Economics Confronts the EconomyEdward Elgar Publishing, 25/05/2006 - 396 páginas Takes a look at contemporary economic analysis, and presents a view of the state of economics. |
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Página 8
... Smith's ' invisible hand . ' Under competitive conditions , any equilibrium allocation is a Pareto optimum , and the only possible welfare justification for intervention in the economy is the fulfillment of distributional objectives ...
... Smith's ' invisible hand . ' Under competitive conditions , any equilibrium allocation is a Pareto optimum , and the only possible welfare justification for intervention in the economy is the fulfillment of distributional objectives ...
Página 9
... Smith be proud to see what he has wrought ? The opening quotations offer some possible reactions . VALUE AND PRICE IN SMITH'S WORLD : THE BIRTH OF THE INVISIBLE HAND Arguably the most famous notion introduced in Adam Smith's The Wealth ...
... Smith be proud to see what he has wrought ? The opening quotations offer some possible reactions . VALUE AND PRICE IN SMITH'S WORLD : THE BIRTH OF THE INVISIBLE HAND Arguably the most famous notion introduced in Adam Smith's The Wealth ...
Página 10
... ( Smith 1985 , p . 225 ) We present this to make several points : 1. Smith does indeed say that the agent , in pursuit of his own gain and not that of society , nevertheless ends up also furthering the public interest as much as possible ...
... ( Smith 1985 , p . 225 ) We present this to make several points : 1. Smith does indeed say that the agent , in pursuit of his own gain and not that of society , nevertheless ends up also furthering the public interest as much as possible ...
Página 11
... Smith would not have carried the implications of the invisible hand as far as is suggested in point 2 , and he would surely have insisted that Gordon Gekko's mantra be qualified . For one thing , there is much evidence in the book that ...
... Smith would not have carried the implications of the invisible hand as far as is suggested in point 2 , and he would surely have insisted that Gordon Gekko's mantra be qualified . For one thing , there is much evidence in the book that ...
Página 12
... Smith found much that was repugnant in far off places - well , the invisible hand's ability to convert self - interested pursuits into ideal social acts was designed to apply as well - perhaps especially well - to the market of England ...
... Smith found much that was repugnant in far off places - well , the invisible hand's ability to convert self - interested pursuits into ideal social acts was designed to apply as well - perhaps especially well - to the market of England ...
Índice
8 | |
41 | |
3 Lowering the learning in economics 19502000 | 84 |
the world of microeconomics | 123 |
the world of macroeconomics | 166 |
6 Theory and the role of the public sector | 225 |
7 Focus on mainstream economicsobstacles to the competition for new ideas | 269 |
an alternative view dont cry for me economics | 320 |
Index | 381 |
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Palavras e frases frequentes
allocation American Economic analysis approach argue assertion assumptions basic behavior behavioral economics business cycles changes chapter citations clear competition confront considered course deadweight loss debate demand discipline discussion earlier Econ econometric economic activity economic agents economic theory efficiency efforts empirical equilibrium expenditures fact firms fiscal policy Friedman full employment game theory graduate heterodox economists human impact implications income industrial inflation rate institutional economics institutionalist interventionist invisible hand journals Keynes Keynesian Lucas macroeconomics mainstream economics mainstream economists major mathematical microeconomic theory modern monetarism monetary policy NAIRU natural rate normative oligopoly optimal output paradigm Pareto optimality perspective Phillips curve political positive precise presumably price theory problems produce public policy public sector quantitative question rate of unemployment rational expectations real world Ricardian Equivalence role Samuelson and Nordhaus Smith social sciences society suggest theorists unemployment rate University workable competition York
Passagens conhecidas
Página 340 - THE annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
Página 10 - By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest, he frequently promotes that of the society more effectually...
Página 9 - But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value.
Página 99 - For man's character has been moulded by his every-day work, and the material resources which he thereby procures, more than by any other influence unless it be that of his religious ideals; and the two great forming agencies of the world's history have been the religious and the economic.
Página 10 - ... intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
Página 11 - The poverty of the lower ranks of people in China far surpasses that of the most beggarly nations in Europe.
Página 11 - Marriage is encouraged in China, not by the profitableness of children, but by the liberty of destroying them. In all great towns several are every night exposed in the street, or drowned like puppies in the water. The performance of this horrid office is even said to be the avowed business by which some people earn their subsistence.
Página 9 - He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. ... he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Página 171 - natural rate of unemployment," in other words, is the level that would be ground out by the Walrasian system of general equilibrium equations, provided there is imbedded in them the actual structural characteristics of the labor and commodity markets, including market imperfections, stochastic variability in demands and supplies, the cost of gathering information about job vacancies and labor availabilities, the costs of mobility, and so on...
Página 170 - Congress hereby declares that it is the CONTINUING policy AND responsibility of the Federal Government TO USE ALL PRACTICABLE MEANS consistent with its needs and obligations and other essential considerations of national policy WITH THE ASSISTANCE AND COOPERATION OF industry, agriculture, labor, and State and local governments, TO COORDINATE AND UTILIZE ALL ITS PLANS, FUNCTIONS, AND RESOURCES FOR THE PURPOSE...