Milton Friedman: a Bibliography
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New Frontiers in Economics This Book Brings Together Essays From
Cambridge University Press 0521836867 - New Frontiers in Economics Edited by Michael Szenberg and Lall Ramrattan Frontmatter More information New Frontiers in Economics This book brings together essays from leading economists analyzing the new directions that subdisciplines of economics have taken in the face of modern economic challenges. The essays represent invention and discovery in the areas of information, macroeconomics and public policies, international trade and development, finance, business, contracts, law, gaming, and government, as these areas of study evolve through the different phases of the scientific process. It offers not only a wealth of factual information on the current state of the economy, but also theoretical and empirical innovations that conceptualize reality and values in different ways from their predecessors. The new concepts presented here can guide practitioners in their search for ways to resolve problems in the various areas. Together, the essays offer the reader a balanced look at the various fields, approaches, and dimensions that comprise future directions in economic theory, research, and practice. The extensive introduction by the editors not only summarizes and reviews the implications of the contributions presented in the volume, but also examines how scientific progress takes place, with special reference to economics and finance. Michael Szenberg is Distinguished Professor of Economics at the Lubin School of Business, Pace University. He is the author or editor of many books, including Economics of the Israeli Diamond Industry (1973) with an Intro- duction by Milton Friedman, which won the Irving Fisher Monograph Award, and Eminent Economists, Their Life Philosophies (1992). Professor Szenberg has received the Kenan Award for excellence in teaching. -
Fritz Machlup's Construction of a Synthetic Concept
The Knowledge Economy: Fritz Machlup’s Construction of a Synthetic Concept Benoît Godin 385 rue Sherbrooke Est Montreal, Quebec Canada H2X 1E3 [email protected] Project on the History and Sociology of S&T Statistics Working Paper No. 37 2008 Previous Papers in the Series: 1. B. Godin, Outlines for a History of Science Measurement. 2. B. Godin, The Measure of Science and the Construction of a Statistical Territory: The Case of the National Capital Region (NCR). 3. B. Godin, Measuring Science: Is There Basic Research Without Statistics? 4. B. Godin, Neglected Scientific Activities: The (Non) Measurement of Related Scientific Activities. 5. H. Stead, The Development of S&T Statistics in Canada: An Informal Account. 6. B. Godin, The Disappearance of Statistics on Basic Research in Canada: A Note. 7. B. Godin, Defining R&D: Is Research Always Systematic? 8. B. Godin, The Emergence of Science and Technology Indicators: Why Did Governments Supplement Statistics With Indicators? 9. B. Godin, The Number Makers: A Short History of Official Science and Technology Statistics. 10. B. Godin, Metadata: How Footnotes Make for Doubtful Numbers. 11. B. Godin, Innovation and Tradition: The Historical Contingency of R&D Statistical Classifications. 12. B. Godin, Taking Demand Seriously: OECD and the Role of Users in Science and Technology Statistics. 13. B. Godin, What’s So Difficult About International Statistics? UNESCO and the Measurement of Scientific and Technological Activities. 14. B. Godin, Measuring Output: When Economics Drives Science and Technology Measurements. 15. B. Godin, Highly Qualified Personnel: Should We Really Believe in Shortages? 16. B. Godin, The Rise of Innovation Surveys: Measuring a Fuzzy Concept. -
Edward S. Shaw* Simon Kuznets Remarked in His Capital in The
Edward S. Shaw* Simon Kuznets remarked in his Capital in rate. There is physical wealth, its ownership The American Economy, " ... extrapolation of represented by an homogeneous financial asset inflationary pressures over the next thirty in the form of common stock or "equity," and years raises a specter of intolerable conse there is wealth in the form of real money bal quences.... "1 Fifteen of the thirty years are ances. Accumulation of physical and monetary over, and inflation has accelerated. The central wealth derives from a constant rate of saving concern of this paper is whether Kuznets' pre for the community. Inflation occurs because the diction of "intolerable consequences" for capital growth rate of nominal money exceeds the markets and capital accumulation is on track or growth rate of real money demanded. patently wrong. 2 The inflation is immaculate because its pace Monetary theory distinguishes between "im is constant and perfectly foreseen and because maculate" inflation, "clean" inflation, and the inflation tax on real money balances is com "dirty" inflation. It is the last of these that pensated precisely by a deposit-rate of interest Kuznets dreaded and that we have endured. The on money. It is fully anticipated, and it does not first section below deals very briefly with dif impose a relative penalty on the money form of ferences between the three styles of inflation. wealth. Money-wage rates rise faster than out The second section is a catalogue of ways in put prices in the degree that labor productivity which dirty inflation may obstruct and distort is growing. -
Intellectual Property and the Development Divide
