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Working Paper No. 12
The Real Wage And The Marginal Product of Labor Tracy Mott* Working Paper No. 12 November 1988 * Research Associate, Program on Political and Economic Change, Institute of Behavioral Science, and Assistant Professor, Department of Economics, University of Colorado, Boulder. Part of this work was done while on research fellowship at the Jerome Levy Economics Institute, Annandale-On-Hudson, NY. 1 The opening section of the Sumner 1987 issue of the Journal of Post Kevnesian Economics contained a symposium on the question of the significance of the concept of the marginal productivity of labor to Post Keynesian economics. This took the form of a discussion surrounding John Maynard Keynes's statement that his theory of employment in Chapter Two of the General Theorv did not reject "the first classical postulate" of equality between the real wage and the marginal product of labor. Though there were a number of interesting points raised and insights made, the discussion was hardly conclusive. I would like to add another intervention on the subject. I begin by noting Paul Wells's (1987) discussion, which I think very clearly points out the first and perhaps most important divergence of Keynes's theory from the neoclassical theory of employment. That is, Keynes's acceptance of the proposition that the real wage is equal to the marginal product of labor should not be taken as Keynes's saying that the level of employment is determined by the real wage, at that level where the real wage equals the marginal product of labor. Rather, Wells notes, for Keynes the level of employment is determined by the level of effective demand. -
Cambridge Economics: a Place, a People, an Academic Community and Its Palgrave Companion
Cambridge Economics: A place, a people, an academic community and its Palgrave Companion Cord, Robert A. (editor), 2017, The Palgrave Companion to Cambridge Economics, London: Palgrave Macmillan, 2 Vol., pp. XVII, 1225. £ 165 (Hardcover) ISBN 978-1-137-41233-1 The Palgrave Companion’s two volume set on Cambridge Economics is part of an ongoing project by Robert Cord to bring together contributions that capture Economics, as it was, and is, practised in historically important universities for the subject. This publication project follows Cord’s Ph.D. work that discussed research centres in economics in the 1930s, with special reference to Cambridge, Oxford and the LSE (Cord, 2012). In that book Cord analysed the relative success of these research centres by utilising a framework that identified sociological, technical, intellectual and financial factors to explain why some centres where more successful than others. In contradistinction, this edited set starts with a collection of surveys ‘from within’, with academics reviewing fields of research through narratives that capture specific traditions and/or the interface of economics with related fields/faculties in Cambridge. These form Part I, titled “Themes in Cambridge Economics”. Part II, titled “Some Cambridge Economists”, has an extensive set of intellectual biographies of the major economists associated with Cambridge, who also figure in the narratives constructed in Part I. All of this yields more than a thousand pages of text, from fifty one academics contributing the various pieces. This is a herculean task, and the very scope of the project and its execution awes the reader. It is commendable that Cord not only completed this task but also amassed contributions from celebrated academics that know intimately Cambridge and its many traditions. -
Time, Expectations and Financial Markets
Institute for International Political Economy Berlin Time, Expectations and Financial Markets Author: Hansjörg Herr Working Paper, No. 03/2009 Editors: Trevor Evans ■ Eckhard Hein ■ Hansjörg Herr ■ Martin Kronauer ■ Birgit Mahnkopf Time, Expectations and Financial Markets Hansjörg Herr (Berlin School of Economics and Law) Abstract After the breakdown of the Bretton Woods system and the beginning of the neoliberal revolution, financial markets became very unstable. The theoretical background of the neoliberal revolution stands in the tradition of Léon Walras. He was very much impressed by Isaac Newton, used his methodology and wanted to lift economic thinking on the same level as Newton’s mechanics. The rational expectation approach and the hypothesis of efficient financial markets follow this methodology. In a Keynesian-Schumpeterian approach, expectations cannot be explained by economic models – as in the case of rational expectations. The economy is not a self-regulating stable system. Development depends on social and political processes which are beyond the scope of narrow economic modelling. The world needs a fundamental re-regulation of asset and financial markets as well as labour markets to turn globalisation into a project with more winners than there are now. JEL Code: B22, E12, E22 Key Words: Macroeconomics; Post-Keynesian, Financial Markets and the Macroeconomy Address for correspondence: Prof. Dr. Hansjörg Herr Berlin School of Economics and Law Badensche Str. 50-51 10825 Berlin Germany e-mail: [email protected] 1 1. Introduction Over the last decades financial markets have become very unstable. Asset prices (shares, real estate, currencies, and natural resources) followed a rollercoaster with violent ups and downs. -
