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2016 | OriginalPaper | Buchkapitel

4. Applications of Economic Principles

verfasst von : John Komlos

Erschienen in: Principles of Economics for a Post-Meltdown World

Verlag: Springer International Publishing

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Abstract

“Within high-income countries, no simple law relating tax burdens and the citizenry’s well-being can do justice to the true diversity of the fiscal facts of nations” (S&N p. 305). Actually, there are a couple of patterns worth a mention.

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Vorheriges Kapitel Micro: Supply and Demand in the Factor Markets

Nächstes Kapitel Macroeconomics: Economic Growth and Business Cycles

College Board, “Tuition and Fee and Room and Board Charges over Time, 1973–74 through 2013–14, Selected Years,” http://trends.collegeboard.org/college-pricing/figures-tables/tuition-and-fee-and-room-and-board-charges-over-time-1973-74-through-2013-14-selected-years, accessed October 9, 2014.

Andrew Martin and Andrew W. Lehren, “A Generation Hobbled by the Soaring Cost of College,” The New York Times, May 12, 2012 http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?pagewanted=all&module=Search&mabReward=relbias%3Ar%2C%7B%222%22%3A%22RI%3A16%22%7D, accessed October 9, 2014.

Simon Johnson, “The Quiet Coup,” The Atlantic, May 2009. http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/307364/, accessed April 26, 2015.

Hyman Minsky, The Financial Instability Hypothesis, Working Paper No. 74. The Levy Economics Institute of Bard College. http://www.levyinstitute.org/, accessed October 9, 2014.

In Minsky’s words: “the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a deviation amplifying system. The first theorem of the financial instability hypothesis is that the economy has financing regimes under which it is stable, and financing regimes in which it is unstable. The second theorem of the financial instability hypothesis is that over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system.

In particular, over a protracted period of good times, capitalist economies tend to move from a financial structure dominated by hedge finance units to a structure in which there is large weight to units engaged in speculative and Ponzi finance.” In case of contractionary monetary policy, the net worth of firms “will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values.” Hyman Minsky, The Financial Instability Hypothesis, Working Paper No. 74. The Levy Economics Institute of Bard College. http://www.levyinstitute.org/, accessed October 9, 2014.

Marianne Bertrand and Sendhil Mullainathan, 2001. “Are CEOs Rewarded for Luck? The Ones Without Principals are,” The Quarterly Journal of Economics, 116, 3:901–932; Jerry W. Kim, Bruce Kogut, and Jae-Suk Yang, 2015. “Executive Compensation, Fat Cats, and Best Athletes,” American Sociological Review 80, 2:299–328.

Tamar Lewin, “Pay for U.S. College Presidents Continues to Grow,” December 15, 2013 http://www.nytimes.com/2013/12/16/us/pay-for-us-college-presidents-continues-to-grow.html?module=Search&mabReward=relbias%3Ar%2C%7B%222%22%3A%22RI%3A16%22%7D, accessed October 19, 2014.

St. Louis Federal Reserve, “Income Gini Ratio of Families,” http://research.stlouisfed.org/fred2/series/GINIALLRF, accessed October 10, 2014.

Together their wealth adds up to $1.3 trillion. http://www.forbes.com/2010/03/09/united-states-richest-people-warren-buffett-michael-bloomberg-billionaires-2010-gates_slide.html, accessed October 9, 2014.

Peter Lindert, 2004. Growing Public: Volume 1, The Story: Social Spending and Economic Growth since the Eighteenth Century. Cambridge University Press.

http://www.census.gov/compendia/statab/cats/income_expenditures_poverty_wealth.html, accessed October 9, 2014.

http://stats.oecd.org/index.aspx?queryid=251, accessed October 9, 2014.

http://research.stlouisfed.org/fred2/series/LRHUTTTTSEA156N; http://research.stlouisfed.org/fred2/series/NLDURHARMADSMEI; http://research.stlouisfed.org/fred2/series/UNRATE/downloaddata, accessed April 30, 2015.

http://research.stlouisfed.org/fred2/series/SWELFPRNA; http://research.stlouisfed.org/fred2/series/NLDLFPRNA; http://research.stlouisfed.org/fred2/series/CIVPART, accessed April 30, 2015.

http://research.stlouisfed.org/fred2/series/CASHBLSEA188A; http://research.stlouisfed.org/fred2/series/CASHBLNLA188A; http://research.stlouisfed.org/fred2/series/CASHBLUSA188A, accessed April 30, 2015.

www.unicef.org/media/files/ChildPovertyReport.pdf, accessed October 9, 2014.

http://research.stlouisfed.org/fred2/series/BPBLTT01USA636S, accessed April 30, 2015.

http://www.federalreserve.gov/releases/g17/, accessed October 9, 2014.

Buffett has proposed import certificates as a way to make sure that trade is balanced. http://www.berkshirehathaway.com/letters/growing.pdf, accessed October 9, 2014. U.S. Liabilities to foreigners at the end of 2010 is at $4.3 trillion. http://www.federalreserve.gov/econresdata/releases/intlsumm/usliabforinst20101130.htm, accessed October 9, 2014.

http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&903=128, accessed April 30, 2015.

https://www.census.gov/foreign-trade/balance/c5700.html#2014, accessed April 30, 2015.

Suppose their income is $50,000 per capita. Then, their gain is effectively 1/50,000 or something like 0.00002.

“We cannot sit idly by while China races to the forefront of clean energy production at the expense of U.S. manufacturing,” Senator Sherrod Brown, an Ohio Democrat, said. http://www.nytimes.com/2010/12/16/business/global/16wind.html?_r=1&hp, accessed October 9, 2014.

See the discussion on their p. 160.

Not clear to me if they mean the competition of more productive foreign industries?

Buffett has proposed import certificates as a way to make sure that trade is balanced. http://www.berkshirehathaway.com/letters/growing.pdf, accessed October 9, 2014. U.S.

ftp.bls.gov/pub/special.requests/lf/aat30.txt, accessed October 9, 2014. The front page of the Wall Street Journal (2/3/09) reported “Gloomy Prospects: People began lining up Saturday to apply for Miami firefighter jobs.” There were thousands in the crowd for the 35 openings.

ftp.bls.gov/pub/special.requests/lf/aat1.txt, accessed October 9, 2014.

Jeffrey Sachs: Rethinking Macroeconomics. Capitalism and Society, Vol. 4 [2009], Iss. 3, Art. 3. http://www.bepress.com/cas/vol4/iss3/art3, accessed October 9, 2014.

Titel: Applications of Economic Principles
verfasst von: John Komlos
Verlag: Springer International Publishing
Buch: Principles of Economics for a Post-Meltdown World
Print ISBN: 978-3-319-27827-8

Electronic ISBN: 978-3-319-27828-5

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-3-319-27828-5_4