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Articles 1 - 14 of 14
Full-Text Articles in Economic Theory
The Gettysburg Economic Review, Volume 12, Spring 2023
The Gettysburg Economic Review, Volume 12, Spring 2023
Gettysburg Economic Review
No abstract provided.
The Effect Of Remote Work On Firm Level Productivity, Katherine Fullowan
The Effect Of Remote Work On Firm Level Productivity, Katherine Fullowan
Gettysburg Economic Review
This paper investigates the impact of remote work on firm-level productivity. To observe this trend, we develop a theoretical model to understand how an economy performs. We consider the economy as a collection of firms in an attempt to maximize profit. By observing a firms profit function, we are able to derive their productivity by maximizing a representative firm’s profit function. For simplicity purposes, this study treats labor as the only factor of production to focus solely on how changes in the number of remote workers impact productivity. We ultimately find that productivity increases when the number of remote workers …
Intrinsic Unrealism: The Ineffectiveness Of Neoclassical Economic Models, Robert N. Meyer
Intrinsic Unrealism: The Ineffectiveness Of Neoclassical Economic Models, Robert N. Meyer
Gettysburg Economic Review
The idea of equilibrium and the usefulness of the neoclassical models that employ it are questionable due to the unrealistic built-in assumptions that they utilize, which have androcentric biases and fail to consider the open-endedness of human choice. This essay will replace the idea that neoclassical economic models are effective and that realism does not matter in the field of economics. It will rely on historical and contemporary sources in the areas of Philosophy, Sociology, Politics, and of course, Economics to explain why these unrealistic and androcentric assumptions nullify the usefulness of the neoclassical models that employ them. The essay …
The Gettysburg Economic Review, Volume 11, Spring 2019
The Gettysburg Economic Review, Volume 11, Spring 2019
Gettysburg Economic Review
No abstract provided.
The Effect Of Fiscal Transparency On Output, Inflation, And Government Debt, Luce Menicali
The Effect Of Fiscal Transparency On Output, Inflation, And Government Debt, Luce Menicali
Gettysburg Economic Review
This theoretical paper studies the issue of fiscal transparency, which we define as asymmetry of information between the households’ perception of fiscal policy and the actual government balance sheet, in the context of a 24-hour news cycle. We model the economy using the New Keynesian three-equation model to study the effect of fiscal transparency on output, inflation, and especially government debt in order to draw conclusions that are relevant in the realm of policy-making in a sovereign debt crisis scenario. We find that a higher degree of fiscal transparency leads to greater levels of output and inflation as well as …
Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges
Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges
Gettysburg Economic Review
This paper was written in early December 2014 in response to the Federal Reserve Challenge Team’s argument for a regime change in the Federal Reserve to nominal GDP targeting as the appropriate policy to return the U.S. economy to long-term sustainable economic growth. After the 2007 recession, the FOMC took extraordinary measures to minimize the collateral damage caused by bank balance sheets weighed down with mortgage-backed securities and other below-investment grade assets. The periodic “stress tests” and use of emergency lending facilities were historically unprecedented, however, the economy six years later was still growing slowly in part due to market …
The Gettysburg Economic Review, Volume 7, Spring 2013
The Gettysburg Economic Review, Volume 7, Spring 2013
Gettysburg Economic Review
No abstract provided.
On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols
On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols
Gettysburg Economic Review
The goal of this paper is to show that orthodox and heterodox theories of personal income distribution developed in the mid-twentieth century are effectively identical, despite their claims to the contrary. While segmented labor market theory contends that neoclassical theories of personal income distribution, such as human capital theory, ignore the impact of social institutions on the labor market, human capital theory actually implicitly incorporates them. Social institutions are, therefore, just as important in the orthodox approach to personal income distribution. Yet, while this is the case, the heterodox perspective is valuable because of the stress it places on social …
The Gettysburg Economic Review, Volume 6, Spring 2012
The Gettysburg Economic Review, Volume 6, Spring 2012
Gettysburg Economic Review
No abstract provided.
An Attempt To Reshape Capitalism’S Image, Ross A. Nichols
An Attempt To Reshape Capitalism’S Image, Ross A. Nichols
Gettysburg Economic Review
John Stuart Mill claimed to be a disciple of both Jeremy Bentham and David Ricardo. This was a strange proclamation because each man advocated a competing theory of value; Bentham’s utilitarianism laid the foundation for the utility theory of value and Ricardo developed the labor theory of value. Mill’s goal in attempting to unify these theories of value was to provide a solution for the growing class conflict that plagued capitalism. Class conflict arose as feudalism was phased out and industrial capitalism replaced merchant capitalism as the dominant economic system. The Corn Laws symbolized this competition between classes. Capitalists were …
Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott
Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott
Gettysburg Economic Review
At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …
The Gettysburg Economic Review, Volume 4, Spring 2010
The Gettysburg Economic Review, Volume 4, Spring 2010
Gettysburg Economic Review
No abstract provided.
An Examination Of Non-Linear Relationships Between Intellectual Property Rights Protection And Growth, Brian R. Lemak
An Examination Of Non-Linear Relationships Between Intellectual Property Rights Protection And Growth, Brian R. Lemak
Gettysburg Economic Review
This paper examines the possibility of a non-linear relationship existing between intellectual property rights protection (IPR) and gross domestic product (GDP) growth rates. A theoretical justification is developed for the potential existence of a non-linear relationship in terms of a quadratic relationship. This is then examined using panel data from 191 countries and taken in 5 year intervals, although the data had many missing observations. Results indicate there is statistically significant evidence that a quadratic relationship exists between IPR and GDP growth, however there are reservations about this evidence due to a dearth of observations in countries with very weak …
The Strength Of The Veblenian Critique Of Neoclassical Economics, Svetoslav I. Semov
The Strength Of The Veblenian Critique Of Neoclassical Economics, Svetoslav I. Semov
Gettysburg Economic Review
More than one hundred years ago, Thorstein Veblen wrote a powerful critique of neoclassical economics that castigated the discipline for turning the individual into a “lightning calculator of pleasures and pains, who oscillates like a homogeneous globule”, or equivalently, for the individual’s static maximization of utility based on exogenous preferences. His critique is relevant even today, since there are economists who still continue to criticize the assumptions of homo economicus and exogenous preferences, and insist on introducing more realism to economic theory. Furthermore, recent developments in game theory and experimental economics, which stand at the cutting-edge of economics today, are …