Margaret S. Archer Editor Morphogenesis and the Crisis of Normativity Morphogenesis and the Crisis of Normativity
Social Morphogenesis Margaret S. Archer Editor Morphogenesis and the Crisis of Normativity Morphogenesis and the Crisis of Normativity [email protected] Social Morphogenesis Series Editor: MARGARET S. ARCHER Centre for Social Ontology, University of Warwick, Coventry, UK Aims and scope: To focus upon ‘social morphogenesis’ as a general process of change is very different from examining its particular results over the last quarter of a century. This series ventures what the generative mechanisms are that produce such intense change and discusses how this differs from late modernity. Contributors examine if an intensification of morphogenesis (positive feedback that results in a change in social form) and a corresponding reduction in morphostasis (negative feedback that restores or reproduces the form of the social order) best captures the process involved. The series consists of 5 volumes derived from the Centre for Social Ontology’s annual workshops “From Modernity to Morphogenesis” at the University of Lausanne, headed by Margaret Archer. More information about this series at http://www.springer.com/series/11959 [email protected] Margaret S. Archer Editor Morphogenesis and the Crisis of Normativity 123 [email protected] Editor Margaret S. Archer Centre for Social Ontology University of Warwick Coventry, UK This volume IV follows the book “Social Morphogenesis”, edited by Margaret S. Archer, which was the first book in the series published in 2013 http://www.springer.com/social+ sciences/book/978-94-007-6127-8, the volume “Late Modernity”, edited by Margaret S. Archer, published in 2014 and the volume “Generative Mechanisms Transforming the Social Order”, edited by Margaret S. -
Paul Samuelson's Ways to Macroeconomic Dynamics
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Boianovsky, Mauro Working Paper Paul Samuelson's ways to macroeconomic dynamics CHOPE Working Paper, No. 2019-08 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Boianovsky, Mauro (2019) : Paul Samuelson's ways to macroeconomic dynamics, CHOPE Working Paper, No. 2019-08, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/196831 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 Paul Samuelson’s Ways to Macroeconomic Dynamics by Mauro Boianovsky CHOPE Working Paper No. 2019-08 May 2019 Electronic copy available at: https://ssrn.com/abstract=3386201 1 Paul Samuelson’s ways to macroeconomic dynamics Mauro Boianovsky (Universidade de Brasilia) [email protected] First preliminary draft. -
86 HYMAN P. MINSKY COLLECTION: FOLDER LIST the Levy Economics Institute of Bard College Bruce Macmillan, Project Archivist March 2009
86 HYMAN P. MINSKY COLLECTION: FOLDER LIST The Levy Economics Institute of Bard College Bruce MacMillan, Project Archivist March 2009 Pages Location/Contents BOX 9: Documents/Publications 2 FOLDER: “Gli Orfani Di Beveridge - Mario Baccianini, con intervista a Hyman Minski”, pp. 116-117, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, Gennaio (Jan.) 1982, Anno (Years of Publication) 35. 10 FOLDER: Lawrence R. Klein, “Keynes Dopo Keynes”, pp. 120-128, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, Marzo 1982, Anno 35. 6 FOLDER: Nicholas Kaldor, “La Rivoluzione Keynesiana E I Suoi Limiti”, pp. 87-93, in Mondoperaio. Rivista mensile del Partito socialista italiano, Maggio (May) 1982, Anno (Year of Publication) 35. 8 FOLDER: Joan Robinson, “I Misteri della Stagflazione”, pp. 93-98, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, Gennaio/Febbraio (Jan./Feb.) 1983, Anno (Years of Publication) 36. 9 FOLDER: Jan Kregel, “Marx, Schumpeter, Keynes: tre discepoli ortodossi di Adomo Smith”, pp. 97-104, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, 7/8, Luglio/Agosto (July/Aug.) 1983, Anno (Years of Publication) 36. 3 FOLDER: Hyman P. Minsky, “Keynes E I Socialisti”, pp. 50-52, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, Numero 4, Aprile (April) 1986, Anno (Years of Publication) 39. 11 “Editorial (No author): Stabilization Without Trauma”, American Banker, Dec. 17, 1975. [“Economist Hyman P. Minsky of Washington University has asked two searching questions about the problems of financial instability…”] 1 FOLDER: Bart Sotnick, “Regulators Say Early Warning Systems Show Promise But Some Observers Are Skeptical”, American Banker, May 21, 1976. [1 copy] 1 FOLDER: Gordon Matthews, “Markets Seen Exposed To Severe Crunches”, American Banker, May 24, 1976. -
