Raising the Level of Education and Employment for the Purposes of Creating New Business Opportunities
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Keynes's Investment Theory As a Micro-Foundation for His Grandchildren
Vol. 14, 2020-24 | July 03, 2020 | http://dx.doi.org/10.5018/economics-ejournal.ja.2020-24 Keynes's investment theory as a micro-foundation for his grandchildren Sergio Nisticò Abstract In contrast with the ‘missing micro-foundations’ argument against Keynes’s macro- economics, the paper argues that it is the present state of microeconomics that needs more solid ‘Keynesian foundations’. It is in particular Keynes’s understanding of investors’ behaviour that can be fruitfully extended to consumption theory, in a context in which consumers are considered as entrepreneurs, buying goods and services to engage in time- consuming activities. The paper emphasizes that the outcome in terms of enjoyment is particularly uncertain for those innovative and path-breaking activities, which Keynes discussed in his 1930 prophetic essay about us, the grandchildren of his contemporaries. Moreover, the Keynes-inspired microeconomics suggested in the paper provides an explanation of why Keynes’s prophecy about his grandchildren possibly expanding leisure did not materialize yet. The paper finally points at the need for appropriate economic policies supporting consumers’ propensity to enforce innovative forms of time use. JEL B41 D11 D81 Keywords Keynesian microeconomics; consumption; time use; uncertainty; Keynes’s grandchildren Authors Sergio Nisticò, Creativity and Motivations Economic Research Center, Department of Economics and Law, University of Cassino and Southern Lazio, Italy, [email protected] Citation Sergio Nisticò (2020). Keynes's investment theory as a micro-foundation for his grandchildren. Economics: The Open-Access, Open-Assessment E-Journal, 14 (2020-24): 1–15. http://dx.doi.org/10.5018/economics-ejournal.ja.2020-24 Received January 22, 2020 Published as Economics Discussion Paper February 14, 2020 Revised June 8, 2020 Accepted June 18, 2020 Published July 3, 2020 © Author(s) 2020. -
Extragalactic Sources of Rapidly Variable High Energy Gamma Radiation
Dario Hrupec Extragalactic sources of rapidly variable high energy gamma radiation Doctoral Thesis submitted to the Department of Physics, Faculty of Science, University of Zagreb, for the academic degree of Doctor of Natural Sciences (Physics) Zagreb 2008. This thesis was done at Ruder Boˇskovi´c Institute under the supervision of Professor Daniel Ferenc from the University of California at Davis. ii Acknowledgments I would like to thank my mentor Dr. Daniel Ferenc from the University of California at Davis for his great professional and personal support during my work on this thesis. I have received precious inspiration from him. Finally, he encouraged me to read a lot. It was an invaluable advice. I am thankful to my co-mentor Dr. Silvio Pallua from the Faculty of Science at Zagreb for his support and for the thesis review. I am also thankful to Dr. Kreˇsimir Pavlovski from the Faculty of Science at Zagreb for the thesis review. I am particularly thankful to him for his valuable support. In addition, his terminological arguments impressed me a lot. Many thanks to Dr. Matko Milin from Faculty of Science at Zagreb for the time he spent on reading and commenting my thesis. I really appreciate his being my committee member. I owe many thanks to Dr. Eckart Lorenz from the University of California at Davis and ETH-Zurich who made possible my observations with the Cerenkovˇ telescope 1 (CT1) at La Palma in 2003. His donation of two Cerenkovˇ telescopes to Ruder Boˇskovi´c Institute established a base for the Cosmic Ray Observatory At The Eastern Adriatic (CROATEA) and also for my work in astroparticle physics in Croatia. -
Marginal Revolution
