Nations and Households in Economic Growth - 1st Edition - ISBN: 9780122050503, 9781483261201

Nations and Households in Economic Growth

1st Edition

Essays in Honor of Moses Abramovitz

Editors: Paul A. David Melvin W. Reder
eBook ISBN: 9781483261201
Imprint: Academic Press
Published Date: 1st January 1974
Page Count: 428
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Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz is a collection of papers that reflect the broad sweep of Moses Abramovitz’s interests within the disciplines of economics and economic history.

This work is organized into two parts encompassing 14 chapters. The first part discusses the individual and social welfare significance of quantitative indices of economic growth. This part also deals with the mechanisms of economic-demographic interdependence and their bearing particularly upon “long swings” in the rate of growth. The second part highlights the changing role of international relations in processes generating national economic development and domestic economic instability.

This book will be of value to economists, historians, and researchers.

Table of Contents

List of Contributors


Part I Microeconomic Foundations

The Measurement of Real Value Added

1. Introduction

2. Notation and Assumptions

3. Method I: Estimation of the Production Function for Real Value Added

4. Method I Modified: The Use of Duality Relations

5. Method II: Estimation of the Production Function for Gross Output and Measurement of Real Value Added from Output and Materials

6. Time Series Observations


Fortune, Risk, and the Microeconomics of Migration

Part I

1. Some Higher Moments in the Life of Man: A Paradigm

2. Eppur Si Muovono!

Part II

3. Movers and Searchers with Limited Means: A Formal Model

4. Determinants of the Effective Demand for Investment in Migration and Search

Part III

5. The Limits of Analogy

6. Why Are the Shapes of Offer Distributions Different?


On Sufficient Conditions for the Existence of a Unique Maximum Solution


Does Economic Growth Improve the Human Lot? Some Empirical Evidence

1. The Concept and Measurement of Happiness

2. The Evidence

3. Interpretation

4. Summary and Concluding Observations


Additional Bibliography

Income-Related Differences in Natural Increase: Bearing on Growth and Distribution of Income

1. Differences in Natural Increase among Income Classes

2. Implications for Growth and Distribution of Income

3. Summary


An Economic Theory of Imperialism

1. Political Favor as a Commodity

2. Some Examples of Imperialist Behavior

3. Alternative Theories of Imperialism

4. Empirical Tests

5. Policy Implications


Does the Theory of Demand Need the Maximum Principle?


1. Introduction

2. The Role of Constraints in the Theory of Demand

3. The Relationships Between Changes in Constraints and Changes in Distributions

4. Implications for Market Phenomena

5. Extensions

6. Conclusions

Appendix A. Proof of Statement 19

Appendix B. Proof of Statement 20

Appendix C. Technical Notes


Are Men Rational or Economists Wrong?

1. Money Illusion

2. Time Illusion

3. Effort Illusion


Part II Macroeconomic Performance: Growth and Stability

Demand, Structural Change, and the Process of Economic Growth

1. Introduction

2. A Formal Model of Dualistic Development

3. The Role of Demand in the Dualistic Economy

4. Conclusions and Agenda for Future Research

Appendix A. Restatement of the Model in Per Capita Terms

Appendix B. Parameters and Initial Conditions for the Simulation Model


Monetary Policy in Developing Countries

1. Cyclical versus Secular Policy

2. Monetary Policy and Inflation

3. Inflation and Development

4. Development without Inflation

5. Money Creation as a Source of Government Revenue

6. Open Inflation Versus Repressed Inflation

7. Anticipated versus Unanticipated Inflation

8. The Rate of Money Creation

9. Prescription


Government: The Fourth Factor

1. The Title

2. The Neglect of Government: Traditional Economic Thought

3. The Changing American Economy

4. The Functions of the Governmental System

5. Government as a Factor of Production


What Became of the Building Cycle?

1. Building Cycles, Kuznets Cycles, and Business Cycles

2. Population Growth, Household Formation, and Housing Starts

3. Outline of the Housing Model

4. Some Model Predictions

5. Explaining Household Formation

6. An Endogenous Residential Building Cycle?

7. Conclusions



Instability in Underdeveloped Countries: The Impact of the International Economy

1. A Bird's-Eye View of Recent Literature

2. Instability in LDCs in Comparison to More Mature Economies

3. Openness and Country Size

4. The Transmission Hypothesis: A Concluding Note

Appendix A

Appendix B

Appendix C. The Determinants of Instability: Separate Regressions for Developed and Developing Countries


Economic Indicator Analysis during 1969-1972

1. Leads and Lags

2. Severity of the Contraction 339

3. Forecasts with Leading Indicators

4. A Summing Up


The Dollar Standard and the Level of International Reserves

1. Introduction

2. False Analogies: Faulty Signals

3. The Role of the Banker

4. Gold Losses

5. When Is a Disequilibrium Not a Disequilibrium?

6. Conclusion


Long Swings and the Atlantic Economy: A Reappraisal

1. America's Weight in the Pre-l913 International Economy

2. A Model of the Atlantic Economy

3. Historical Evidence, 1879-1901

4. Long Swings in Productivity and Real Income

5. Conclusions


Author Index


No. of pages:
© Academic Press 1974
Academic Press
eBook ISBN:

About the Editor

Paul A. David

Melvin W. Reder

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