Inside the Economist's Mind: the History of Modern
1 Inside the Economist’s Mind: The History of Modern Economic Thought, as Explained by Those Who Produced It Paul A. Samuelson and William A. Barnett (eds.) CONTENTS Foreword: Reflections on How Biographies of Individual Scholars Can Relate to a Science’s Biography Paul A. Samuelson Preface: An Overview of the Objectives and Contents of the Volume William A. Barnett History of Thought Introduction: Economists Talking with Economists, An Historian’s Perspective E. Roy Weintraub INTERVIEWS Chapter 1 An Interview with Wassily Leontief Interviewed by Duncan K. Foley Chapter 2 An Interview with David Cass Interviewed jointly by Steven E. Spear and Randall Wright Chapter 3 An Interview with Robert E. Lucas, Jr. Interviewed by Bennett T. McCallum Chapter 4 An Interview with Janos Kornai Interviewed by Olivier Blanchard Chapter 5 An Interview with Franco Modigliani Interviewed by William A. Barnett and Robert Solow Chapter 6 An Interview with Milton Friedman Interviewed by John B. Taylor Chapter 7 An Interview with Paul A. Samuelson Interviewed by William A. Barnett Chapter 8 An Interview with Paul A. Volcker Interviewed by Perry Mehrling 2 Chapter 9 An Interview with Martin Feldstein Interviewed by James M. Poterba Chapter 10 An Interview with Christopher A. Sims Interviewed by Lars Peter Hansen Chapter 11 An Interview with Robert J. Shiller Interviewed by John Y. Campbell Chapter 12 An Interview with Stanley Fischer Interviewed by Olivier Blanchard Chapter 13 From Uncertainty to Macroeconomics and Back: An Interview with Jacques Drèze Interviewed by Pierre Dehez and Omar Licandro Chapter 14 An Interview with Tom J. Sargent Interviewed by George W. -
Lucas, Keynes, and the Crisis
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper Lucas, Keynes, and the crisis Research Report, No. 2009-2 Provided in Cooperation with: Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2009) : Lucas, Keynes, and the crisis, Research Report, No. 2009-2, The University of Western Ontario, Department of Economics, London (Ontario) This Version is available at: http://hdl.handle.net/10419/70391 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 Lucas, Keynes, and the Crisis by David Laidler Research Report # 2009-2 July 2009 Department of Economics Research Report Series Department of Economics Social Science Centre The University of Western Ontario London, Ontario, N6A 5C2 Canada This research report is available as a downloadable pdf file on our website http://economics.uwo.ca/econref/WorkingPapers/departmentresearchreports.html. -
MIT and the Other Cambridge Roger E
History of Political Economy MIT and the Other Cambridge Roger E. Backhouse 1. Preliminaries In 1953 Joan Robinson, at the University of Cambridge, in England, pub- lished a challenge to what she chose to call the neoclassical theory of production. She claimed that it did not make sense to use a production function of the form Q = f(L, K),1 in which the rate of interest or profit (the two terms are used interchangeably) was assumed to equal the marginal product of capital, ∂Q/∂K, for it confused two distinct concepts of capital. The variable K could not represent simultaneously the physical stock of capital goods and the value of capital from which the rate of profit was calculated. A related critique was then offered by Piero Sraffa (1960). In place of the marginal productivity theory of income distribution, Robin- son and her Cambridge colleagues, Nicholas Kaldor and Luigi Pasinetti, argued for what they called a “Keynesian” theory of distribution in which Correspondence may be addressed to Roger E. Backhouse, University of Birmingham, Edgbas- ton, Birmingham B15 2TT, UK; e-mail: [email protected]. This article is part of a project, supported by a Major Research Fellowship from the Leverhulme Trust, to write an intellectual biography of Paul Samuelson. I am grateful to Tony Brewer, Geoffrey Harcourt, Steven Medema, Neri Salvadori, Bertram Schefold, Anthony Waterman, and participants at the 2013 HOPE conference for comments on an earlier draft. Material from the Paul A. Samuelson Papers, David M. Rubenstein Rare Book and Manuscript Library, Duke University, is cited as PASP box n (folder name). -
Cambridge Economics
