Economic Theory Commons^™

The Sorting Function: Evidence From Law School, Richard A. Ippolito

Journal of Legal Education

No abstract provided.

How Do Forecasts Respond To Changes In Monetary Policy?, Laurence Ball, Dean D. Croushore

Economics Faculty Publications

Just as changes in atmospheric conditions affect weather forecasts, changes in monetary policy affect economic forecasts. When monetary policy shifts, forecasters change their predictions about growth and inflation. But does the economy change to the same extent that forecasts do? In this article, Laurence Ball and Dean Croushore examine forecasts from the Survey of Professional Forecasters to determine if forecasts and the economy respond in tandem or if there are significant differences.

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.

Democracy And Violence: A Review Of "The Democratic Experience And Political Violence", Ibpp Editor

International Bulletin of Political Psychology

This article is a book review of The Democratic Experience and Political Violence. The book was co-edited by David Rapoport, Professor Emeritus of Political Science at the University of California, Los Angeles and Leonard Weinberg, Foundation Professor of Political Science at the University of Nevada, Reno.

The Indivisibility Of Economic And Political Rights, Linda M. Keller

Human Rights & Human Welfare

A review of:

Development as Freedom by Amartya Sen. New York: Knopf , 1999 (Paperback Edition: Random House, 2000). 366pp.

Fuzzy Areas And Firm Boundaries, Pradeep Banerjee

IIMB Management Review

The manner in which firms function has been studied by academic economists for some time now. Adam Smith, the doyen of economists, incorporated his evaluation of producing units in his Inquiry into the Nature and Causes of Wealth of Nations (1776). The other famous economist, Alfred Marshal also studied the operation of the market and firms that functioned in it. Marshal is credited with having laid down an important part of the methodology of microeconomics, a branch of economics that takes up the study of firms as part of its routine.

Self-Interest, Love, And Economic Justice: A Dialogue Between Classical Economic Liberalism And Catholic Social Teaching, Lawrence R. Cima, Thomas L. Schubeck S.J.

Economics & Finance

This essay seeks to start a dialogue between two traditions that historically have interpreted the economy in opposing ways: the individualism of classic economic liberalism (CEL), represented by Adam Smith and Milton Friedman, and the communitarianism of Catholic social teaching (CST), interpreted primarily through the teachings of popes and secondarily the U.S. Catholic bishops. The present authors, an economist and a moral theologian who identify with one or the other of the two traditions, strive to clarify objectively their similarities and differences with the opposing perspective. Section one focuses on each position's perspective of love of self and love of …

An Investigation Of The Association Between Auditor Switching And Negative Information, Michael Morris Grayson

Doctoral Dissertations

This study investigates the premise that certain types of negative information are associated with auditor switches. A data set of 305 auditor switches from 1976 to 1994, extracted from the Compustat data base (limited subscription), was analyzed using tests of proportions and nonparametric sign tests. The data set consists of negative information extracted from the switching companies' income statements (i.e., net losses or extraordinary items) or calculated from the items extracted (i.e., net income adjusted to reverse the effect of extraordinary items).

The initial results, based on tests which assumed random movement of net income, did not support the notion …

Globalization And The Paradox Of Incorporation And Marginalization: An Exploratory Note On Sub-Saharan Africa, Charles R. Lartey

Graduate Program in International Studies Theses & Dissertations

Globalization has of late become the lingua franca of the study of the international political economic system. As its ideological counterpart, globalization has elevated neoliberalism to the status of an international theology. To harness the benefits of a globalizing world economy, conventional wisdom consider the dictums underlying neoliberal policies as “immutable laws” that must be adopted by both the developing and the developed world.

Utilizing a structured, focused analysis based on a case study of Sub-Saharan Africa (SSA), this research challenges the orthodox notion that the new international context of development that is instigated by the imperatives of globalization, and …

Dirty Money, Gabriele Camera

Economics Faculty Articles and Research

An inter-governmental body is encouraging the replacement of currency with the objective of discouraging illegal economic activities. This policy is analyzed in a search-theoretic model where individuals choose legal or illegal production, settle trades via monetary or costly intermediated exchange, and where the government imperfectly monitors monetary transactions. Stationary monetary equilibria with both legal and illegal production exist, in which case the over-provision of currency may increment the extent of illegal production. This result holds also in the presence of intermediated exchange of legal goods. Equilibria with differing transaction patterns and degrees of illicit activities coexist.

