Social and Behavioral Sciences Commons^™

Paul Krugman And The Illusion Of The Illusion Of Conflict In International Trade, Spencer J. Pack

Economics Faculty Publications

No abstract provided.

Adam Smith’S Unnaturally Natural (Nonetheless Naturally Unnatural) Use Of The Word Natural, Spencer J. Pack

Economics Faculty Publications

Natural and nature are complex words, fraught with ambiguity and contradiction. This paper does not attempt to give a complete account of Smith's use of these words. However, it does demonstrate that Smith did not necessarily approve of what he called "natural" or "nature". Economists and others who assume otherwise are in error. A study, analysis, and/or interpretation of Smith's work which depends upon this (at times unstated) assumption - that Smith necessarily approved of "nature" or the "natural"- needs to be read with great care; perhaps even incredulity.1

Evaluating Mccallum's Rule For Monetary Policy, Dean D. Croushore, Tom Stark

Economics Faculty Publications

Some economists have proposed that the Federal Reserve follow a rigid rule for conducting monetary policy. A policy rule is a formula that tells the Fed how to set monetary policy. For example, in 1959 Milton Friedman argued that the Fed should increase the money supply a constant 4 percent each year to eliminate inflation and avoid destabilizing the economy. More recently, other economists have identified an additional benefit: a rule can eliminate the inflationary bias that could occur when discretionary monetary policy is used. Under a discretionary policy, decisions are made on a case-by-case basis.

But economists don't agree …

The Effects Of Subsidies On Public Transit Long-Run Costs, Kofi Obeng, Wayne K. Talley, Christopher Colburn

Economics Faculty Publications

This paper investigates sources of public transit long-run cost increases attributable to transit subsidies. The sources include wage, vehicle capital price and service increases. Service expansion is found to be the major source. Transit cost increases related to subsidies are classified as input price, output and finance effects of these subsidies. Transit costs are more responsive to federal operating subsidies, followed in declining order by local operating, state operating and capital subsidies, respectively.