Selected economic writings of Fritz Machlup

Name: Selected economic writings of Fritz Machlup
Author: Machlup

1976

by Machlup

Fritz MachlupInternational LiquidityBalance of PaymentsEconomic HistoryEconomic PolicyGame TheoryMethodologyOskar MorgensternAustrian SchoolDevaluationGold ReservesKnowledge EconomicsLiberalismValuationInnovationInternational TradeMacroeconomicsMicroeconomicsHans KelsenHuman ActionMax WeberVerstehenBankingDavid RicardoProfit and LossCompetitionIdeal TypePrice TheoryStock ExchangePositivismA PrioriCarl MengerJoseph SchumpeterFrank KnightJohn Stuart MillLionel RobbinsLudwig von MisesRationalityFriedrich A. HayekMilton FriedmanMathematical EconomicsClassical EconomicsHistorical SchoolNassau SeniorWalter BagehotConsumer SovereigntyJohn HicksPaul SamuelsonUtilityIndifference CurvesPrice ControlsWelfare EconomicsOskar LangeJoan RobinsonElasticity of DemandNational IncomeArthur Cecil PigouProductivityEquilibriumCapital TheoryEmpiricismMarginalismNeoclassical EconomicsAntoine Augustin CournotExpectationsMarginal CostAlfred MarshallMonopolyOligopolyRationalizationMonopolistic CompetitionEducationInvestmentWelfare StateInstitutionalismKarl PopperLegal TheoryMinimum WageGeorge StiglerCapital ConsumptionEugen von Bohm-BawerkInterest RatesRoundabout ProductionStationary EconomyKnut WicksellWalter EuckenWilliam Stanley JevonsCapital GoodsSubsistence FundEconomic GoodsGustav CasselTime PreferenceUnemploymentCredit ExpansionCapital AccumulationNatural Rate of InterestBusiness Cycle TheoryDeflationHoardingWage RigidityJohn Maynard KeynesKeynesian EconomicsSavingLiquidityFiduciary MediaGottfried HaberlerFiscal PolicyInfrastructureAcceleration PrincipleEffective DemandProduction CostsFederal ReserveInflationMonetary PolicyTrade UnionsWagesTerms of TradeExchange RatesIncome DistributionCapital MovementsTaxationReal IncomeMoney SupplyGeopoliticsSupply and DemandMonetary TheoryGold StandardInternational Monetary FundSpeculationCapital FlightCentral BankingConvertibilityPolitical EconomyBretton WoodsEconomic DevelopmentRobert TriffinForced SavingOpen Market OperationsAdam SmithMoney MarketBank of EnglandAccountingThorstein VeblenHuman CapitalResource AllocationOpportunity CostDiminishing ReturnsDivision of LaborPerfect CompetitionDiscount RateUncertaintyPolitical PhilosophyInterventionismLaissez-faireJohn LockeCollectivismEgalitarianismSocialismCoercionRule of LawSocial JusticeAnthropologyGround RentProperty RightsHerbert SpencerPlanned EconomyPrice MechanismDemocracyImperialismSocial PolicyTrade PolicyLeague of NationsBusiness Cycles

Table of Contents · 206 segments

Series Front Matter and Title Pagechapter

Acknowledgmentschapter

General Editor's Prefaceessay

Preface by George Bitrosessay

Contentschapter

If Matter Could Talk: Opening Thesisessay

If Matter Could Talk: A Parableessay

If Matter Could Talk: History of the Themeessay

If Matter Could Talk: The Issue Clearly Posedessay

If Matter Could Talk: No Difference in Logicessay

If Matter Could Talk: The Nature of the Differenceessay

Continuation: Nagel, subjective understanding, and actor modelsessay

Tales told by molecules and men; silent nature versus talking manessay

Observation, explanation, universal theory, history, and Nagel’s examples in economicsessay

Hunches: talking matter, computers, and hidden programs of actionessay

Footnote to preceding discussionfootnotes

Operational Concepts and Mental Constructs: Introductionessay

The Concepts of Physics: Einstein, Bridgman, and Operationalismtheoretical

Critiques of Operationalism: Operations, Synonymy, and Meaningtheoretical

Multiplicity of Operations, Meanings, and Conceptstheoretical

Operations and Real Existencetheoretical

Operational Concepts and Pure Constructs in Theory Formationtheoretical

Empirical Laws, Pure Theory, and the Construct-Model Distinctiontheoretical

The Problem of Verification in Economics: Meaning, Truth, Hypotheses, and Confirmationessay

