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Full-Text Articles in Economics
Innovation, Markets, And Evolution, Mitch Green
Innovation, Markets, And Evolution, Mitch Green
Economics Undergraduate Honors Theses
This paper approaches innovation from an evolutionary perspective. Literature spanning a broad range of traditions in economics is considered, to include Institutionalist, Schumpeterian, post-Keynesian, and growth theorists. Key systemic changes are examined in the context of prevailing technological and social institutions. It is argued that expectation-fixing effects such as path-dependence in investment and innovation provide structure to a social network of market institutions that seek to validate money contracts. The institution of money is considered as a center of power in the system and affects the course of innovation. Money as the unit of account becomes the object of …
Thirlwall's Law And Krugman's 45-Degree Rule: Mathematically Identical, Mutually Exclusive, Karl Garbacik
Thirlwall's Law And Krugman's 45-Degree Rule: Mathematically Identical, Mutually Exclusive, Karl Garbacik
Economics Undergraduate Honors Theses
Thirlwall's Law and the 45-degree rule, originally formulated by Krugman, are radically different interpretations of the same statistical regularity. This statistical regularity is that a country's long-run growth rate will approximate to the ratio of that country's export growth to its import elasticity of demand. Thirlwall's Law falls under a Post-Keynesian framework which is primarily a demand-side model. The 45-degree rule relies on a supply-side interpretation, a result of its neoclassical origins. This thesis seeks to answer two questions. The first is, are the members of the Post-Keynesian and neoclassical communities working on each of these theories aware of the …