Seattle University School of Law Digital Commons Faculty Scholarship 1-1-2006 Intellectual Property and the Development Divide Margaret Chon Follow this and additional works at: https://digitalcommons.law.seattleu.edu/faculty Part of the Intellectual Property Law Commons Recommended Citation Margaret Chon, Intellectual Property and the Development Divide, 27 CARDOZO L. REV. 2821 (2006). https://digitalcommons.law.seattleu.edu/faculty/558 This Article is brought to you for free and open access by Seattle University School of Law Digital Commons. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Seattle University School of Law Digital Commons. For more information, please contact [email protected]. INTELLECTUAL PROPERTY AND THE DEVELOPMENT DIVIDE Margaret Chon* "The ends and means of development require examination and scrutiny for a fuller understanding of the development process; it is simply not adequate to take as our basic objective just the maximization of income or wealth, which is, as Aristotle noted, 'merely useful and for the sake of something else.' For the same reason, economic growth cannot sensibly be treated as an end in itself. Development has to be more concerned with enhancing the lives we lead and the freedoms we enjoy." -Amartya Sen, Development as Freedom' " * Professor and Dean's Distinguished Scholar, Seattle University School of Law. This Article was incubated in various venues, including the Pacific Intellectual Property Scholars (PIPS) Conference (2003 and 2005), the -
How Far Is Vienna from Chicago? an Essay on the Methodology of Two Schools of Dogmatic Liberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Paqué, Karl-Heinz Working Paper — Digitized Version How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism Kiel Working Paper, No. 209 Provided in Cooperation with: Kiel Institute for the World Economy (IfW) Suggested Citation: Paqué, Karl-Heinz (1984) : How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism, Kiel Working Paper, No. 209, Kiel Institute of World Economics (IfW), Kiel This Version is available at: http://hdl.handle.net/10419/46781 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Kieler Arbeitspapiere Kiel Working Papers Working Paper No. -
Avinash Dixit Princeton University
This is a slightly revised version of an article in The American Economist, Spring 1994. It will be published in Passion and Craft: How Economists Work, ed. Michael Szenberg, University of Michigan Press, 1998. MY SYSTEM OF WORK (NOT!) by Avinash Dixit Princeton University Among the signals of approaching senility, few can be clearer than being asked to write an article on one's methods of work. The profession's implied judgment is that one's time is better spent giving helpful tips to younger researchers than doing new work oneself. However, of all the lessons I have learnt during a quarter century of research, the one I have found most valuable is always to work as if one were still twenty-three. From such a young perspective, I find it difficult to give advice to anyone. The reason why I agreed to write this piece will appear later. I hope readers will take it for what it is -- scattered and brash remarks of someone who pretends to have a perpetually juvenile mind, and not the distilled wisdom of a middle-aged has-been. Writing such a piece poses a basic problem at any age. There are no sure-fire rules for doing good research, and no routes that clearly lead to failure. Ask any six economists and you will get six dozen recipes for success. Each of the six will flatly contradict one or more of the others. And all of them may be right -- for some readers and at some times. So you should take all such suggestions with skepticism. -
14. Money, Asset Prices and Economic Activity
14. Money, asset prices and economic activity How does money influence the economy? More exactly, how do changes in the level (or the rate of growth) of the quantity of money affect the values of key macroeconomic variables such as aggregate demand and the price level? As these are straightforward questions which have been asked for over 400 years, economic theory ought by now to have given some reason- ably definitive answers. But that is far from the case. Most economists agree with the proposition that in the long run inflation is ‘a monetary phenomenon’, in the sense that it is associated with faster increases in the quantity of money than in the quantity of goods and services. But they disagree about almost everything else in monetary eco- nomics, with particular uncertainty about the so-called ‘transmission mechanism’. The purpose of this essay is to describe key aspects of the transmission mechanism between money and the UK economy in the busi- ness cycles between the late 1950s and today, and in particular in the two pronounced boom–bust cycles in the early 1970s and the late 1980s. Heavy emphasis will be placed on the importance of the quantity of money, broadly defined to include most bank deposits, in asset price determination. However, in order better to locate the analysis in the wider debates, a dis- cussion of the origins of certain key motivating ideas is necessary. I Irving Fisher of the University of Yale was the first economist to set out, with rigorous statistical techniques, the facts of the relationship between money and the price level in his 1911 study of The Purchasing Power of Money. -
Health Economics and Health Economics Research
Milbank Memorial Fund Quarterly/Health and Society, Vol. 57, No. 3,1979 Health Economics and Health Economics Research H erbert E. K larm an Graduate School o f Public Administration, New York University his presentation is d r a w n from my own experience and best recollection of readings and conversations. I have not done any new research. The presentation is divided into T four parts, as follows: 1. Pre-1960. 2. Post-1960. 3. A reformulation by subject area. 4. A view from Washington, 1976-1977. Pre-1960 Economists were working on health care long before there was a subdiscipline called health economics. In the 1930s the American Medical Association (AMA) main tained a permanent Bureau of Medical Economics or Medical Economics Research. The Committee on the Costs of Medical Care (CCMC) conducted numerous surveys, studies, and analyses, off which the research community lived for a long time. Milton Fried man and Simon Kuznets at the National Bureau of Economic Research (NBER) were studying professional incomes—with much emphasis on comparisons between physicians and dentists. This proved to be highly influential in thinking by economists about med icine, and was reenforced by Friedman’s own later writings and by Reuben Kessel’s 1958 article on medical price discrimination as evidence of monopolistic behavior. 0160-1997-79-5703-0371-09 $01.00/0 ©1979 Milbank Memorial Fund 371 372 Herbert E. Klarman In the 1940s, after World War II, Seymour Harris at Harvard was studying public expenditures for health care. He saw the impor tance of direct payments to providers at a time when cash benefits to recipients of public assistance were still dominant. -
