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Author : John Kenneth Galbraith
Publisher : Unknown
Page : 104 pages
File Size : 46,8 Mb
Release : 1952
Category : Price regulation
ISBN : UCAL:B4149200
"Third printing, 1980 [with new introd.]" Includes bibliographical references and index.
Author : John Kenneth Galbraith
Publisher : Unknown
Page : 104 pages
File Size : 55,6 Mb
Release : 1952
Category : Business & Economics
ISBN : STANFORD:20500915888
"Third printing, 1980 [with new introd.]" Includes bibliographical references and index.
Author : Robert L. Schuettinger.,Eamonn F. Butler
Publisher : Ludwig von Mises Institute
Page : 194 pages
File Size : 54,7 Mb
Release : 1979
Category : Political Science
ISBN : 9781610165259
The Mises Institute is thrilled to bring back this popular guide to ridiculous economic policy from the ancient world to modern times. This outstanding history illustrates the utter futility of fighting the market process through legislation. It always uses despotic measures to yield socially catastrophic results. It covers the ancient world, the Roman Republic and Empire, Medieval Europe, the first centuries of the U.S. and Canada, the French Revolution, the 19th century, World Wars I and II, the Nazis, the Soviets, postwar rent control, and the 1970s. It also includes a very helpful conclusion spelling out the theory of wage and price controls. This book is a treasure, and super entertaining!
Author : John Kenneth Galbraith
Publisher : Unknown
Page : 96 pages
File Size : 40,6 Mb
Release : 1980-02-05
Category : Electronic
ISBN : 0674333039
Everybody talks about price control, but not many of us know what to expect of it, and when and how it should be used. In nontechnical language, Galbraith supplies the underlying economic ideas which will help readers understand how particular controls affect the general operation of the economy. He shows why price controls during World War II worked as well as they did and he analyzes the criteria for effective price control both under a fully mobilized economy and under limited mobilization.
Author : Christopher Coyne,Rachel Coyne,Philip Booth,Ryan Bourne,Stephen Davies,Robert C. B. Miller,Colin Robinson,Steven Schwartz,W. Stanley Siebert,Christopher Snowdon,Richard Wellings
Publisher : London Publishing Partnership
Page : 227 pages
File Size : 41,7 Mb
Release : 2015-03-27
Category : Business & Economics
ISBN : 9780255367028
Price controls across many sectors are currently being hotly debated. New controls in the housing market, more onerous minimum wages, minimum prices for alcohol, and freezes on energy prices are very high up the agenda of most politicians at the moment. Even without any further controls, wages, university fees, railway fares and many financial products already have their prices at least partly determined by politicians rather than by supply and demand in the market. Indeed, barely a sector of the UK economy is unaffected in one way or another by government controls on prices. This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets. The authors analyse, in a very readable fashion, the damage they cause. Crucially, the authors also explain why, despite universal criticism from economists, price controls are so popular amongst politicians.
Author : Deirdre N. McCloskey
Publisher : Unknown
Page : 662 pages
File Size : 55,7 Mb
Release : 1985
Category : Business & Economics
ISBN : WISC:89014209555
Author : D. Bös
Publisher : Elsevier
Page : 465 pages
File Size : 55,9 Mb
Release : 2015-12-04
Category : Business & Economics
ISBN : 9780080514703
This clear, precisely written text presents an important branch of the modern, micro-economically based theory of industrial organization and of public finance, utilizing calculus only. Answers are provided to some pertinent economic questions, such as the pricing policies of vote-seeking politicians, of empire-building bureaucrats and of out-put-maximizing and energy-saving public utilities. These policies are compared with the welfare economic benchmark rules e.g. on marginal cost pricing and Ramsey pricing. Great significance is attached to price regulation. The book elucidates the recent replacement of rate of return regulation by price-cap regulation. It also explains why many simple rules like yardstick regulation fail to achieve optimal prices, which shows how complicated it is to induce managers to truthfully reveal their private information. How this can be achieved properly is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints.
Author : George Joseph Stigler
Publisher : Unknown
Page : 216 pages
File Size : 47,8 Mb
Release : 1946
Category : Competition
ISBN : UOM:39015019384026
Author : Milton Friedman
Publisher : Walter de Gruyter GmbH & Co KG
Page : 368 pages
File Size : 49,7 Mb
Release : 2021-03-22
Category : Business & Economics
ISBN : 9783112417522
Author : John Cochrane
Publisher : Princeton University Press
Page : 585 pages
File Size : 49,7 Mb
Release : 2023-01-17
Category : Business & Economics
ISBN : 9780691243245
A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.
Author : John Galbraith
Publisher : Routledge
Page : 222 pages
File Size : 50,5 Mb
Release : 2017-07-05
Category : Business & Economics
ISBN : 9781351532860
In his new introduction to this classic text on political economy, Galbraith reasserts the validity of the core thesis of American Capitalism: The best and established answer to economic power is the building of countervailing power. The trade union remains an equalizing force in the labor markets, and the chain store is the best answer to the market power of big food companies. This work remains an essential guidepost of American mores as well as that as of the American economy.
Author : Paul Milgrom
Publisher : Columbia University Press
Page : 222 pages
File Size : 51,5 Mb
Release : 2017-05-23
Category : Business & Economics
ISBN : 9780231544573
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Author : Milton Friedman
Publisher : Routledge
Page : 357 pages
File Size : 41,6 Mb
Release : 2017-07-12
Category : Business & Economics
ISBN : 9781351496773
Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics. Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another. Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices. Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. Price Theory is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.
Author : George Joseph Stigler
Publisher : MacMillan Publishing Company
Page : 396 pages
File Size : 48,8 Mb
Release : 1987
Category : Business & Economics
ISBN : STANFORD:36105004918749
Author : Michael Woodford
Publisher : Princeton University Press
Page : 805 pages
File Size : 47,6 Mb
Release : 2011-12-12
Category : Business & Economics
ISBN : 9781400830169
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.