Apriorism, Ultra-Empiricism, and the Testability of Economic Assumptionsessay

A Model of Economic Analysis: Assumed Change, Conditions, and Ideal Types of Actionessay

Verification of Assumptions, Predictions, and Empirical Economic Hypothesesessay

The Universal Bogey: Economic Man as Methodological Constructessay

Part Two: Microeconomics — Professor Hicks' Revision of Demand Theoryessay

Weak Ordering, Preference Logic, and the Elementary Law of Demandessay

Hypothetical Income Variations and Alternative Routes for Decomposing Price Effectsessay

The Four Consumer's Surplusesessay

Arithmetic Illustrations, Compensated Demand Curves, and Marginal Valuationessay

General Demand Theory, Substitution Theorems, and Reciprocityessay

Exceptions to the Law of Demandessay

Substitutes, Complements, and Technical Relations in Consumptionessay

The Importance of Hicks's Revision of Demand Theoryessay

The Commonsense of the Elasticity of Substitution: Introduction and Relative Factor Sharestheoretical

Functional Connection between Elasticity of Substitution and Demandtheoretical

Substitutability, Demand Elasticity, and Substitution within Increasetheoretical

Partial and General Equilibrium; Technical and Commodity Substitutiontheoretical

Symmetry and Time in Substitutabilitytheoretical

Resume of the Elasticity of Substitution Commentarytheoretical

Marginal Analysis and Empirical Research: Opening Argumentessay

Marginal Analysis of the Single Firm: Scope and Equilibrium as Adjustment to Changetheoretical

Marginal Revenue and Cost of Output: Subjective Expectations, Time Range, and Non-Pecuniary Qualificationstheoretical

Marginal Productivity and Cost of Input: Factor Employment, Net Revenue Product, and Approximate Business Judgmenttheoretical

Empirical Research on the Single Firm: Interview Language, Rationalization, and Temporal Averagesessay

Average Cost as Marginal Calculus, Legal Ideal, Accounting Ideal, Cartel Device, and Demand Clueessay

Empirical Pricing Research, Full-Cost Claims, and the Absence of Numerical Estimatesessay

Marginal Productivity, Wage-Employment Research, and Critique of Lester’s Questionnairesessay

Conclusions on Empirical Research and Marginal Theoryessay

Rejoinder to an Antimarginalistessay

Corporate Management, National Interest, and Behavioral Theory: Satirical Management Minutesessay

Corporate Management: Concluding Observations on Responsibility, Competition, and Behavioral Theoryessay

Theories of the Firm: Introduction, Battlefield Revisited, and Major Issuesessay

Alternative Approaches and the Automobile-Driver Analogyessay

Confusion of Purposes, Misplaced Concreteness, and Realistic Models under Competitionessay

Oligopoly, Managerial Discretion, Extended Marginalism, Information, and Satisficingessay

Twenty-One Concepts of the Firm and a Sense of Proportionessay

References for Theories of the Firmbibliography

Part Three: Macroeconomics Opening Headingchapter

Professor Knight and the Period of Production: Introduction and Is Capital Perpetual?essay

The Length of the Production Period: Concept, Absolute Average, and Investment Functiontheoretical

Confusions over Time, Output Units, Construction Periods, and Utilization Periodstheoretical

Average Durability and the Distinction between More Durable Goods and More Durable Goods Producedtheoretical

Difficulties and Complications: Historical versus Anticipated Periods, Current Investment, and Productive Servicestheoretical

Units of Investment, Capital Goods, Capital Disposal, and the Credit Cycletheoretical

Point, Interval, and Duration: Time Qualities of Capital and Investmenttheoretical

Capital per Capita, Factor Proportions, and Statistical Measurement of Investment Periodstheoretical

Special Problems in the Period of Productiontheoretical

V. The Credit Cycletheoretical

Period Analysis and Multiplier Theory: Front Matter, Summary, and Introductionessay

Significant Periods in Period Analysistheoretical

Equilibrium Adjustment Periods and Period Concepts in Multiplier Analysistheoretical