MARGINAL REVOLUTION It took place in the later half of the 19th century Stanley Jevons in England, Carl Menger in Austria and Leon walras at Lausanne, are generally regarded as the founders of marginalist school Hermann Heinrich Gossen of Germany is considered to be the anticipator of the marginalist school The term ‘Marginal Revolution’ is applied to the writings of the above economists because they made fundamental changes in the apparatus of economic analysis They started looking at some of the important economic problems from an altogether new angle different from that of classical economists Marginal economists has been used to analyse the single firm and its behavior, the market for a single product and the formation of individual prices Marginalism dominated Western economic thought for nearly a century until it was challenged by Keynesian attack in 1936 (keynesian economics shifted the sphere of enquiry from micro economics to macro economics where the problems of the economy as a whole are analysed) The provocation for the emergence of marginalist school was provided by the interpretation of classical doctrines especially the labour theory of value and ricardian theory of rent by the socialists Socialists made use of classical theories to say things which were not the intention of the creators of those theories So the leading early marginalists felt the need for thoroughly revising the classical doctrines especially the theory of value They thought by rejecting the labour theory of value and by advocating the marginal utility theory of value, they could strike at the theoretical basis of socialism Economic Ideas of Marginalist School This school concentrated on the ‘margin’ to explain economic phenomena. -
Adaptive Concept Resolution for Document Representation and Its
Knowledge-Based Systems 74 (2015) 1–13 Contents lists available at ScienceDirect Knowledge-Based Systems journal homepage: www.elsevier.com/locate/knosys Adaptive Concept Resolution for document representation and its applications in text mining ⇑ Lidong Bing a, Shan Jiang b, Wai Lam a, Yan Zhang c, , Shoaib Jameel a a Key Laboratory of High Confidence Software Technologies, Ministry of Education (CUHK Sub-Lab), Department of Systems Engineering and Engineering Management, The Chinese University of Hong Kong, Hong Kong b Department of Computer Science, University of Illinois at Urbana-Champaign, Urbana, United States c Department of Machine Intelligence, Peking University, China article info abstract Article history: It is well-known that synonymous and polysemous terms often bring in some noise when we calculate Received 28 February 2014 the similarity between documents. Existing ontology-based document representation methods are static Received in revised form 21 July 2014 so that the selected semantic concepts for representing a document have a fixed resolution. Therefore, Accepted 6 October 2014 they are not adaptable to the characteristics of document collection and the text mining problem in hand. Available online 1 November 2014 We propose an Adaptive Concept Resolution (ACR) model to overcome this problem. ACR can learn a con- cept border from an ontology taking into the consideration of the characteristics of the particular docu- Keywords: ment collection. Then, this border provides a tailor-made semantic concept representation for a Adaptive Concept Resolution document coming from the same domain. Another advantage of ACR is that it is applicable in both clas- Ontology WordNet sification task where the groups are given in the training document set and clustering task where no Wikipedia group information is available. -
Evolution and Refinement of the Concept of Supply and Demand from Cournot to Marshall Ray Mcdermott
Evolution and Refinement of the Concept of Supply and Demand from Cournot to Marshall Ray McDermott Table of Contents Page Introduction 1 John Stuart Mill 2 Augustin Cournot 5 J. H. von Thunen 7 Hermann Heinrich Gossen 8 Fleeming Jenkin 10 William Stanley Jevons 13 Carl Menger 19 Leon Walras 21 Aspects of Marginal Theory as set by Jevons, Menger and Walras 28 Rudolf Auspitz and Richard Lieben 47 Alfred Marshall 52 Conclusion 66 Bibliography 67 ALUMNI MEMORIAL LIBRARY Creighton University Omaha; Nebraika 65178 fc v 385843 “ *** '••v.i-fii. Evolution and Refinement of the Concept of Supply and Demand from Cournot to Marshall The law of supply and demand can be restated in mathematical language. Fleeming Jenkin did this. As one looks at the correspondence between the economists of an eighty year period (Cournot to Marshall), thinking can be clarified on the discussion of supply and demand. Relationships are shown between these economists. There