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Articles 31 - 45 of 45
Full-Text Articles in Economic Theory
Murray Rothbard’S Adam Smith, Spencer J. Pack
Murray Rothbard’S Adam Smith, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
(Reviews) Economic Thought Before Adam Smith And Classical Economics, Spencer J. Pack
(Reviews) Economic Thought Before Adam Smith And Classical Economics, Spencer J. Pack
Economics Faculty Publications
Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 556. $99.95.
Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 528. $99.95.
(Review) Ian Simpson Ross, The Life Of Adam Smith And Jerry Z. Muller, Adam Smith In His Time And Ours, Spencer J. Pack
(Review) Ian Simpson Ross, The Life Of Adam Smith And Jerry Z. Muller, Adam Smith In His Time And Ours, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack
Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack
Economics Faculty Publications
Adam Smith's definition of justice as a moral virtue based on the "passion" of resentment in 'The Theory of Moral Sentiments' (1759), despite seeming contradictions, supports his analysis of an acquisitive, commercial society in 'The Wealth of Nations' (1774) partly by precluding the concept of a just price.
The Livingston Survey: Still Useful After All These Years, Dean D. Croushore
The Livingston Survey: Still Useful After All These Years, Dean D. Croushore
Economics Faculty Publications
The decisions of households, firms, and government agencies depend on forecasts of the overall economy. Large firms and the federal government often have the resources to hire their own economists to provide forecasts. But households, small firms, and local governments often depend on surveys of forecasters to get their information. In this article, Dean Croushore spotlights the Livingston Survey, which, even after 50 years, still provides useful forecasts of the economy.
Inflation Forecasts: How Good Are They?, Dean D. Croushore
Inflation Forecasts: How Good Are They?, Dean D. Croushore
Economics Faculty Publications
Forecasts of inflation affect decision-making in many segments of the economy. But in the early 1980s, economists found that forecasts in surveys taken over the past 20 years systematically underpredicted inflation. As a result, many economists stopped paying attention to forecasts. However, they may have abandoned them too quickly. In this article, Dean Croushore takes a closer look at survey forecasts and, after considering some relevant factors, concludes that inflation forecasts may not be as bad as you think.
Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack
Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack
Economics Faculty Publications
Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the beneficial workings of the "invisible hand" are dependent upon commercial societies which arc not based upon the institution of slavery.
Paul Krugman And The Illusion Of The Illusion Of Conflict In International Trade, Spencer J. Pack
Paul Krugman And The Illusion Of The Illusion Of Conflict In International Trade, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Evaluating Mccallum's Rule For Monetary Policy, Dean D. Croushore, Tom Stark
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 …
(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack
(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
What Are The Costs Of Disinflation?, Dean D. Croushore
What Are The Costs Of Disinflation?, Dean D. Croushore
Economics Faculty Publications
The Federal Reserve can use monetary policy to reduce the inflation rate, a process known as disinflation. Are the benefits of disinflation worth the costs? Proponents of disinflation argue that the long-run benefits of price stability, including lower interest rates, increased economic efficiency, and perhaps faster economic growth, greatly exceed the short-run costs. Opponents, of course, claim the opposite, usually arguing that the short-run costs in terms of higher unemployment and lost output would be immense.
Reglementation, Intervention Et Impot Regressif Dans La Richesse Des Nations, Spencer J. Pack
Reglementation, Intervention Et Impot Regressif Dans La Richesse Des Nations, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Do Not Dump On The Unoites, Spencer J. Pack
Do Not Dump On The Unoites, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Government Financial Policy And Capital, Dean D. Croushore
Government Financial Policy And Capital, Dean D. Croushore
Economics Faculty Publications
Economists have long been concerned about the best way to finance government deficits. Finding the proper fiscal policy and monetary policy mix is a crucial decision. When government debt grows too fast, interest rates rise and capital is crowded out. If the money growth rate is excessive, inflation occurs.
The study of this issue at the theoretical level requires a model which incorporates the following features: (1) modeling money and bonds as endogenous financial assets, whose rates of return are determined in general equilibrium, (2) examination of the utility maxi mization decisions of individuals, so that welfare analysis of alternative …
Schumpeter Plus Optimism Equals Gilder (Ceteris Paribus), Spencer J. Pack
Schumpeter Plus Optimism Equals Gilder (Ceteris Paribus), Spencer J. Pack
Economics Faculty Publications
No abstract provided.