ENVIRONMENTAL TAXES,RELATIVE PRICES AND CHOICE OF TECHNIQUE IN A LINEAR MODEL OF PRODUCTION

A classical model of production is used to study the effects of environmental taxes on relative prices and on the choice of technique. It is shown that a taxation of energy inputs can induce cost-minimizing producers to switch to a technique that requires more total energy. An explanation for such a ‘perverse’ substitution is provided by showing that with a positive rate of profits the relative prices of (relatively) energy-intensive products can be higher with a higher tax rate.     

TECHNICAL CHANGE IN PRODUCTION PROCESSES OF THE SEQUENTIAL INTERINDUSTRY MODEL

Transient processes important to understanding technical change are modeled using a time-varying version of the Sequential Interindustry Model, SIM. A simple process of technical change is explored, where a new production technique replaces an old one for one of an industry's production processes. Using several measures internal and external to the industry the model can help in understanding the complex processes of technical change, point to difficulties in their analysis, and suggest guidance to further examinations. An earlier version of this paper was presented at the Eighth International Conference on Input-Output Techniques, Sapporo, Japan, July 1986.     

PRODUCTION AND CONSUMPTION CREDIT IN A CONTINUOUS‐TIME MODEL OF THE CIRCUIT OF CAPITAL

This paper offers a characterization of the content of production and consumption credit based on the Marxian circuit of capital and a distinctive approach to credit relations. All credit allocations make the same contribution to demand, sales and profit flows, and, consequently to the pace of accumulation. Production credit uniquely contributes to investment by borrowers. Consumption credit thus effects a form of leveraging of social capital, boosting profitability while strengthening productive constraints and financial risks bearing on credit relations. Systems with higher allocations of consumption credit experience lower scopes for growth‐enhancing credit extension, and face higher aggregate levels of credit risk than comparable economies.     

INVESTMENT AND GROWTH IN THE JOHANSEN PUTTY-CLAY MODEL. A TECHNICAL NOTE(*)

The »paradoxical« result in Leif Johansens putty-clay model, that savings and investment do not seem to matter for growth, is examined. Using a growth-accounting framework it is shown that investment efforts generally influence output growth, but this influence is not revealed in a proper way when the investment ratio is fixed. Interpreted in a one-country case, the existence of a positive relationship between the propensity to invest and the growth rate of output is demonstrated.     

GROWTH,UNEMPLOYMENT AND ENDOGENOUS TECHNICAL PROGRESS: A HICKSIAN RESOLUTION OF HARROD'S KNIFE‐EDGE

This paper presents a neo‐Kaleckian growth model with unemployment, endogenous technical progress, and a steady‐state requirement of balanced labor demand and supply growth. There are two key innovations: first, a Marx–Hicks unemployment rate–profit rate channel affecting labor‐saving technical progress; second, a Keynesian unemployment rate channel affecting saving and investment. Changes in the unemployment rate change the profit rate, rebalancing effective labor supply and employment growth. This provides a Hicksian resolution of Harrod's knife‐edge. The Keynesian unemployment rate channel strengthens the growth benefits of a lower unemployment rate, potentially obviating any growth–unemployment trade‐off.     

HOUSEHOLD PRODUCTION: A CONCEPTUAL MODEL FOR TIME-USE STUDY IN THE UNITED STATES AND JAPAN

A conceptual model to use in explaining influences on household production time of wives in the United States and in Japan is presented. This model is tested on a national U.S. sample using variables suggested by both U.S. and Japanese time-use studies. The results support and expand those of earlier studies. It is suggested that the model be tested with Japanese data to determine its usefulness in cross-cultural comparisons.     

MULTIPLIER EFFECTS IN A NEOCLASSICAL MODEL WITH A PRODUCTION LAG(*)

The paper examines the effects of introducing a one-period production lag into what is otherwise a fairly standard macroeconomic model. Depending upon the relative elasticities of aggregate demand and supply it is possible that such a neoclassical model can produce extreme Keynesian results. The response of output to changes in government consumption can be greater even than the simple multiplier; this effect can be greater under rational expectations than under adaptative expectations. Introducing an efficiency wage story into the model leads naturally to the existence of a Phillips curve.     

HEURISTIC EXPECTATION FORMATION AND BUSINESS CYCLES: A SIMPLE LINEAR MODEL

We develop a Keynesian business cycle model to study how extrapolative and regressive expectation formation rules may affect fluctuations in economic activity. We find that simple expectation formation rules may have an impact on the level and the stability of the equilibrium income, the size of the multiplier and the resulting adjustment process after an exogenous shocks. Our model also reveals that national income may be influenced by how agents perceive their long‐run average income.     

市场经济模式中国的借鉴·选择·创造

通过对西方三种典型市场经济模式的比较,既明晰了市场经济的共性,更突出了市场经济模式的差异及其根源.市场经济模式只是分类的一种抽象,任何标准模式都不能照搬,只有进行比较借鉴与选择.中国要建设社会主义的市场经济模式,必须从本国国情出发进行模式创造.     

SIZE AND COMPOSITION OF PUBLIC SPENDING IN A NEOCLASSICAL GROWTH MODEL

This paper analyses the effect of public expenditures in a modified Solow model of capital accumulation with optimizing agents. The model identifies optimal government size and composition of public expenditures which maximize the rate of growth in the dynamics to the steady state and the long‐run level of per capita income. Different allocations of public resources lead to different growth rates in the transitional dynamics depending on their elasticities. However effects from fiscal policy are only temporary. Finally we argue that neglecting the non‐linear nature of the relationship between government spending and growth may lead empirical studies to biased results.     

论服务经济社会的实质及中国经济发展战略

发达国家已经进入了服务经济社会,服务经济社会实质上是社会生产组织方式的变革,即由工业生产方式转变成为服务生产方式.服务生产方式的进一步发展需要以经济全球化为支撑,经济全球化的实质是服务生产方式的全球化.从服务生产方式的层面看全球金融危机就会清晰地看到服务经济全球化发展是不可逆转的.     

CHOICE OF TECHNIQUES AND THE THEOREM OF OKISHIO

This paper discusses the sufficiency of the »viability condition« of Okishio's theorem for signalling profit improving choice of techniques. Some counter-examples are given for linear technologies with joint production. Technological change which conform to the prediction of the theorem - choices made on the basis of the viability condition lead to higher average rate of profit - is called regular, and sufficient conditions for regularity are specified.     

FREEDOM OF CHOICE AND WEIGHTED MONOTONICITY OF POWER

The paper discusses the substitution of mergeability by the weighted monotonicity property in the definition of the Public Good Index. The cardinality of sets, implicit to the measurement of power, can thus be related to comparing sets and relations of counting and set inclusion. This allows for the application of results from the measurement of power to the specification of freedom of choice and thereby to connect the ‘world of agents’ with the ‘world of opportunities’. The relationship between weighted monotonicity and constrained monotonicity is specified.