An Encyclopedia of Macroeconomics by Brian Snowdon

By Brian Snowdon

The Encyclopedia of Macroeconomics is an authoritative and precious reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological techniques and the contributions of significant thinkers. entire in scope, it comprises over three hundred brief entries and greater than a hundred especially commissioned major entries from an the world over popular staff of students.

The alphabetically ordered entries could be valuable either as a simple reference resource and a provocative stimulus for additional analyzing. The Encyclopedia will quickly be proven as a number one reference resource on macroeconomics that may either enlighten scholars and be hugely valued by means of students and lecturers of economics.

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X (7T) is consistent with the complete circular flow of national income by commodity breakdown, as should be for an objective demand function. The consistency immediately follows from the way in which x (1T) is constructed. In fact, there are sectoral profit incomes 1TiXi (7T) (i = 1, 2, ... , n) at the price situation. 61) which also equal by construction c (7T). At the same time, there holds 51 lll. OBJECTIVE DEMAND FUNCTIONS x (rr) =(I - At 1 {F(p, 1) + G (p, rr 1x1 (rr), 7T2X2 (rr), ... 62) which shows a complete circular flow of national income guaranteed when production is carried out to meet the gross demand for goods x(rr).

26) can easily be rearranged to 1) ')} { I - ( A + F(p, L (p' l) l x = c. 27). Whence C*(7T) includes r(7T). In the light of (i) in Theorem 1, r(7T) contains positive vectors when M(7T) > 0, and hence, so does C*(7T). 28) is a positive vector for some x :Z 0. 7 Therefore, when M(7r) > 0, C*(7T) is nothing but the set of all nonnegative c satisfying L (p, 1) :Z l 1 { I- ( F(p, 1) \} A + L (p' 1) l j -1 c. 3, p. 1, p. 3, p. 113). 29) with equality and coincides with r(7r). This proves C*(1T) = C(7r).

12) L(a, l)>O. It is now presumed that the economy is of such an in- stitutional structure that each sector is a decision-making unit that carries out production for the benefit of capitalists while being confronted with the atomistic workers characterized above. 11). 13) 1) + c, L(p, 1) = l'x for some x 2: O}. 14) Given 1T 2: 0, then p is determined and so L (p, 1) and F(p, 1). Thus, the sets C (n) and r (n) are determinate. C (n) is the set of all possible final demand vectors available to the capitalist class, whereas r (n) is the efficient frontier of C(n).

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