The Relevant Income Periodtheoretical

Transition: Induced Dishoarding and Variability of the Income Periodtheoretical

The Length of the Adjustment Periodtheoretical

The Lag of Cumulative Incometheoretical

Conclusion of Multiplier Timing Calculationtheoretical

A Schematic Illustration of Income Propagationtheoretical

What Are the Leakages? Table II and Secondary Savingtheoretical

Leakage Through Imports and Relaxing Multiplier Assumptionstheoretical

Another View of Cost-Push and Demand-Pull Inflation: Current Debate and Cost-Push Critiqueessay

Demand-Pull, Administered Prices, and Statistical Testsessay

Concepts, Model Sequences, and Postwar Inflation Applicationessay

Wage Increases, Productivity Gains, and the Need for Price Reductionsessay

The O'Mahoney Plan to Check Inflationessay

Conclusion: cost-push inflation, productivity gains, and price reductionstheoretical

Part Four Opening and Introduction: analyzing devaluationessay

Deficiencies of the relative-prices approach: cost conditionstheoretical

Deficiencies of the relative-prices approach: income changestheoretical

Alexander’s aggregate-spending approach: the fundamental equationtheoretical

Devaluation effects on income, absorption, and the trade balancetheoretical

Alexander’s idle-resources effecttheoretical

Alexander’s terms-of-trade effect and combined income effectstheoretical

Direct absorption effects and the cash-balance mechanismtheoretical

Redistribution, money illusion, and miscellaneous direct absorption effectstheoretical

Neglecting relative prices: resource reallocation, substitution, and terms-of-trade errorstheoretical

100

Reasoning from definitional equations: real income, output, and money measurestheoretical

101

Causal versus ex post relations and reversed causationtheoretical

102

Implicit Shifts of Emphasistheoretical

103

Comparing the Two Approaches: Given and Unchanged Parameterstheoretical

104

Foreign Supply and Demand Conditionstheoretical

105

Price Elasticities in the Spending Approach and Conclusiontheoretical

106

The Need for Monetary Reserves: Introductionessay

107

Liquidity Is More Than Reservesessay

108

Need Is Not the Same As Demandessay

109

Alternative Quantitative Measures: Reserves in Relation to Importsessay

110

Reserves in Relation to Variations of the Trade Balanceessay

111

Reserves in Relation to Imports and Capital Outflowsessay

112

Reserves in Relation to Past Deficitsessay

113

Reserves in Relation to Domestic Money Supplyessay

114

Reserves in Relation to Current Liabilitiesessay

115

Inconsistent Ratiosessay

116

An Analogy: My Wife's Wardrobe and Its Revisionessay

117

Not Need But Willingness to Acceptessay

118

The Need for Additional Reservesessay

119

Three Effects of Increases in Reservesessay

120

Application to Present-Day Discussionsessay

121

Concluding Points on Reserve Growth and International Reserve Assetsessay

122

Statistical Appendix Table A-I: Official Reserves, Imports, and Reserve-Import Ratios, 1949–1965essay

123

Statistical Appendix Table A-II: Largest Losses of Official Reserves, 1949–1965essay

124

Statistical Appendix Table A-III: Official Reserves, Money Supply, Quasi-Money, and Reserve Ratios, 1949–1965essay

125

The Cloakroom Rule of International Reserves: Front Matter and Opening of the Cloakroom Theory Sectionessay

126

Commercial Bank Credit Creation and the Cloakroom Legendessay

127

The Cloakroom Rule for International Reservesessay

128

The Breton Woods Agreementsessay

129

The Cloakroom Function of the IMFessay

130

Expanding the Functions of the IMFessay

131

Three Fundamental Propositions on Monetary Paymentstheoretical

132

Liquidity Qualifications: Currency, Gold, and the Limits of Reserve Propositionsessay

133

The Correct Rate of Monetary Expansion and Who Gets the Money Firstessay

134

Techniques of International Reserve Distribution and Their Spending Dynamicsessay

135

Transfers to Developing Countries and the Beginning of the Summaryessay

136

International Reserve Creation, Gold Saving, and Aid to Developing Countries: Conclusionessay

