John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.003.0007
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter examines an economy which is in a steady state, and traces out the path which will be followed when the steady state is subjected to some kind of disturbance. This problem is considered ...
More
This chapter examines an economy which is in a steady state, and traces out the path which will be followed when the steady state is subjected to some kind of disturbance. This problem is considered as one of ‘Traverse’. The chapter then discusses the Standard Case.Less
This chapter examines an economy which is in a steady state, and traces out the path which will be followed when the steady state is subjected to some kind of disturbance. This problem is considered as one of ‘Traverse’. The chapter then discusses the Standard Case.
John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.003.0011
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter reports on what has been achieved in the way of extension. There is no second Standard Case which seems to be analysable in comparable detail. Some of the Standard Case assumptions are ...
More
This chapter reports on what has been achieved in the way of extension. There is no second Standard Case which seems to be analysable in comparable detail. Some of the Standard Case assumptions are tested out, in order to get a general idea of the kinds of complication which arise in their absence. There are several directions in which this can be done; and what follows is divided up into separate enquiries.Less
This chapter reports on what has been achieved in the way of extension. There is no second Standard Case which seems to be analysable in comparable detail. Some of the Standard Case assumptions are tested out, in order to get a general idea of the kinds of complication which arise in their absence. There are several directions in which this can be done; and what follows is divided up into separate enquiries.
John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.003.0008
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter analyzes the Fixwage path in the Standard Case. It begins with a steady state under an old technique. This states that at time 0 (which is the start of year 0) there is a change in ...
More
This chapter analyzes the Fixwage path in the Standard Case. It begins with a steady state under an old technique. This states that at time 0 (which is the start of year 0) there is a change in technology, by which new processes become available that were not available before. At the given wage (carried over from the old steady state and remaining inflexible), there will be some particular process which is now the most profitable. Since the wage is fixed and remains fixed, that same new technique will continue to be dominant, throughout the Traverse which is discussed. Thus, there is no more than a single switch, from the old technique (C*) to the new technique (C). The chapter completes the determination of the Fixwage path, under a Q-assumption, then asks how much difference would be made, if that assumption were relaxed.Less
This chapter analyzes the Fixwage path in the Standard Case. It begins with a steady state under an old technique. This states that at time 0 (which is the start of year 0) there is a change in technology, by which new processes become available that were not available before. At the given wage (carried over from the old steady state and remaining inflexible), there will be some particular process which is now the most profitable. Since the wage is fixed and remains fixed, that same new technique will continue to be dominant, throughout the Traverse which is discussed. Thus, there is no more than a single switch, from the old technique (C*) to the new technique (C). The chapter completes the determination of the Fixwage path, under a Q-assumption, then asks how much difference would be made, if that assumption were relaxed.
