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Full-Text Articles in Economic Theory
Ricardian Rent Explains Costs Of Elite Colleges, Lester G. Telser
Ricardian Rent Explains Costs Of Elite Colleges, Lester G. Telser
Lester G Telser
Modern Economics In The Modern World, Lester G. Telser
Modern Economics In The Modern World, Lester G. Telser
Lester G Telser
A commodity is a creature of society, its traditions, its experience and, when necessary, its laws. Society defines and controls the legitimate use of commodities almost without exceptions. The three main categories of commodities are private, semi private and non private. An eating apple is a private commodity, an airline seat is a semi private commodity and a computer software program is a non private commodity. This essay describes how modern economics treats these categories.
What Linear Models Of An Economy Can Teach Us, Lester G. Telser
What Linear Models Of An Economy Can Teach Us, Lester G. Telser
Lester G Telser
What Linear Models of an Economy Can Teach Us The best way to appreciate the importance of convexity in models of the economy is by a careful examination of a linear model. Because a linear model relies on von Neumann's Saddle Value Theorem, this Theorem is the starting point of the model for two reasons. First, it explains its original application to 2-person zero sum games and its use of mixed strategies. Second, it shows why mixed strategies mislead economic analysis of non convexity in production. The linear model of the economy is a valid application of the Saddle Value …