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This model was developed by Paul Samuelson, who credited Alvin Hansen for the inspiration. [ 1 ] [ 2 ] [ 3 ] This model is based on the Keynesian multiplier , which is a consequence of assuming that consumption intentions depend on the level of economic activity, and the accelerator theory of investment , which assumes that investment ...
Stability of equilibrium is proposed as the principal source of operationally meaningful theorems for economic systems (p. 5). Analogies from physics (and biology) are conspicuous, such as the Le Chatelier principle and correspondence principle , but they are given a nontrivially generalized formulation and application.
Paul Davidson (October 23, 1930 – June 20, 2024) was an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He has actively intervened in important debates on economic policy ( natural resources , international monetary system , developing countries ' debt) from a ...
Price stability is a goal of monetary and fiscal policy aiming to support sustainable rates of economic activity. Policy is set to maintain a very low rate of inflation or deflation . For example, the European Central Bank (ECB) describes price stability as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the Euro ...
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman , it argues that excessive expansion of the money supply is inherently inflationary , and that monetary authorities should focus solely on maintaining price stability .
Climate change affects prices through direct impacts on agriculture but through secondary effects like disruptions in transportation and logistics critical for food distribution.
Two American professors have been awarded the Nobel Prize for economic sciences for their work on how auctions function, a field that affects everything from high-end art prices to consumers ...
For example, he could explain the economic effect of changes in taxes or new technologies. In the course of analysis, comparative statics , (the analysis of changes in equilibrium of the system that result from a parameter change of the system) is formalized and clearly stated.