American Economist articles from September 1994

American Economist archives from September 1994

Deficits, saving, and economic policy.
September 22, 1994... Many talk about "the deficit." Few, literally, know what they are talking about. Many talk about saving, and proclaim that Americans save too little. Few know what saving is or how it is generated. Many insist that our large deficits are...

Not only an economist - autobiographical reflections of a historian of economic thought.
September 22, 1994... I owe the decision to study economics to the influence of the writings of Henry George and Karl Marx. In 1944 I was 17 years old and attending Peter Stuyvesant High School in New York City. I enrolled for a course in Commerce, and in the last...

Confessions of an aging enfant terrible. (economist Philip Mirowski)
September 22, 1994... How This Essay works It is the nature of an enfant terrible to be obstreperous, so perhaps I can begin by quibbling with the terms of the mandate so generously tendered by Professor Szenberg. He requested essays on the theme "How I Work," but...

Competition and the equivalence of tariffs and quotas.
September 22, 1994... I. Introduction This paper is an attempt to highlight the role of competition in the equivalence of tariffs and quotas.[1] In an oligopolistic industry, the major difference between tariffs and quotas is that a quota prohibits foreign firms...

Advertising rivalry in the U.S. automobile industry: a test of Bain's hypothesis.
September 22, 1994... Introduction Working within Chamberlin's(13) theory that predicts a firm's market behavior from its market structure, Joe Bain(6) classified the U. S. Automobile industry as an oligopoly with high product differentiation. He predicted...

An expanded graphical representation of the portfolio balance model of exchange rate determination.
September 22, 1994... 1. Introduction The portfolio balance model of exchange rate determination was developed, inter alia, by Allen (1973), Branson (1975), and Allen and Kenen (1976). The model evolved from a general dissatisfaction with the implications of the...

Hyperlecturing and linkages.
September 22, 1994... Context Recent developments in the art of Computer Aided Instruction rightly emphasize the use of computer simulations and tutorials as a method of enriching the instruction of undergraduate economics students. For example, the use of...

New York free banks and the role of reputations.
September 22, 1994... Introduction During the American era of free banking (1838-1863) the banking industry operated in an environment in which several different firms each produced their own paper money which they attempted to circulate. This environment was...

A note on modelling OPEC behavior 1983-1989: a test of the cartel and competitive hypothesis. (Organization of Petroleum Exporting Countries)
September 22, 1994... Section I: Model Presentation A. The Competitive Model: Griffin's Competitive model formulation is a simple log linear specification in which individual country production ([Q.sub.it]) is a positive function of the real price of oil:...

Contractual governance in trucking: a comment.
September 22, 1994... In an innovative and cogent article, Smith (1993) analyzes the structure of post-deregulation contracting in the trucking industry, utilizing the transactions-cost framework developed by Williamson (1979) and by Klein, Crawford, and Alchian...

The Stolper-Samuelson theorem in the presence of domestic distortions.
September 22, 1994... According to the Stolper-Samuelson theorem (3), the factor used intensively in the expanding industry will be better off because the real return to the factor (i.e., the marginal physical product of the factor) will be increased in both the...

Yet more on misery: optimization along the short-run Phillips curve revisited, a comment on recent papers.
September 22, 1994... Introduction Golden et al. (1987) showed that when the misery index, defined as the sum of the inflation rate and unemployment rate, in (1): M = i + u (1) is minimized subject to the short run Phillips Curve (PC) in (2): i = a + b/u...