Market Clearing Price
Profit for Marxists
... the southeastern quadrant is not a linear production function; the ray tracks any underlying production function. The same holds for the distribution of wage incomes in the southwestern quadrant. All those details are ...
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The Logic of Value and the Value of Logic
... In the following, Section 3 first provides the new formal foundations with the set of four structural axioms. These represent the evolving consumption economy as the most elementary economic configuration. The structural ...
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How (not) to sell money
... uniform price auctions, and thus this format is appropriate in encouraging wider ...of market clearing price upward, it does not harm revenue (16) ...
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Settling the theory of saving
... the market clearing price of the consumption good that depends on the relative weight of the banking industry measured in labor ...the price of the consumptions good goes up and the quantity ...
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Understanding Profit and the Markets: The Canonical Model
... For the simulation the random variates for each period are taken from the work- sheet random number generator and are then appropriately adapted. The assumed probability distributions can at any time be replaced by ...
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Economics for Economists
... the market clearing price variations are dependent on the expendi- ture ratio, the wage rate, and the ...the price. Accordingly, the market clearing price follows a ...
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Tacit collusion and capacity withholding in repeated uniform price auctions
... move price-quantity uniform price auction under two alternative definitions of the uniform price and characterize the Nash equilibria of the ...the price-quantity ...uniform price, ...
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Essentials of Constructive Heterodoxy: Employment
... the market clearing price P ...the price remains constant, provided productivity R does not ...the price falls. If wage rate and productivity vary in lockstep the price stays ...
12
Essentials of Constructive Heterodoxy: Say’s Law
... If there is a tendency for rising productivity in the economy, e.g. because of an intensifying division of labor, the wage rate should rise, otherwise deflation occurs. So far we have dealt with one firm. Additional ...
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Point and interval forecasting of wholesale electricity prices: Evidence from the Nord Pool market
... Apart from point forecasts, we investigated the ability of the models to provide interval forecasts. For all consid- ered models interval forecasts were determined analyti- cally; for details on calculation of ...
6
Exchange in the Monetary Economy
... The market clearing price is equal to unit wage costs if the expenditure ratio is unity and distributed profit is ...the market clearing price in the period under ...conditional ...
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Mathematical Proof of the Breakdown of Capitalism
... can create indigenous problems in the banking industry which, however, do not concern us here (see for example Minsky, 2008). For the time being it is assumed that the banking industry works smoothly and does not create ...
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Plans, prices, and corruption : the Soviet firm under partial centralization, 1930 to 1990
... as price-taker was ...a price maker: it held the initiative in the price-setting process through its control of the information that the centre required to authorize pricing decisions, and exploited ...
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Walras’s law of markets as special case of the general Triangle Theorem: a laconic proof
... the market B as money market and the market C as labor ...labor market is cleared if the commodity and the money market is ...labor market. The clearing of all commodity ...
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Say’s Law: A Rigorous Restatement
... the price is not reduced as conditional price flexibility demands with (9) then a productivity increase results in momentarily unsold stocks and this in turn may lead to a reduction of labor ...
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The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand
... the price at the former ...of price changes except for the redistribution of money between the firms that takes the form of profit and loss (for details about the monetary side see ...
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A consistent econometric test for bid interdependence in repeated second price auctions with posted prices
... In this paper, we presented a simple econometric procedure based on a dynamic panel model to test for bid interdependence. We then tested this procedure on three datasets from previous studies. We found that repeated ...
14
Information Cycles and Depression in a Stochastic Money in Utility Model
... The objective of the representative household is to maximize expected utility (1) under budget constraint (2). To solve this problem, they need two sorts of additional information. One is the likelihood of encountering a ...
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Keynes’s employment function and the gratuitous Phillips curve disaster
... Keynes had a lot of plausible things to say about unemployment and its causes. His ‘mercurial mind’, though, relied on intuition which means that he could not prove his diverse opinions convincingly. This explains why ...
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Make a bubble, take a free lunch, break a bank
... product market and then in the monetary ...asset market and the consumption goods producing part of the ...asset market is only transmitted as long as ρ E > ...
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