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A New Prospect of Economics

1958

by Shackle

Opportunity CostInterest RatesEconomic DevelopmentInternational TradeMonetary TheoryPublic FinanceWelfare EconomicsCapital TheoryKeynesian EconomicsMonopolistic CompetitionEquilibriumFactors of ProductionIncome DistributionMarginal UtilityPrice MechanismScarcityUnemploymentMethodologyMarginal CostMathematical EconomicsSupply and DemandExchange ValuePlanned EconomyResource AllocationInterventionismMonopolyTrade UnionsNeoclassical EconomicsUtilityAlfred MarshallComplementary GoodsIndifference CurvesThorstein VeblenReal IncomeEffective DemandEconomies of ScaleDiminishing ReturnsPerfect CompetitionExternalitiesMarket StructureNational IncomeLabor MobilityThomas MalthusClassical EconomicsEntrepreneurshipGround RentSavingLeon WalrasVilfredo ParetoProductivityStationary EconomyExpectationsAustrian SchoolCapital GoodsEugen von Bohm-BawerkFriedrich A. HayekTime PreferencePrice LevelInvestmentAcceleration PrincipleInnovationJohn Maynard KeynesDeflationInflationIrving FisherLiquidityQuantity Theory of MoneyVelocity of CirculationBusiness CyclesUncertaintyMoney SupplyFiscal PolicyCommodity MoneyGold StandardLegal TenderBankingBanknotesCentral BankingFiat MoneyCredit ExpansionBank of EnglandDiscount RateOpen Market OperationsGreat DepressionLaissez-faireSay's LawWage RigidityWagesTaxationMultiplierMonetary PolicySpeculationStock ExchangeDeficit SpendingBalance of PaymentsPrice StabilityInfrastructureSubsidiesPrice ControlsCapital AccumulationPrice TheoryDepreciationOligopolyJoan RobinsonElasticity of DemandCompetitionGame TheoryJohn von NeumannOskar MorgensternValuationCollective BargainingComparative AdvantageDivision of LaborProduction CostsTerms of TradeGold ReservesDevaluationExchange RatesConvertibilityInternational LiquidityProtectionismCapital FlightExchange ControlBretton WoodsEuropean Payments UnionInternational Monetary FundCapital MovementsArthur Cecil PigouWelfare StateJohn HicksValue JudgmentsPublic GoodsAdam SmithJohn Stuart MillProgressive TaxationBureaucracyAccountingDemographyInsuranceEconomic HistoryForced SavingHoardingJeremy BenthamMacroeconomicsMicroeconomicsG.L.S. Shackle