Trends in Factor Shares: Facts and Implications
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Karabarbounis, Loukas; Neiman, Brent Article Trends in factor shares: Facts and implications NBER Reporter Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: Karabarbounis, Loukas; Neiman, Brent (2017) : Trends in factor shares: Facts and implications, NBER Reporter, National Bureau of Economic Research (NBER), Cambridge, MA, Iss. 4, pp. 19-22 This Version is available at: http://hdl.handle.net/10419/178760 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu systematically benefit firstborns and help 2 S. Black, P. Devereux, and K. Adolescent Behavior,” Economic Inquiry, Trends in Factor Shares: Facts and Implications explain their generally better outcomes. -
Front Matter, a New Architecture for the U.S. National Accounts
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: A New Architecture for the U.S. National Accounts Volume Author/Editor: Dale W. Jorgenson, J. Steven Landefeld, and William D. Nordhaus, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-41084-6 Volume URL: http://www.nber.org/books/jorg06-1 Conference Date: April 16-17, 2004 Publication Date: May 2006 Title: Front matter, A New Architecture for the U.S. National Accounts Author: Dale W. Jorgenson, J. Steven Landefeld, William D. Nordhaus URL: http://www.nber.org/chapters/c0131 A New Architecture for the U.S. National Accounts Studies in Income and Wealth Volume 66 National Bureau of Economic Research Conference on Research in Income and Wealth A New Architecture for the U.S. National Accounts Edited by Dale W. Jorgenson, J. Steven Landefeld, and William D. Nordhaus The University of Chicago Press Chicago and London D W. J is the Samuel W. Morris University Professor at Harvard University. J. STEVEN LANDEFELD is director of the Bureau of Economic Analysis of the U.S. Department of Commerce. W D. N is the Sterling Professor of Economics at Yale University and a research associate of the National Bureau of Economic Research. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2006 by the National Bureau of Economic Research All rights reserved. Published 2006 Printed in the United States of America 14 13 12 11 10 09 08 07 06 12345 ISBN: 0-226-41084-6 (cloth) Library of Congress Cataloging-in-Publication Data Conference on a New Architecture for the U.S. -
Can News About the Future Drive the Business Cycle?
American Economic Review 2009, 99:4, 1097–1118 http://www.aeaweb.org/articles.php?doi 10.1257/aer.99.4.1097 = Can News about the Future Drive the Business Cycle? By Nir Jaimovich and Sergio Rebelo* Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a unified model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment- specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and preferences that allow us to parameterize the strength of short-run wealth effects on the labor supply. JEL E13, E20, E32 ( ) Business cycle data feature two important forms of comovement. The first is aggregate comovement: major macroeconomic aggregates, such as output, consumption, investment, hours worked, and the real wage tend to rise and fall together. The second is sectoral comovement: output, employment, and investment tend to rise and fall together in different sectors of the economy. Robert Lucas 1977 argues that these comovement properties reflect the central role that aggre- ( ) gate shocks play in driving business fluctuations. However, it is surprisingly difficult to generate both aggregate and sectoral comovement, even in models driven by aggregate shocks. Robert J. Barro and Robert G. King 1984 show that the one-sector growth model generates aggregate ( ) comovement only in the presence of contemporaneous shocks to total factor productivity TFP . -
Education Policy and Friedmanomics: Free Market Ideology and Its Impact
Education Policy and Friedmanomics: Free Market Ideology and Its Impact on School Reform Thomas J. Fiala Department of Teacher Education Arkansas State University Deborah Duncan Owens Department of Teacher Education Arkansas State University April 23, 2010 Paper presented at the 68th Annual National Conference of the Midwest Political Science Association Chicago, Illinois 2 ABSTRACT The purpose of this paper is to examine the impact of neoliberal ideology, and in particular, the economic and social theories of Milton Friedman on education policy. The paper takes a critical theoretical approach in that ultimately the paper is an ideological critique of conservative thought and action that impacts twenty-first century education reform. Using primary and secondary documents, the paper takes an historical approach to begin understanding how Friedman’s free market ideas helped bring together disparate conservative groups, and how these groups became united in influencing contemporary education reform. The paper thus considers the extent to which free market theory becomes the essence of contemporary education policy. The result of this critical and historical anaysis gives needed additional insights into the complex ideological underpinnings of education policy in America. The conclusion of this paper brings into question the efficacy and appropriateness of free market theory to guide education policy and the use of vouchers and choice, and by extension testing and merit-based pay, as free market panaceas to solving the challenges schools face in the United States. Administrators, teachers, education policy makers, and those citizens concerned about education in the U.S. need to be cautious in adhering to the idea that the unfettered free market can or should drive education reform in the United States.