Macro Sam, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1998, December 5). Ex ante sources and uses, balance sheet identity, and business [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (1993, August 20). Rational exp, capacity utilization & the theory of the firm [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (n.d.). Clower, Leijonhufvud, market equilibrium, and the Keynesian system [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (n.d.). Mathematical notes on utility and leisure [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (1997, December 4). Notes on rpc: Keynes, atomistic competition, and labor supply curves [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (1997, November 21 & …

Does Free Trade Cause Hunger? Hidden Implications Of The Ftaa, Jonathan B. Wight

Economics Faculty Publications

Voluntary free trade has the potential, slowly and gradually over time, to create "general opulence" because it allows workers to acquire greater competency and specialization: in a word, workers become more productive. The creation of a Free Trade Area of the Americas (FTAA) would expand market areas and thereby potentially contribute to raising future living standards of workers. This paper seeks to analyze the theoretical basis for trade, provide an economic overview of FTAA countries, and analyze the winners and losers from trade.

Evidence On Trade Liberalization, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (n.d.). Comments on G. Harcourt, Salter-Russell, Ajit Singh, and Peter Nolan [Unpublished handwritten notes].

• Shaikh, A., PhD. (2001, December 18). Evidence on trade liberalization [Typed notes with handwritten annotations].

• Shaikh, A., PhD. (n.d.). Figure 1: Balance of trade as a percentage of GDP, U.S. and Japan [Unpublished graph].

• Shaikh, A., PhD. (n.d.). Figure 3: U.S.: Real effective exchange rates and real adjusted effective unit labor costs [Unpublished graph].

• Shaikh, A., PhD. (n.d.). Figure 4: Japan: Real effective exchange rates and real adjusted effective unit labor costs [Unpublished graph].

• …

Thirwall's Law + Trade, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2001, February). Re: My stock market research [Unpublished memorandum with charts on real rates of return, the stock market and new corporate investment, and actual and warranted price–earnings ratios].

• Shaikh, A., PhD. (n.d.). Exchange rate dynamics [Unpublished chart].

Relationships Among Wine Prices, Ratings, Advertising, And Production: Examining A Giffen Good, Carol Miu

University Avenue Undergraduate Journal of Economics

It has become increasingly popular for statistics to be used in the prediction of wine prices. In fact, the prices of mature wines produced in the Bordeaux region of France have been accurately predicted by vintage growing-season characteristics. This paper analyzes the relationships among wine prices, ratings, advertising, and production, using data obtained from a wine ratings magazine, Wine Spectator. It presents a model of wine price based on information about production quantity, vintage, country of origin, and wine type. This paper then examines the scoring method of Wine Spectator by evaluating the effects of wine price on wine rating. …

A Case Of The Philips Curve In The Formation Of A Monetary Union: A Glimpse At High Inflation Countries Of The European Monetary Union, Yuet Wen Wan

University Avenue Undergraduate Journal of Economics

This paper examines how disinflation in high inflation economies affects unemployment levels. According to Keynesian macroeconomic theories, a decrease in inflation will cause an increase in unemployment in the short run. Due to high inflation over the years among countries like Italy and Ireland, their expected inflation rate is significantly high. As a result, when the government starts a process of disinflation though restrictive fiscal and monetary policies, economic activity declines, and significant short run increase in unemployment follows.

A Little Adam Smith Is A Dangerous Thing, Jonathan B. Wight

Economics Faculty Publications

Adam Smith was trying to counter medieval church theology, which held that any self-interested behavior was sinful and detrimental. Smith countered that self-interest could yield valuable outcomes for society as people pursued specialization and market trade. Much later these quotes would be used to justify the greedy and grasping personae of homo economicus, illustrating how a little Adam Smith can prove to be a dangerous thing. For example, Max Lerner in 1937 would say that Adam Smith "sanctified predatory impulses" and "gave a new dignity to greed." By the 1980s the movie Wall Street has the financial tycoon Gordon …

Inflation & Monopoly Expectations, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A. (n.d.). Inflation and oligopoly and monopoly explanations [Handwritten notes]. Unpublished manuscript.

