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Smeral  Egon 《Empirica》1978,5(2):243-277
Summary The present study analyses the simultaneous problem of consumption and saving by means of a consistent demand system; for this purpose the linear—expenditure—system (LES), developed by R. Stone, has been modified and used as a methodological base. Saving takes, for the sake of operationality, the character of a consumer—good and becomes an argument of the utility function. The usual neoclassical assumption of utility maximization allows the derivation of a linear expenditure system of consumption and saving (LESSC) when prices and income are given. The simultaneous LESSC-model has remarkable weaknesses, however: the assumption of certainty, the static character of the model, the disregard for major savings—motives and private expenditure on homebuiding led to bad elasticity—estimates. The assumpion of directly—additive utility functions causes furthermore collinearity between income—and price—elasticities such that the meaning of the derived elasticities is greatly reduced.The income—elasticities derived from the LESSC are positive throughout but show a remarkable variance. The calculation of the Friedman—bias demonstrates a rather strong bias due to the assumption of certainty. A modification resulted in income—elasticities of private consumption and savings of around 0,93 (unmodified: 0,88) and 1,41 (unmodified: 1,76). The demand for consumption goods of great necessity was income—inelastic whereas the demand for goods of less importance to survival was income—elastic. An analysis of income—elasticities of the disaggregated system and the relation between transitory components of consumption and income existing in Austria gave the impression that unexpected changes in income are not only reflected in saving but also in changes of the consumption—structure.The respective price—elasticites are all negative and smaller than 1. For less important consumption—goods lower price—elasticities have been measured and for easily substitutable goods higher ones. Marked crossprice—elasticities could only by discovered with clothing and food products. Generally it can be said that an increase in prices of goods of the daily needs hits both the expenditure on easily substitutable consumption goods and causes dissaving.A comparison with the elasticities calculated through OLS shows a greater reliance of LESSC—elasticities as far as data of differing aggregation levels are concerned.

Mécanique Sociale may one day take her place along with Mécanique Celeste throned each upon the double—sided height of one maximum principle, the supreme pinnacle of moral as of physical science.  相似文献   

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Ohne ZusammenfassungAus dem Englischen übersetzt von Alexander Mahr  相似文献   

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Die Rolle der Unsicherheit in den Theorien der Österreichischen Schule   总被引:1,自引:0,他引:1  
Ohne Zusammenfassung  相似文献   

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Ohne Zusammenfassung
Expectations with respect to income, rate of interest and inflation and their impact on the demand for money in the FRG

Die Arbeit entstand mit finanzieller Unterstützung der Australischen Notenbank sowie der School of Economic and Financial Studies der Macquarie University. Frau Janice Houghton, B. A., verdanken wir wertvolle Forschungsunterstützung.  相似文献   

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Ohne ZusammenfassungGerman Commercial Policy. London, Longmans, Green & Co. — 1934.Aus dem Italienischen übersetzt von Erich Allina, Wien  相似文献   

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Ohne ZusammenfassungDie vorliegende Arbeit steht am Beginn einer Reihe von Studien über die englischen Geldtheorien. London, Herbst 1931.Übersetzt von Erich Allina, Wien  相似文献   

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Ohne ZusammenfassungSiehe auch Heft 4, Bd. IV der Zeitschrift für Nationalökonomie.Übersetit von Erich Allina, Wien  相似文献   

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