are similar ities as well as differences in their thinking. Disagreements on terminology pertaining to utility theory is evident between Jevons, Walras, and Menger. Priority on thoughts about utility was claimed and disputed between Jevons and Walras. Marshall was annoyed by Jevons* theory. Marshall, Walras, and Mill were all directed by their fathers in the classics. Lecturing at various universities was common for Jevons, Marshall, Walras, and Menger. Some however were not trained economists. Examples of these were Jenkin, Cournot, and von Thunen. Jevons, Menger, and Walras were the founders of the Marginal Utility School. The economists are not discussed according to the chronological time in which they lived. -
Why to Worry About the Wealth of Nations: Technological Unemployment, Unequal Distribution and Secular Stagnation
Why to Worry about the Wealth of Nations: Technological Unemployment, Unequal Distribution and Secular Stagnation Timon Scheuer October 14, 2016 Abstract Persistent unemployment challenges politics of today. The cure commonly prescribed is economic growth. While technological progress should still provide the necessary productivity gains, their interdepen- dency to the role allocation of private capitalism may also be an ori- gin or at least a magnifier of stagnation in the first place. In order to investigate these interdependencies the paper takes a system per- spective. Within a correspondingly aggregate model technical change affects needs of consumers, expectations of producers and productivity in different ways. Applying a corresponding set of equations in discrete time steps then allows for simulations of exemplary scenarios. In ab- sence of public interventions and institutions the stability of the system and its growth path strongly depends on the mixture of process and product innovation. If the latter fails to overcome temporary limita- tions of needs and expectations, the lack of demand may induce a loop of unemployment and stagnation. This risk increases with disparity, which itself may be triggered by certain forms of technical change in the first place. PROCEEDING OF A PRELIMINARY PRESENTED AT THE YOUNG ECONOMIST CONFERENCE 1 1 Introduction Social scientists know the name of Adam Smith (1776, [2006]) and his fa- mous `Inquiry into the Nature and Causes of the Wealth of Nations`. He may even be seen as the father of economic liberalism emphasizing the role of spreading market interactions, the division of labour and the accumula- tion of capital in order to achieve productivity gains and boost economic growth (Sturn, 2008, pp. -
Austrian Economic Thought: Its Evolution and Its Contribution to Consumer Behavior
A Great Revolution in Economics –Vienna 1871 and after Austrian economic thought: its evolution and its contribution to consumer behavior Lazaros Th. Houmanidis Auke R. Leen A great REVOLUTION In economics —VIENNA 1871 and after AUSTRIAN ECONOMIC THOUGHT: ITS EVOLUTION AND ITS CONTRIBUTION TO CONSUMER BEHAVIOR Lazaros Th. Houmanidis Auke R. Leen The letter type on the cover is of Arnold Böcklin (Basel 1827-1901 Fiesole). It is a typical example of the Art Nouveau (Jugendstil) style—the fashionable style of art in Vienna at the end of the 19th century (the time older Austrianism came in full swing). In a sense, Böcklin’s work represents the essence of Austrianism: “Never was he interested in the accidental; he wanted the everlasting”. Cereales Foundation, publisher Wageningen University P.O. Box 357, 6700 AJ Wageningen, The Netherlands E [email protected] Printed by Grafisch Service Centrum Van Gils B.V. Cover design by Hans Weggen (Art Director Cereales) © 2001 Lazaros Th. Houmanidis and Auke R. Leen ISBN 90-805724-3-8 In the memory of our beloved colleague JACOB JAN KRABBE PREFACE A Great Revolution in Economics—Vienna 1871 and after is about the revolution in economic thought that started in Vienna in the last quarter of the nineteenth century. After a time of trying to save the objective value theory the time was there for a new awakening of economic thought. In Vienna, for the first time by the 1871 publication of Menger’s Grundsätze, value become subjective, and the market a process with a sovereign consumer. This book is about this awakening that proved to be more than a plaisanterie viennoise. -
