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Social and Behavioral Sciences Commons™
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Full-Text Articles in Social and Behavioral Sciences
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 …
Financial Illiteracy: Prevalence, Consequences, And Solutions, Gerald Matasy
Financial Illiteracy: Prevalence, Consequences, And Solutions, Gerald Matasy
Economics Undergraduate Honors Theses
As Americans have become increasingly responsible for their own financial security their ability to make financial decisions in their best interests has certainly grown in importance. The focus of this paper is to determine what role financial literacy plays in making optimal financial decisions and maintaining economic stability. Using mostly research from other studies and some original research, this paper seeks to examine the level of financial literacy among the general population and what the implications are for the general lack of literacy. What I find is that individuals who have lower levels of financial literacy generally make poorer financial …
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 …