted beyond that which is permitted by dint of the ordinality itself. The possibility of an underlying structure being known but unspecified is also considered. In the case of the efficiency wage model, the only usable transformations of the ordinal effort scale are those which are multiples of each other.Ordinal variable, unquantified variable, effort, efficiency wage theory
Growth cycles with or without price flexibility
No full textThis note – written in response to von Arnim and Barrales (2015) – shows that (i) the Kaldor–Goodwin models in Skott (1989a; 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and fixed prices produces a dynamic system that is virtually identical to the Kaldor–Goodwin; this model may describe parts of the service sector.</p
Author Peter FitzSimons speaking at the National Library of Australia, Canberra, 13 November 2012 /
No full textTitle from acquisitions documentation.; Part of the collection: Portraits of author Peter FitzSimons speaking at the National Library of Australia, Canberra, 13 November 2012.; Acquired in digital format; access copy available online.; Mode of access: Online.; Photographed by a staff member of the National Library of Australia
Prosperity and Stagnation in Capitalist Economies
Full text linkThe KMG growth dynamics in Chiarella and Flaschel (2000) assume that wages, prices and quantities adjust sluggishly to disequilibria in labor and goods markets. This paper modifies the KMG model by introducing Steindlian features of capital accumulation and income distribution. The resulting KMGS(teindl) model replaces the neoclassical medium- and long-run features of the originalKMG model by a Steindlian approach to capital accumulation, as developed in a paper by Flaschel and Skott (2005). The model is of dimension 4 or 5, depending on the specification of the labor supply. We prove stability assertions and show that loss of stability always occurs by way of Hopf-bifurcations. When global stability gets lost, a nonlinear form of the Steindlian reserve army mechanism can ensure bounded dynamics. These dynamics are studied numerically and shown to exhibit long phases of prosperity, but also long phases of stagnant growth. JEL Categories: E24, E31, E32.KMGS dynamics, accelerating growth, stagnant growth, normal / adverse income shares adjustment, reserve army mechanisms.
El Tipo de Cambio Real y su Efecto a Largo Plazo en la Demanda Agregada en Economías con Subempleo
No full textFil: Rapetti, Martín. CEDES. Centro de Estudio de Estado y Sociedad, Área de Economía. Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET); ArgentinaFil: Skott, Peter. Department of Economics, University of Massachusetts; USAFil: Razmi, Arslan. Department of Economics, University of Massachusetts; US
Power, productivity, and profits
Full text linkA change in workplace technologies may affect the relative earnings of workers in at least two distinct ways. One is through the market for skill, the other through workers’ power in relation to their employers. Increases in earnings inequality since the late 1970s in many industrial economies — and in particular, in liberal market economies like the US and UK — have been explained by many economists as a consequence of skill-biased technological change (SBTC). However, the evidence cited for SBTC can be read instead as evidence that new technologies affect the distribution of earnings not through supply and demand, but through changes in the relative power of different groups of employees. The reasons for these changes are detailed in Guy (2003) and the implications are analyzed more formally by Guy and Skott (2005) and Skott and Guy (2007)
Moral Good, the Beatific Vision, and God’s Kingdom Writings by Germain Grisez and Peter Ryan, S.J.. Edited by Peter J. Weigel
No full textFor close to half a century, the work of Germain Grisez has been highly influential, and his writings continue to receive considerable attention from philosophers and theologians of diverse viewpoints. His co-author for this work is the professor and noted moral theologian Fr. Peter Ryan, S.J., currently the executive director of the Secretariat of Doctrine and Canonical Affairs of the United States Conference of Catholic Bishops (USCCB). These two eminent scholars explore fundamental questions about Christian eschatology, moral theory, the purpose of human life, and the promise of human fulfilment. The authors examine Christian teaching on the final destiny of persons, investigating the meaning of God's kingdom, the hope of the beatific vision, and the centrality of moral goodness and divine grace in one's final end. This work is an ideal source for students, scholars, ministers and lay persons interested in basic questions of Christian theology, the philosophy of religion, ethical theory, and Catholic doctrin
Murder on the mountain: author talk with Peter J. Wosh
No full textAuthor talk by Peter J. Wosh on May 5th, 2022, on his book, "Murder on the Mountain: crime, passion, and punishment in gilded age New Jersey.
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Power, Luck and Ideology in a Model of Executive Pay
Full text linkThe microprocessor and related technologies have transformed corporate and industry structure; applied in a neo?liberal environment, the technologies have had profound effects on the relative power of different groups. Skott and Guy (2007) and Guy and Skott (2008) formalized one aspect of this process of power?biased technical change: firms' increased ability to monitor low?paid employees and the resulting changes in inequality and employment at the low end of the income distribution. This paper addresses power biases and income inequality at the high end. Increasing firm?level financial volatility has intensified the agency problem and increased the power of corporate executives. These effects, which have been compounded by changes in ideology and pay norms, yielded an explosion in executive pay. JEL Categories: J31, O3
Heterodox macro after the crisis
Full text linkMacroeconomics is in crisis and this creates openings for alternative perspectives. The dominant heterodox traditions, however, have shortcomings that need to be addressed, both to improve our understanding of the real world and to take advantage of the opportunities offered by the irrelevance of most mainstream macro. This paper discusses three examples of areas that need attention: (i) investment functions (where popular specifications lack behavioral and empirical support), (ii) income distribution (where key developments have received little attention) and(iii) the relation between income inequality and financial markets (where extensions of existing models may help explain financial instability) JEL Categories: E12, E21, E22investment, earnings inequality, financial instability
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