• Stadnichenko, A. (1975). Monetary crisis of capitalism: Origin and development. New York, NY: Dunellen Publishing Company.

• Sawyer, M. (2001). Kalecki on imperfect competition, inflation and money. Cambridge Journal of Economics, 25(2), 245–261.

Oecd Inflation And Throughput Rates, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1996, October; revised 1998, January 29). Explaining inflation and unemployment: An alternate to neoliberal economic theory [Annotated conference-paper fragment].
• Mejorado, A. (1998, May 22; revised May 27). Inflation rate and throughput coefficient in USA, 1960-1996 [Three-chart spreadsheet output set testing after-tax throughput variants].
• Inflation and thruput: 1930-1999 [Two-chart spreadsheet output set comparing alternative throughput measures]. (n.d.).
• Mejorado, A. (1998, May 6-7). Cross-country throughput-coefficient chart packet [Charts comparing inflation and throughput measures for Sweden, Canada, the United States, and Germany].
• Throughput coefficient and manufacturing inflation rate [Data chart]. (n.d.).
• Agenor, P.-R., & Montiel, P. J. (1996). …

Theory, Application And The Canon: The Case Of Mill And Jevons, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

Whatever disputes remain about the nature and content of the "canon" of economics, it is widely accepted that the boundary of economic science was narrowed throughout the nineteenth century (Winch 1972). This chapter offers a partial explanation for that narrowing in the methodological developments that occurred during the second half of the century. For reasons of practicality in the face of pronounced "multiplicity of cause," John Stuart Mill called, In his 1836 Essay On the Definition of Political Economy; and on the Method of Investigation Proper to It, and again in his 1843 Logic, for a separate …

Unpacking ‘Adam Smith: Critical Theorist?’, Spencer J. Pack

Economics Faculty Publications

This paper responds to Keith Tribe's provocative Journal of Economic Literature article, “Adam Smith: Critical Theorist?” There Tribe argued that most people most of the time grossly misread Smith, due, among other things, to their quite inadequate appreciation of Smith's linguistic, social, moral, and theological context. Against Tribe, the paper argues that Smith can profitably be read as both an eighteenth-century moralist and a twenty-first century critic. Smith can be a source of inspiration, wisdom and profundity for contemporary economists. Moreover, Smith can be successfully employed by modern economists to change, deepen, and broaden contemporary economic theory.

Historical Foundations Second Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Anwar Shaikh. (n.d.). Partial list of topics for the second paper in economics 104: Historical foundations of political economy, focusing on Marx’s analysis of commodities, value, money, and profits [Unpublished course document; probable authorship attributed to Anwar Shaikh, PhD]. Author.

Papers On Robinson And Perfect Competition, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Harcourt, G. C. (2001). Joan Robinson and her circle [Annotated journal-article reprint tracing Robinson's intellectual influences and movement from Marshallian and Keynesian economics toward a classical-Keynesian-Kaleckian approach].
• History of Economic Ideas, IX/2001/2: Contents [Journal table of contents listing the issue's articles, notes, review article, and book-review section]. (2001).
• Moustafa, A. (2001, Spring). A critique of the theory of perfect competition: A perfectly competitive equilibrium via free exit and entry [Graded student research manuscript arguing that free exit and entry and strategic firm behavior cannot reliably generate a static Walrasian competitive equilibrium].
• Moustafa, A. (2001, Spring). A critique …

Loose Papers On Perfect Competition And Falling Rate Of Profit, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Moustafa, A. (2001, Spring). A critique of the theory of perfect competition: A perfectly competitive equilibrium via free exit and entry [Annotated student paper critiquing perfect competition through historical, game-theoretic, and dynamic-process arguments].
• Roberts, J. (1987). Perfectly and imperfectly competitive markets [Highlighted encyclopedia-reference excerpt on general-equilibrium, game-theoretic, and imperfect-competition models].
• Semmler, W. (1982, August). Competition, monopoly, and differential profit rates: A reconsideration of the classical and Marxian theories [Journal offprint connecting differential profit rates to monopoly, mobility barriers, and prices of production].
• Moustafa, A. (2000, Fall). A critique of the theory of perfect competition [Annotated student paper …