Table of Contents · 132 segments

1
Title Pages, Publication Data, and Contributorsessay
2
Prefaceessay
3
Contentsessay
4
Forewordessay
5
Chapter 1: What Is Economics?chapter
6
Chapter 2: What Is a Theory?chapter
7
Chapter 3: The Tool-Box of the Economist — Variables, Functions, Parameters, and Dependencechapter
8
Chapter 3: Graphs, Linear Functions, Nonlinear Functions, and Compound Interestchapter
9
Chapter 3: Difference Quotients, Derivatives, Maxima, Minima, and Economic Optimizationchapter
10
Chapter 3: Identities, Conditional Equations, Simultaneous Equations, and Mathematical Methodchapter
11
Further Reading for Chapter 3bibliography
12
Chapter 4: The Purpose and Mechanics of a Price System — The Coordination Problemchapter
13
Chapter 4: Demand, Supply, and Equilibrium Pricechapter
14
Chapter 4: Limits of Price Coordination and the Roadmap for Value Theorychapter
15
Economic Motives and the Postulates of Maximizationtheoretical
16
Determinants of Individual Demand and Indifference Curvestheoretical
17
Preference Maps and Opportunity Curvestheoretical
18
Consumer Equilibrium and the Equi-Marginal Principletheoretical
19
Price Changes, Demand Curves, and Income and Substitution Effectstheoretical
20
Price Elasticity of Demand and Expenditure Effectstheoretical
21
Aggregate Demand, Income Elasticity, and Employment Theorytheoretical
22
Chapter 6 Introduction: Production Theory, Returns, and Time Periodstheoretical
23
Short-Run Production: Diminishing Marginal Productivity and the Operative Rangetheoretical
24
Short-Run Unit Costs, Opportunity Costs, and the Firm’s Operating Rangetheoretical
25
Long-Run Production: Economies and Diseconomies of Scaletheoretical
26
Perfect Competition and the Equilibrium of Firm and Industrytheoretical
27
Production Equilibrium and the Allocation of Resourcestheoretical
28
Income Shares and the Framework of Factor Pricingtheoretical
29
Marginal Productivity and the Firm’s Demand for a Factortheoretical
30
Average Revenue Productivity and Optimal Factor Proportionstheoretical
31
Market Demand for Factor Servicestheoretical
32
Factor Supply to Firms and Industries, Economic Rent, and Producers’ Surplustheoretical
33
Economy-Wide Supply of Factor Services and Direct versus Indirect Consumptiontheoretical
34
Applications to Labour, Saving, Entrepreneurship, and Land Supplytheoretical
35
Market Price in the Theory of Valuetheoretical
36
Structure of Value Theory and Consumer Behaviourtheoretical
37
Theory of Production, Returns, Costs, and Factor Demandtheoretical
38
Distribution, Income Shares, and Net Advantagestheoretical
39
Interrelationship of Prices and Resource Allocationtheoretical
40
General Equilibrium and Mutual Determination of Pricestheoretical
41
Equilibrium Conditions for the Whole Economytheoretical
42
Ultimate Determinants, Dynamic General Equilibrium, and Transition to Economic Growththeoretical
43
Time in Economicschapter
44
Production, Consumption and Accumulation in a Closed Economy: Stocks and Flowstheoretical
45
Saving and Investmenttheoretical
46
The Inducement to Investtheoretical
47
The Propensity to Consumetheoretical
48
The Theory of Moneychapter
49
Transactions Motive for Holding Moneytheoretical
50
Precautionary Motive for Holding Moneytheoretical
51
Speculative Motive for Holding Moneytheoretical
52
Cash-Balance Quantity Theory and Its Limitationstheoretical
53
Keynesian Liquidity Preference and the Rate of Interesttheoretical
54
Origins and Structure of Modern Moneychapter
55
Forms of Means of Payment, Legal Tender, and Dominant Moneychapter
56
Bank Deposits, Deposit Banking, and the Definition of a Bankchapter
57
Credit Creation, Cash Reserves, and Leakage Constraintschapter
58
Bank of England, Fiduciary Issue, and Expansion of Bank Reserveschapter
59
Open Market Operations, Bank Rate, and the Discount Marketchapter
60
Whole Credit Structure and Transition to Employment Theorychapter
61
Chapter 14: Historical Background, Full Employment, and Effective Demandtheoretical
62
Basic Propositions, Say's Law, and Keynes's Critique of Wage Explanationstheoretical
63
Saving, Investment, Ex Ante and Ex Post Analysis, and Equilibrium Employmenttheoretical
64
Consumption Function and Propensities to Consume and Savetheoretical
65
The Multiplier Mechanism and Changes in Consumption Propensitiestheoretical
66
The Inducement to Invest: Supply Price, Demand Price, and Discounted Future Earningstheoretical
67
Marginal Efficiency of Capital and the Aggregate Investment Scheduletheoretical
68
Interest Policy, Liquidity Preference, Risk, Uncertainty, and Government Stabilizationtheoretical
69
Chapter 15: Government in Closed-Economy Employment Theory and Income-Output Identitiestheoretical
70
