These original essays focus on a wide range of topics related to Frank Hahn's distinguished work in economics. Ranging from market analysis and game theory to the microeconomic foundations of macroeconomics and from equilibrium and optimality with missing markets to economics and society, they reflect the diversity of modem research in economic theory. What distinguishes Hahn's work and many of the essays in this book is that the motivation often comes from practical concerns about unemployment, savings and investment, poverty, or the stability of markets.
These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods.
Toward a Formal Science of Economics provides a unifying way to look at the concept of economic science. It lays a foundation for the axiomatic method, focusing on applications in economics and econometrics, and including discussions in logic, epistemology, and probability theory. Each chapter deals with a topic of fundamental importance to a rigorous science of economics while illustrating an aspect of the axiomatic method.
Significantly rewritten and updated, this well known textbook covers the whole of monetary economics, from the role of money to international monetary relationships. It is unique in linking theoretical findings to policy issues and events, and extends conventional analyses of financial intermediation and monetary theory.
What went wrong and how can America become second to none in industrial productivity? This long awaited study by a team of top notch MIT scientists and economists - the MIT Commission on Industrial Productivity - takes a hard look at the recurring weaknesses of American industry that are threatening the country's standard of living and its position in the world economy.
The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics. Both texts provide a thorough account of modern thinking on the subject and a wealth of carefully chosen examples and problems.
The effects of a government's budget on society and the political economy are of considerable concern to economists as well as to consumers and taxpayers. The original contributions in this book analyze all of the budget's components expenditures, revenues, the deficit - with a special emphasis on issues that have assumed increasing importance over the last decade or so, such as intergenerational transfers of debt and declines in corporate tax revenues.
The Theory of Industrial Organization is the first primary text to treat the new industrial organization at the advanced-undergraduate and graduate level. Rigorously analytical and filled with exercises coded to indicate level of difficulty, it provides a unified and modern treatment of the field with accessible models that are simplified to highlight robust economic ideas while working at an intuitive level.
The juxtaposition of Kennedy and Reagan approaches to economic problems is particularly instructive in that they express the two major - and quite different - approaches of macroeconomic policy in the past three decades: the 1962 Kennedy Camelot which relied on traditional Keynesian economics, and the 1982 Reagan program which called for a supplyside solution to the country's economic difficulties. From today's vantage point it is useful to compare what these two different groups of economic advisors planned to do, what they did, and what the results were.