Accumulation des biens, croissance et monnaie (original) (raw)
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QUADERNI DELL'ISTITUTO DI ECONOMIA E FINANZA
istituti.unicatt.it
La Redazione ottempera agli obblighi previsti dell'art. 1 del D.L.L. 31.8.1945, n. 660 e successive modifiche. * I quaderni sono disponibili on-line all'indirizzo dell'Istituto www.unicatt.it/istituti/EconomiaFinanza * I Quaderni dell'Istituto di Economia e Finanza costituiscono un servizio atto a fornire la tempestiva divulgazione di ricerche scientifiche originali, siano esse in forma definitiva o provvisoria. L'accesso alla collana è approvato dal Comitato Scientifico, sentito il parere di un referee. Abstract Since the pioneering contributions by Stanley Jevons and Karl Menger, transaction costs have been classified among the most relevant forces capable of explaining the emergence of money to carry out transaction processes, partially or fully replacing barter. It was not, however, until the works by Jones and Oh that those ideas received a formal treatment, which subsequently led to a full-fledged theory of monetary equilibria, based on search theoretic paradigms. This survey aims at introducing readers to the main traits of search theoretic, monetary paradigms, as were proposed in the seminal papers by K. Iwai and Kiyotaki and Wright, and later on developed by the same and other authors. The perspective of the analysis will be critical and analytic, and will highlight the delicate trade-off between fundamentals and self-fulfilling beliefs which, in our view, drives the most interesting results in this branch of the literature.
Classical economics and the problem of exhaustible resources
Metroeconomica, 2001
In this paper we discuss in terms of the simple model of exhaustible resources proposed by Bidard and Erreygers some of their propositions. The concept of`real rate of pro®t' introduced by them is shown to be of no analytical use. It is stressed that the mathematical properties of the economic system under consideration are independent of the nume Âraire adopted. The classical treatment of exhaustible resources in terms of differential rent is shown to be correct under well-de®ned conditions. It is argued that it is complementary to, rather than incompatible with, the approach which emphasizes that in conditions of free competition the rate of pro®t obtained by conserving the resource equals that in production processes.
On the foundation of a general theory of stocks
Ecological Economics, 2005
This essay develops the "concept of stocks" -a conceptual notion designed to enable a clearer understanding of the interaction between the dynamics of ecosystems and the economy. The notion of stocks is formulated in a general manner based on set theory. The central attribute of a stock is its temporal durability. Seen thus, stocks are suitable for depicting the influences a system's history has on its present -and hence for analysing temporal developments. Since permanency is a temporal attribute, the concept of stocks is not specifically limited to individual scientific disciplines and is suitable for interdisciplinary analysis. The notion is applied to economic and ecological examples and generalised for stochastic sets. The hierarchical structure of actual ecological-economic systems can be analysed by distinguishing the stock perspective from a system view. The theory of stocks is a building block for the conceptual foundations of ecological economics.
Structural Change and Economic Dynamics, 1997
In this paper, it is argued that the espousal of biological analogies by evolutionary economists cannot reveal the most important features of evolutionary change in economic processes. Analogies are used to best effect in the preliminary stages of research and in their normal linguistic role as illustrative devices in argumentation. An economic process may sometimes appear to operate 'like' a biological one; however, it is inappropriate to then model such a process 'as if' it is essentially biological due to its timeless qualities. Because of this timelessness, the model cannot address history except through the contrived use of Newtonian comparative statics, with the force of competition acting as the equilibrating mechanism. In contrast, the self-organization approach to system behaviour is founded upon an observable historical process, captured in the entropy law. It deals with non-equifibrium structural change, as found in historical experience, not timeless Newtonian comparative statics, workable only in contrived laboratory experiments. The advantage of the self-organization approach is that it encompasses time irreversibility, structural change and fundamental uncertainty in an analytical framework which can be used in empirical settings. The economic self-organization approach offers an analytical framework which can embrace a range of other positions. It can deal with Austrian considerations concerning the variety of subjective knowledge, aspiration and uncertainty and it can give spontaneous order an explicit process meaning. A wide range of institutionalist insights can be translated into propositions concerning self-organization. Marshallian neo-classical approximations concerning the short period operation of the price mechanism in certain market conditions can be dealt with. What we cannot incorporate is the post-Marshallian general equilibrium analysis which has become so popular in modern The ideas contained in this paper are drawn from related seminar presentations at the Realism in Economics Workshop and the Post-Keynesian Seminar at the University of Cambridge. Related seminar papers were also presented at the
Three essays in microeconomic theory
2020
Cette thèse est un recueil de trois articles sur la théorie microéconomique. Les deux premiers traitent de la question de la course vers le bas lorsque les gouvernements se livrent à la concurrence pour certains facteurs mobiles. Le troisième article propose une extension du problème d'appariement plusieurs-à-un en y introduisant des agents de tailles différentes. Dans le premier article, nous montrons comment le résultat standard de course vers le bas (race-to-the-bottom) peut être évité en introduisant du bien public dans un modèle de compétition fiscale. Notre économie comporte deux juridictions peuplées par de la main-d'oeuvre parfaitement mobile répartie en deux catégories : qualifiée et non-qualifiée. Les gouvernements, en poursuivant un objectif Rawlsien (max-min), annoncent simultanément leur projet d'investissement en bien public avant d'adopter une politique de taxation non-linéaire du revenu. Les travailleurs, après avoir observé la politique de taxation des différents gouvernements et leurs promesses d'investissement en bien publique, choisissent chacun un lieu de résidence et une offre de travail. Ainsi, les gouvernements atteignent leurs objectifs de redistribution en cherchant à attirer de la main-d'oeuvre productive à travers la fourniture de bien public en plus d'une politique de taxation favorable. Nous montrons qu'il existe des équilibres où les travailleurs qualifiés paient une taxe strictement positive. En outre, lorsque l'information sur le type des travailleurs est privée, il existe, pour certaines valeurs des paramètres, des équilibres où la main-d'oeuvre non-qualifiée bénéficie d'un transfert net (ou subvention) de la part du gouvernement. Dans le second article, nous étudions comment le modèle standard de compétition des prix à la Bertrand avec des produits différenciés pourrait fournir des informations