Georgescu-Roegen on Gossen. Paola Tubaro
A tale of two destinies: Georgescu-Roegen on Gossen. Paola Tubaro To cite this version: Paola Tubaro. A tale of two destinies: Georgescu-Roegen on Gossen.. History of Political Economy, Duke University Press, 2014, 46 (1), pp.33-54. 10.1215/00182702-2398921. hal-01354924 HAL Id: hal-01354924 https://hal.archives-ouvertes.fr/hal-01354924 Submitted on 20 Aug 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. A tale of two destinies: Georgescu-Roegen on Gossen Paola Tubaro Abstract Nicholas Georgescu-Roegen edited the English translation of Gossen’s book The Laws of Human Relations (1983), and wrote a lengthy introduction to it. His highly appreciative, thoroughly documented study has become a major reference on an otherwise little known early writer. It suggests that Gossen was unjustly ignored by his contemporaries, just as Georgescu-Roegen felt that his own contributions to economics were insufficiently recognized. Yet it was not only a personal motive that inspired Georgescu-Roegen’s editorial enterprise: I show that his original plan was to build a model of consumer choice, with support of hints found in Gossen, to address what he saw as essential theoretical issues. -
1984 the Adventures of the Alternative
As pubished in in “The Long 1980s (Constellations Of Art, Politics, And Identity A Collection Of Microhistories)“, Editors: Nick Aikens, Teresa Grandes, Nav Haq, Beatriz Herráez, Nataša Petrešin- Bachelez, Valiz Books / L’Internationale, 2018. 1984: The Adventures of The Alternative Graph: Google Ngram Viewer: [alternative], 1900-2008 in English, goo.gl/JMCgUB ------------------------------------------------------------------------------------------------------- Alt-2017 After “post-truth” being The Word of The Year 2016, the 2017 arrival of “alternative facts” comes as the natural element, as another corresponding “alt” product of what wants to be called “alt-right”. This is expected - normal - continuation of the process through which the very concept of alternative seems to be appropriated and twisted beyond recognition, to outline today precisely that one worldview that does not allow for any alternative than itself. The debate on the trajectory of “alternative” towards “alt-” is mostly concerned with examining the role of the rising power, sophistication and “uncontrollability” of media, and with the sense of diminishing ability of formal democracies to address this, or any other problem. The process of deconstructing alternative followed the fate of words like avant-garde, revolution, modernism, and many others that used to be the building blocks of so- called “grand narratives” of (mainly) the previous century. This path would indeed be outlined by media, especially television, and by various different “happenings of the people”, both a late remnant of avant-gardist “totalitarian dream” of synchronizing the 1 society in the joint motion forward, and an early reminiscent of the “alt-” sentiment of today. Graph: Guido Alfani, “The top rich in Europe in the long run of history (1300 to present day)”, February 15, 2017, VoxEU.org. -
Regional Foreign Direct Investment Review
PROMOTING INDUSTRIAL ZONES AND INVESTMENT MOBILIZATION USAID WB/G SO1: EXPANDING ECONOMIC OPPORTUNITIES CONTRACT NO. 294-C-00-00-00071-00 Regional Foreign Direct Investment Review SUBMITTED ON MAY 20, 2002 TO THE USAID MISSION TO THE WEST BANK AND GAZA MARGOT ELLIS, CTO BY THE SERVICES GROUP (TSG) SUTHERLAND MILLER III, SENIOR CONSULTANT 2300 CLARENDON BOULEVARD 1110 ARLINGTON, VIRGINIA 22201 USA WWW.TSGINC.COM USAID PRIZIM Project Regional Foreign Direct Investment Review Table of Contents Executive Summary i Chapter 1: Introduction and Methodology 1 Chapter 2: Regional Foreign Direct Investment Overview 7 Chapter 3: Sectoral Focus on Information Technology 24 Chapter 4: Sectoral Focus on Apparel and Textiles 48 Chapter 5: Sectoral Focus on Stone and Marble 59 Chapter 6: Conclusion 69 Annex A.1: Top 1,000 Companies in Pre-packaged Software A1-1 Annex A.2: Top 1,000 Companies in Computer Programming A2-1 Annex A.3: Top 1,000 Companies in Apparel Manufacturing A3-1 Annex A.4: Top Companies in Dimension Stone A4-1 The Services Group USAID PRIZIM Project Regional