A “Pure” long-term interest rate and the demand for money

This article presents the appropriate rate by which to discount a constant, certain, infinite stream of future payments: that is, the yield on a noncallable perpetuity or consol. The American consol series is a daily risk-free “pure” long term interest rate which is undistorted by tax effects, call premiums, and varying duration and reinvestment assumptions. If Hamburger had used the American consol series instead of the U.S. Government Long Term Bond Rate in his money demand function, he would have found more of the “missing money.” His average error (actual minus predicted money demand) as a percentage of actual money demand would have been reduced from 1.43% to 0.93% a 35% error reduction.     

A peculiar archaeology: Searching for Mr Giffen's behaviour

Abstract

It has been claimed that references to ‘Giffen behaviour’ constituted a single research project, driven by attempts to establish whether an initial ‘conjecture’ by Alfred Marshall had empirical validity. There is no stable basis for that claim because Marshall's discussion was contradictory and Robert Giffen rejected a key assumption made by Marshall. By the mid-1920s, discussion of an upward-sloping demand curve attached no particular significance to a Marshallian story. The formulation of the Irish famine Giffen exemplar by P.A. Samuelson illustrates how Giffen behaviour was stabilised as the single possible exception to the law of demand in the 1960s.     

Smith,Marshall and Young on division of labour and economic growth

The aim of this paper is to reconstruct the theory of division of labour and economic growth proposed by Adam Smith and developed by Alfred Marshall and Allyn Young. In their approach division of labour is the main engine of growth and plays a central role in capital accumulation and technological progress. We suggest that, according to their theory: 1) economic growth is endogenous; 2) it has the nature of a cumulative, path-dependent process; and 3) it can be described as a disequilibrium process, supported by competitive forces. We argue that these aspects make the contributions of Smith, Marshall and Young still insightful for the development of growth theory, even in the light of the modern approach of endogenous growth theory.     

Marshall on equilibrium and time: a reconstruction

This paper's aim is to offer a reconstruction of the Marshallian conception of equilibrium and time. Its main features are as follows. First, I argue that the hallmark of this conception is to posit an interrelationship between two equilibrium concepts — market-day and normal equilibrium. I claim that they are part and parcel and cannot be analysed separately. Second, my reconstruction gives a central role to the market period. Third, I argue that the so-called short and long-period equilibrium concepts refer to the same unique concept of normal equilibrium. Fourth, I argue that Marshall’s value theory admits the effective existence of disequilibrium states. A Marshallian disequilibrium refers to cases where market-day and normal values fail to coincide, this state of affairs going along, however, with market clearing. I also propose an alternative interpretation of Marshall's corn model wherein perfect information is considered the linchpin of achieving equilibrium. Finally, I argue that my reconstruction avoids a series of interpretative pitfalls.     

Missing links in Marshall's early thoughts on education

Over the period 1867?-?73 Marshall integrated his thoughts on education reform with his work on psychology, and then economics. Around 1872, when the static method proved problematic with regard to long-term wage differentials, Marshall took his developing position concerning education and incorporated it into his emerging vision of political economy, the result being the germ of much of Book IV of the Principles. In addition, looking at Marshall's early study of psychology in conjunction with his writings on education provides further reason to doubt that Marshall ever embraced a wholly materialist philosophy.     

International Trade Union Organizations

An attempt is made in this article to demonstrate that Alfred Marshall and John Maynard Keynes erected a number of signposts that point in the direction of a normative, institutional and policy-oriented social economics of labor. They opined that dysfunctioning institutions had thrown most members of the working class into an abyss of poverty. According to Marshall, poverty was caused by institutional neglect of education for the masses. Hence he recommended a drastic overhaul of those institutions that impinged on education. Keynes argued that the rentiers were the villains because they had intentionally reduced their funding of entrepreneurial investments. Consequently, investments dwindled and unemployment caused working-class poverty to rise above its customary levels. Keynes's solution was public investment in private enterprises, which he called socialization of investment. This would cause euthanasia of the anti-social rentiers. Because of their recommendations, Marshall and Keynes called themselves socialists.     

倒S形需求曲线的形成机制与应用探讨——对Marshall局部均衡模型的拓展

文章针对我国长期以来由于物质资源匮乏、传统观念及计划经济等影响造成的消费和交换行为的特殊性,建立“中国式有限理性人”假设,尝试对Marshall局部均衡分析模型进行拓展,运用边际损失厌恶效用曲线(MUCLA)等方法,构建倒S形需求曲线模型,该模型能较好地解释我国部分商品需求刚性及价格“棘轮效应”.拓展前后的需求曲线,在斜率、形状、范围等方面有不同的机理,倒S形需求曲线特定约束条件弱化后,得出的需求曲线形状变化与Marshall需求曲线趋于一致.     

马歇尔企业组织理论思想述评

马歇尔的企业组织理论思想成为现代企业理论的重要源泉,对其内容的研究具有重要的价值与意义。马歇尔的企业组织理论是对斯密、马克思等前人理论的继承与发展,在经济学说史上具有里程碑意义。马歇尔主要研究了企业组织的三个方面的问题：一是企业组织内部的劳动分工与企业之间的协作,且两者的相互力量的内在运动对企业组织形态与绩效的影响;二是企业的内部经济与外部经济原因与表现;三是企业中企业家应该具备的能力与企业家报酬。     

数字商务与产业集群外部经济协同演化：产业数字化转型的一种路径

产业集群是现代产业发展的重要组织形式,外部经济通常被认为是形成集群竞争力的重要源泉,但近年来传统集群陷入“低端锁定”僵局,迫切需要进行数字化转型。数字商务正是驱动数字经济形成与发展的重要引擎,其发展不断赋予产业集群新内涵、新特征和新动能,促进集群经济向数字化、智能化方向转型升级,两者协同演化形成驱动中国数字经济高质量发展的不竭源泉。研究表明,数字商务与集群经济协同演化过程可分为起步阶段（多点突破）、发展阶段（串点成线）、拓展阶段（连线成网）和成熟阶段（推演成体）,层层递进,沿着要素配置效率提升→要素共享平台构建→协同网络形成→数字生态圈演进的路径影响产业集群的内涵与发展,推动产业集群沿着相对封闭的供应链体系→价值网络→社会化协同网络→开放的产业生态路径不断演进。两者协同演化将使马歇尔外部经济来源大大拓宽,且多个层次的外部经济相互促进、溢出,促进协同网络内企业家的要素配置能力与创新绩效提升,由此使得集群外部经济增进具有动态性与内生性。此外,政府通过提供公共品,促进数字商务与产业集群协同发展,从而使集群外部经济增进可持续。