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Equilibrium Growth (I) Cassel–Von Neumann Ray

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

In the previous chapter, the state of balanced growth of all outputs with continued full employment of labour was described in terms of six sets of inequalities. Such a state of affairs has been ... More


An Alternative Approach: Remodelling and Refinements

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0015
Subject:
Economics and Finance, Development, Growth, and Environmental

The argument developed in the previous chapter was based on the tacit assumption that the production of goods by means of goods and labour is independent of the feeding of labour, and was described ... More


Simultaneous Optimization of Population and Capital

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0016
Subject:
Economics and Finance, Development, Growth, and Environmental

The problem of optimum savings has been discussed by Ramsey on the assumption of a constant population and later by a number of economists on the more general assumption that the labour force expands ... More


Randomization in Decision-Making

ROBERT V. DODGE

in Schelling's Game Theory: How to Make Decisions

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199857203
eISBN:
9780199932597
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199857203.003.0020
Subject:
Economics and Finance, Behavioural Economics

This chapter considers randomization, beginning with its history as “fairness” in making decisions. It then examines “mixed strategies” and von Neumann's Minimax Theorem. A segment from Poe's The ... More


Bimetallism in Theory

Marc Flandreau

in The Glitter of Gold: France Bimetallism and the Emergence of the International Gold Standard 1848-1873

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199257867
eISBN:
9780191601279
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199257868.003.0002
Subject:
Economics and Finance, Economic History

Chapter 1 describes the international monetary landscape between 1848 and 1873. The prominent role of bullion is emphasized. It also reviews existing theories of the operation of a bimetallic system. ... More


Consumption En Route: The Second Turnpike Theorem

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0013
Subject:
Economics and Finance, Development, Growth, and Environmental

Chapter 10 was concerned with the Final State Turnpike Theorem on the assumptions that consumption of each good per worker is fixed throughout the planning period and that the authorities try to ... More


A Neo‐Classical Passage to Growth Equilibrium

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Investigates whether a series of the short‐run equilibria starting from an arbitrarily (or historically) given capital–labour endowment will eventually approach the state of the long‐run or ‘Silvery ... More


Harrodian Knife‐Edge in a Keynes‐Type ‘Fixprice’ Economy

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Among the assumptions underlying the analysis of stability of growth equilibrium already made in the book, the following two have played the most important roles in deriving the conclusions: first, ... More


The Temporary Equilibrium Method

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers the dynamic method developed by Erik Lindahl in 1929–30. It was worked out at just the same time as Keynes's Treatise; but it was (at least initially) quite independent of the ... More


The FixPrice Method

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the Fixprice method. It compares the method to the Temporary Equilibrium method. It considers the inherent tendency of the Fixprice method to ‘go macro’. It addresses questions ... More


Static Analysis

Fernando Vega‐Redondo

in Evolution, Games, and Economic Behaviour

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198774723
eISBN:
9780191596971
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198774729.003.0002
Subject:
Economics and Finance, Microeconomics

Presents the basic theoretical framework and introduces the key notion of Evolutionarily Stable Strategy (ESS). The chapter addresses the issue of existence of ESS, the relationship of ESS to the ... More


Stochastic Evolution

Fernando Vega‐Redondo

in Evolution, Games, and Economic Behaviour

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198774723
eISBN:
9780191596971
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198774729.003.0005
Subject:
Economics and Finance, Microeconomics

The chapter introduces noise (conceived as mutation or experimentation) into evolutionary processes. This appears to be particularly well suited to tackle problems of equilibrium selection in games, ... More


Maximization of Bequests: The First Turnpike Theorem

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

The conditions for the Golden Equilibrium have been established earlier in the book and this chapter turns to an examination of the economy for stability; it asks whether a Hicks–Malinvaud ... More


Oscillations Due to Consumer's Choice

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

Earlier chapters in the book have: introduced consumer's choice into the conventional framework of economic growth originated by J. von Neumann, and assumed that consumers are classified into two ... More


Big Ideas in Macroeconomics: A Nontechnical View

Kartik B. Athreya

Published in print:
2013
Published Online:
May 2014
ISBN:
9780262019736
eISBN:
9780262314404
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262019736.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

In the wake of recent events, macroeconomics has come under intense scrutiny, often from non-economists. Yet because macroeconomics is now a highly technical undertaking, it will be very hard for ... More


Integrated Objective Bayesian Estimation and Hypothesis Testing

José M. Bernardo

in Bayesian Statistics 9

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199694587
eISBN:
9780191731921
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199694587.003.0001
Subject:
Mathematics, Probability / Statistics

The complete final product of Bayesian inference is the posterior distribution of the quantity of interest. Important inference summaries include point estimation, region estimation and precise ... More


Dreams of a Final Theory

Paul Erickson

in The World the Game theorists Made

Published in print:
2015
Published Online:
May 2016
ISBN:
9780226097039
eISBN:
9780226097206
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226097206.003.0007
Subject:
History, History of Science, Technology, and Medicine

The appearances of game theory in evolutionary biology in the 1970s foreshadowed the theory’s widespread adoption in the social sciences in the 1980s. During this latter period, the analysis of ... More


Equilibrium models intended to overcome limits

Lawrence A. Boland

in Equilibrium Models in Economics: Purposes and Critical Limitations

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190274320
eISBN:
9780190274368
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190274320.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter will critically examine today’s common ways to build equilibrium models. These specifically include Dynamic-Stochastic General Equilibrium models, game theoretical models and empirical ... More


Chemical Equilibrium

Christopher O. Oriakhi

in Chemistry in Quantitative Language: Fundamentals of General Chemistry Calculations

Published in print:
2021
Published Online:
November 2021
ISBN:
9780198867784
eISBN:
9780191904509
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198867784.003.0017
Subject:
Chemistry, Physical Chemistry, Quantum and Theoretical Chemistry

Chemical Equilibrium reviews the principles of equilibrium in systems of gases and liquids, starting with the concepts of reversible and irreversible reactions and dynamic equilibrium. The ... More


Market Equilibrium

Claus Munk

in Financial Asset Pricing Theory

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199585496
eISBN:
9780191751790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199585496.003.0007
Subject:
Economics and Finance, Econometrics

This chapter defines and studies the properties of financial market equilibria in frictionless exchange economies populated by utility-maximizing individuals. The concept of Pareto-optimal equilibria ... More


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