137

Euro-Dollar Creation: Introduction and Flow-Stock Distinctionsessay

138

System and Marketessay

139

Loans and Moneyessay

140

Credit versus Moneytheoretical

141

Redepositingessay

142

Euro-Dollars and Federal Fundsessay

143

Euro-Dollars and Nonmember-Bank Depositsessay

144

Primary and Derivative Depositstheoretical

145

The Reserve Ratio as the Inverse of a Multipliertheoretical

146

The Growing Preference for Euro-Dollarsessay

147

The Change of Partnersessay

148

Central Banks Joining the Actessay

149

Cash Assets and Loans: An Information Gapessay

150

Theoretical Propositions on Euro-Dollar Transactions and the U.S. Balance of Paymentstheoretical

151

Creation of Euro-Dollarstheoretical

152

Other Euro-Currenciesessay

153

The Supply of Inventors and Inventions: Opening Frameworkchapter

154

The Supply of Inventive Labor: Elasticity and Recruitment Problemstheoretical

155

Why Inventors Invent: Motives, Patents, and Pecuniary Rewardstheoretical

156

Extra Effort and Overtime in Inventive Labor Supplytheoretical

157

Quality Differences and New Recruitment of Inventive Labortheoretical

158

The Short-Run Supply of Inventive Labortheoretical

159

Long-Run Supply, Research Workers’ Rent, Marginal Cost, and Social Costtheoretical

160

The Production of Inventions: Introductory Assumptionstheoretical

161

The Quantity of Inventions: Definition, Identification, and Countingtheoretical

162

The Quantity of Inventions: Weighting Importance and Difficultytheoretical

163

The Invention Industry and Aggregate Production Functionstheoretical

164

Returns to Inventive Work in Firms and the Economy as a Wholetheoretical

165

The Laws of Returns and the Technology of Producing Technologytheoretical

166

Diminishing Returns in the Production of Inventionstheoretical

167

Problem-Raising Problem-Solutionstheoretical

168

Inventions Selected or Rejected for Usetheoretical

169

Ten Reasons for an Increasing Rejection Ratiotheoretical

170

The Effective Supply and Cost of Inventions: Opening and Notestheoretical

171

The Four Shrinkagestheoretical

172

Multilingual Summaries: The Supply of Inventors and Inventionstheoretical

173

The Optimum Lag of Imitation Behind Innovation: Innovation, Imitation, and Productivityessay

174

Innovators' Sunk Costs and Quasi-Rentsessay

175

The Imitation Lag and the Incentive to Innovateessay

176

Patent Protection, Quasi-Rents, Circum-Invention, and Discounted Imitation Lagstheoretical

177

Variable Patent Terms to Fit Each Casetheoretical

178

Fixed Patent Term to Induce Optimum Outlay on Innovationtheoretical

179

Patent Terms and Innovators' Expectationstheoretical

180

The Optimum Lag and the Patent Systemtheoretical

181

Liberalism and the Choice of Freedoms: Prefatorial Note and Introductionessay

182

A Regional Surveyessay

183

A Historical Surveyessay

184

'Fuzzy Liberalism'essay

185

Fuzzy Liberalism: Egalitarian, Redistributive, Radical-Interventionist, and Fellow-Travelling Streaksessay

186

Two Fundamental Errors: Freedom From, Freedom To, and I May versus I Canessay

187

Five Other Errors about Freedom and Liberalismessay

188

Opportunity and Freedomessay

189

Limitations by Nature and Restrictions by Manessay

190

Welfare and Freedomessay

191

A Catalogue of Freedomessay

192

Economic Freedomsessay

193

Political Freedomsessay

194

Moral and Intellectual Freedomsessay

195

The Choice of Freedomsessay

196

Bibliography of Fritz Machlupbibliography

197

Bibliography of Fritz Machlup: Contents and Scope Notebibliography

198

Books, Sole Authorshipbibliography

199

Books, Joint Authorshipbibliography

200

Essays, Papers, and Chapters in Collective Worksbibliography

201

Articles and Notes in Major Periodicalsbibliography

202

Articles and Notes in Minor Journalsbibliography

203

Discussions, Abstracts, Reports, Corrections, and Prefacesbibliography

204

Official Reports, Memoranda, Testimonies in Public Documentsbibliography

205

Book Reviewsbibliography

206

Indexbibliography