Economics Cambridge Cambridge Faculty of Economics Alumni Newsletter Vince Cable - An Economist in Politics The Westminster Village is in a frenzy of self-recrimination and speculation. In the centre of it all, Vince Cable (Fitz. 1964 and President of the Union 1965) is calm and ready to refl ect on Economics and his time in Cambridge. He has represented Twickenham in Parliament since 1997 and is the Liberal Democrats’ spokesman on Treasury matters. In that role he has earned a well- deserved reputation as one of the few to foresee the looming fi nancial crisis, and as a scourge of political opponents at the highest level. Having fi rst read Natural Sciences, he switched to Economics for Part II of the Tripos. He stood in awe of the big fi gures who had emerged in Keynes’ wake – the list includes Joan and Austin Robinson, Richard Kahn, Frank Hahn, Richard Stone, Ken Berrill, James Mirrlees and James Meade. Their discourse was that of Keynes’ disciples, addressing issues of effi ciency, equity, employment, and economic growth. And, while acknowledging the current vitality and diversity of Economics in Cambridge, he points to the absence of such a clear public voice today. But Keynes’ liberal economics was soon to be captured and distorted by politicians whose main aim was to promote, or dispute, In the year that the University is celebrating its 800th the case for intervention in the mixed economy. Meade’s nuanced Anniversary, it is a pleasure to introduce the Economics balancing of the open market economy on the one hand with the Faculty's second alumni newsletter. -
Arrow, Kenneth Joseph (Born 1921)
K000067 Arrow, Kenneth Joseph (born 1921) Kenneth Arrow is the author of key post-Second World War innovations in economics that have made economic theory a mathematical science. The Arrow Possibility Theorem created the field of social choice theory. Arrow extended and proved the relationship of Pareto efficiency with economic general equilibrium to include corner solutions and non-differentiable pro- duction and utility functions. With Gerard Debreu, he created the Ar- row–Debreu mathematical model of economic general competitive equilibrium including sufficient conditions for the existence of market-clear- ing prices. Arrow securities and contingent commodities extend the model to cover uncertainty and provide a cornerstone of the modern theory of finance. Kenneth Arrow is a legendary figure, with an enormous range of contribu- tions to 20th-century economics, responsible for the key post-Second World War innovations in economic theory that allowed economics to become a mathematical science. His impact is suggested by the number of major ideas that bear his name: Arrow’s Theorem, the Arrow–Debreu model, the Ar- row–Pratt index of risk aversion, and Arrow securities. Four of his most distinctive achievements, all published in the brief period 1951–54, are as follows: Arrow Possibility Theorem. Social Choice and Individual Values (1951a) created the field of social choice theory, a fundamental construct in theo- retical welfare economics and theoretical political science. Fundamental Theorems of Welfare Economics. ‘An extension of the basic theorems of classical welfare economics’ (1951b) presents the First and Sec- ond Fundamental Theorems of Welfare Economics and their proofs without requiring differentiability of utility, consumption, or technology, and in- cluding corner solutions (zeroes in quantities of inputs or outputs). -
1 Curriculum Vitae STEFANO ZAMAGNI Posizione Attuale
Curriculum Vitae STEFANO ZAMAGNI Posizione Attuale Professore ordinario di Economia Politica, Università di Bologna e Adjunct Professor of International Political Economy, Johns Hopkins University, Bologna Center. Nascita 4 Gennaio 1943, Rimini, Italia. Stato civile Coniugato con Vera Negri; due figlie, Giulia e Elena; quattro nipoti. Cittadinanza Italiana. e-mail: [email protected] ; [email protected] Educazione Laurea in economia e Commercio (Marzo 1966), Università Cattolica S. Cuore, Milano. Linacre College, University of Oxford (U.K.): 1969-1973. Lingue straniere: Inglese; francese; spagnolo. Attività didattica 1966-69 Università Cattolica S. Cuore, Milano - assistente volontario nell'Istituto di Scienze Economiche. 1973-75 Università di Parma, professore incaricato di Economia Politica e di Programmazione Economica. 1976-79 Università di Parma, professore straordinario di Economia Politica, docente di Microeconomia. 1979- Università di Bologna, professore ordinario di Economia Politica, docente di Microeconomia. 1977- Johns Hopkins University, Bologna Center, docente di "International Trade Theory", "Microeconomics", "Quantitative Methods for Economics", “Public Sector Economics”. 1985-2007 Università L. Bocconi, Milano, professore a contratto di Storia dell'analisi economica. 1989-90 Scuola Superiore della Pubblica Amministrazione, sede di Bologna, docente di Macroeconomia. 1988-1995 SPISA, Università di Bologna, docente di Macroeconomia. 1996- Università di Bologna, Master Universitario in Economia della Cooperazione,