Quantitative Economics and Development - 1st Edition - ISBN: 9781483227924, 9781483271613

Quantitative Economics and Development

1st Edition

Essays in Memory of Ta-Chung Liu

Editors: L. R. Klein M. Nerlove S. C. Tsiang
eBook ISBN: 9781483271613
Imprint: Academic Press
Published Date: 1st January 1980
Page Count: 368
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Economic Theory, Econometrics, and Mathematical Economics: Quantitative Economics and Development: Essays in Memory of Ta-Chung Liu focuses on the advancements in the methodologies and processes in the field of quantitative economics.

The selection first offers information on society, politics, and economic development, global stability of stochastic economic processes, and the design of mechanisms for the efficient allocation of public goods. Discussions focus on the design of individually incentive compatible mechanisms in an abstract setting, design problem under coalition formation, stability results for the economic models, invariant measures for diffusions, and disjoint principal-components method. The text then takes a look at critical observations on the labor theory of value and Sraffa's Standard Commodity and a generalization of Hotelling's solution.

The manuscript examines an exploratory policy-oriented econometric model of a metropolitan area and the effect of simple specification error on the coefficients of "unaffected" variables, including distinctive features of the model and individual sectoral models. Temporal aggregation and econometric models; uniqueness of the representation of commodity-augmenting technical change; and technological change and growth performance in Taiwan agriculture are also discussed.

The selection is a valuable source of data for economists and readers interested in quantitative economics.

Table of Contents

List of Contributors


Ta-Chung Liu, 1914-1975

Publications of Ta-Chung Liu

Society, Politics, and Economic Development Revisited

Disjoint Principal-Components Method

Statistical Results

Principal-Components Analysis within Groups



On Global Stability of Some Stochastic Economic Processes: A Synthesis

I. Introduction

II. Basic Definitions

III. Some Economic Examples

IV. Invariant Measures for Diffusions

V. Stability Results for the Economic Models


The Design of Mechanisms for Efficient Allocation of Public Goods

I. Introduction

II. A Simple Method

III. The Design Problem Under Coalition Formation

IV. Examples of Quadratic Incentive Design Using (3.3) and (3.4)

V. Externalities in Consumption

VI. The Design of Individually Incentive Compatible Mechanisms in an Abstract Setting

VII. The Design of Mechanisms for Efficient Accumulation of Public Capital

VIII. Suggestions for Further Research and Summary


Critical Observations on the Labor Theory of Value and Sraffa's Standard Commodity

I. Introduction

II. A Single Leontief-Sraffa Technique of Production

III. A Pure Labor Theory of Value at Positive Profit Rates

IV. Necessary and Sufficient Conditions for a Pure Labor Theory of Value in a Leonteif-Sraffa Technology

V. Sraffa's Standard Commodity

VI. Sraffa's "Real Wage" Measure and the Constant-Returnsto-Scale Assumption

VII. A Pure Labor Theory of Neoclassical Production Functions

VIII. Simultaneous Validity of the Pure Labor Theory and the Neoclassical Parable

IX. A Few Fundamental Objections


The Selection of Variables for Use in Prediction

I. The Problem

II. Hotelling's Solution

III. A Geometric Interpretation of Hotelling's Solution

IV. Solution for Two Sets of Fixed Variates

V. Solution for Many Sets of Fixed Variates

VI. The Multivariate Case

VII. Concluding Remarks


Regression When Each of Two Variables Is Dependent Some of the Time

I. Introduction and Summary

II. The Estimating Equation for β̂ in a Simple Regression

III. The Estimating Equation for β̂ in a Multiple Regression

IV. The Estimator of β̂

V. Generalization to a Simultaneous Equation Model

An Exploratory Policy-Oriented Econometric Model of a Metropolitan Area: Boston

I. Introduction

II. Distinctive Features of the Model

III. Individual Sectoral Models

IV. Simulations

V. Conclusion

Appendix: Variable Names


The Effect of Simple Specification Error on the Coefficients of "Unaffected" Variables


Temporal Aggregation and Econometric Models

I. Introduction

II. Time Aggregation and Structural Specification

III. Time Aggregation of Forecasting Errors

IV. Time Aggregation and Linear Regression

V. Effects of Measurement Errors

VI. Empirical Tests

VII. Error Analysis

VIII. Policy Responsiveness

IX. Conclusion



Recent Economic Fluctuations and Stabilization Policies: An Optimal Control Approach

I. Introduction and Summary

II. Experimental Design

III. Dynamic Multiplier

IV. The Optimal Control Solutions

V. A Final Correction

VI. An Algorithmic Variation


Notes on Income Distribution in Taiwan

I. Introduction

II. Changes to Income Distribution, 1964-1975

III. Distribution Among Groups by Occupation of Household Head, 1964-1975

IV. Differences in Per Worker Product Between A and Νοη-A Sectors, and Disparities in Per Person Income Between Farmer and Nonfarmer Households

V. Concluding Comments


On the Uniqueness of the Representation of Commodity-Augmenting Technical Change

I. Introduction

II. Statement of the Problem

III. The Main Theorem

IV. Conclusion


Technological Change and Growth Performance in Taiwan Agriculture, 1946-1975

I. Introduction

II. Growth Performance of the Agricultural Sector

III. Choice of Techniques in Taiwan's Agriculture

IV. Relative Income Shares and Technological Change in the Agricultural Sector

V. Conclusions


Exchange Rate, Interest Rate, and Economic Development

I. Introduction

II. Objections to Our Proposals and the Invalidity or Irrelevance of Their Arguments

III. The Effects of Our Proposals on the Economic Development of Taiwan



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© Academic Press 1980
Academic Press
eBook ISBN:

About the Editor

L. R. Klein

M. Nerlove

S. C. Tsiang

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