Government Revenue, Expenditure, Taxation, and the Closed-Economy Multipliertheoretical
71
Income-Dependent Government Expenditure and the Adjusted Multipliertheoretical
72
Chapter 15: Employment Theory in an Open Economytheoretical
73
Chapter 16: Objectives and Definitions of Full Employment in a Closed Economytheoretical
74
Policies for Deficient Demand: Consumption, Investment, Monetary Policy, and Public Workstheoretical
75
Policies Against Excess Demand, Inflation, and Over-Full Employmenttheoretical
76
Limits of Aggregate-Demand Policy and the Need for Sectoral Employment Analysistheoretical
77
Localized Unemployment, Migration, Industrial Location, and Diversificationtheoretical
78
Chapter Group VI and Chapter 17: Foundations of Social Accountingtheoretical
79
Social Accounting: Limits of Aggregates, Transaction Definitions, Valuation, and Boundariestheoretical
80
Social Accounting Examples: Simplified UK 1960 Accounts and Opening of Table 25theoretical
81
Table 25: Social Accounts of the U.K., 1960—production, sector, and capital accountstheoretical
82
Interpretation and accounting conventions for the U.K. social accountstheoretical
83
Matrix and diagrammatic presentations of national income flowstheoretical
84
Chapter 18 introduction: general framework for departures from perfect competitionchapter
85
Monopoly: selling conditions, costs, equilibrium, discrimination, and efficiencytheoretical
86
Imperfect or monopolistic competition and product differentiationtheoretical
87
Oligopoly with and without product differentiationtheoretical
88
Methods of analysing imperfect markets: marginal analysis, security, and game theorytheoretical
89
Chapter 19: The Realistic Organisation of Production and Distributionchapter
90
Chapter 20: The Realistic Organisation of the Labour Marketchapter
91
Chapter-Group VIII and Chapter 21: The Theory of International Trade—Comparative Costs and Gains from Tradetheoretical
92
Chapter 21: The Balance of Paymentstheoretical
93
Chapter 21: The Foreign Exchange Markettheoretical
94
Chapter 21: Foreign Trade and National Incometheoretical
95
Chapter 22: The Organisation of International Trade—Motives for Government Interventionchapter
96
Methods of Government Intervention: Tariffstheoretical
97
Methods of Government Intervention: Quotastheoretical
98
Methods of Government Intervention: Exchange Controltheoretical
99
International Economic Co-operation: Monetary Co-operation, IMF, and EPUtheoretical
100
International Co-operation in Commercial Policytheoretical
101
International Investment and the International Bank for Reconstruction and Developmenttheoretical
102
Chapter-Group IX and Chapter 23: Welfare Economics and Individual Economic Welfarechapter
103
Social Welfare, Pareto Improvements, and Optimum Conditionstheoretical
104
Distribution, Interpersonal Utility, and the Compensation Principletheoretical
105
Chapter 24: Public Finance, Taxation, and Government Control of Resourceschapter
106
Maximum Social Advantage, Taxable Capacity, and Equity in Tax Burdenstheoretical
107
Taxation, Factor Supply, and Incentivestheoretical
108
Taxation, Resource Allocation, and Discriminatory Commodity Taxestheoretical
109
Fiscal Deficits, Surpluses, and Stabilisation Policytheoretical
110
Chapter 25: The Organisation of Government Finance — Introductionchapter
111
Decision-Taking in Expenditure Policychapter
112
Revenue Policy and Administrative Preparation of Financial Decisionschapter
113
Execution of Financial Decisions and Parliamentary Auditchapter
114
Limitations of Government Accounting and Proposals for Reformchapter
115
Chapter 26: The General Economic Role of Governmentchapter
116
Balance of Payments and Full Employment Policieschapter
117
Anti-Monopoly Policy: Definition, Detection, and Public Interestchapter
118
Public Action Against Monopoly and Opening of Chapter-Group Xchapter
119
Chapter 27: Sources of Statistical Information—Introduction and General Sourceschapter
120
Production and Distribution Statisticschapter
121
Price Statistics and Index Numberschapter
122
Income, Expenditure, Saving, and Capital Formation Statisticschapter
123
Population Statistics, Census Data, and Demographic Projectionschapter
124
Employment and Unemployment Statisticschapter
125
Trade, Balance of Payments, and the Use of Statistical Factschapter
126
Chapter 27 Bibliographies: Books and Government Publicationsbibliography
127
Chapter-Group XI: Summing-up and Further Perspectivechapter
128
Chapter 28: The Living Economy—Unity of Theory and the Housing Casechapter
129
Chapter 28: Economic Growth, Saving, and Capital Accumulationchapter
130
Chapter 28: Institutions, Entrepreneurship, Innovation, and Population in Growthchapter
131
Indexbibliography
132
Date Due Slip and Library Catalog Recordbibliography