Foreign Direct Investment Review Executive Summary This report summarizes the available data on foreign direct investment (FDI) inflows into the Middle East region, and provides information that can help the Palestinian Investment Promotion Agency (PIPA) target firms for investment promotion. The goal of this document is to better inform PIPA about regional FDI trends and guide their strategic planning for active and successful investment promotion activities. For this analysis regional investment activity was reviewed in detail for three sectors - information technology (IT), apparel manufacturing, and stone and marble - based on the previously completed Investor Targeting Strategy (ITS) completed by The Services Group in 1999. -
Divinization and Neoclassical Economics
9 Neoclassical economics as a logic of subversion Arpad Szakolczai Subversion is an activity associated with radical politics and art. It means an effort – usually combined with plotting and similar secret, underground activities – to undermine established powers and authorities. However, this paper, in line with the general orientation of the volume, starts from the presumption that we today, all of us, inside the ‘advanced’ world, live in- side subversion. Thus, as the activity of subversion is only apparently self- evident, so better start by exploring the meanings of the word. Dictionary definitions of subversion, and of related terms like ‘under- mine’ and ‘overthrow’, contain three points of interest. Most evidently, such an activity involves a degree of violence; though this is combined with secrecy, a link that will prove to be particularly important. Furthermore, such activities aim with particular vigour not directly at the prevailing pow- ers, trying to avoid a direct – and usually hopeless – confrontation; rather they aim at the foundations. In one reading, subversion tries to inflict blows below the belt; in another, particularly clear in the term ‘undermine’, it op- erates by generating a void,1 into which the entity falls due to its own weight. Finally, all this involves a fundamental reversal of the vertical perspective or order of things: whatever previously was high is brought down, and what- ever was low consequently moves up. Such an idea was central to the Tabula Smaragdina (Linden 2003), a key piece of hermetic writings, while on dif- ferent note ‘turning the world upside down’ also for the activity of circus clowns. -
Karl Marx and the Marxist School
See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/321255666 Karl Marx and the Marxist School Working Paper · November 2017 DOI: 10.13140/RG.2.2.27320.03847 CITATIONS READS 0 15,446 1 author: Scott Carter University of Tulsa 19 PUBLICATIONS 59 CITATIONS SEE PROFILE Some of the authors of this publication are also working on these related projects: From Pool of Profits to Surplus and Deficit Industries View project All content following this page was uploaded by Scott Carter on 23 November 2017. The user has requested enhancement of the downloaded file. 1 Karl Marx and the Marxist School Scott Carter, The University of Tulsa ([email protected])1 • Marx was a working class revolutionary thinker whose economic theories were designed for a mass working class audience • Marx’s economic thought developed as a sustained critique of Classical Political Economy and addressed many of the short-comings in the labor theory of value of that approach • Marx’s method of historical materialism considers social formations as evolving and developing from earlier forms often through revolutionary struggle • Marx’s contribution to the Classical labor theory of value includes the notion of the value of labor power and theory of surplus-value defined as the exploitation of the unpaid labor of workers • Marx’s theory of surplus value expresses itself in an understanding of the division of the working-day into necessary and surplus labor time which serves as the foundation upon which his economic theories are built • Marx’s economic theories are rich and includes among other things theories of accumulation, circuits of revenue and capital, schemes of social reproduction, crisis theory and the falling rate of profit, the reserve army of labor, and the transformation of values into prices of production 0.