252 research outputs found
A hierarchical model for aging
We present a one dimensional model for diffusion on a hierarchical tree
structure. It is shown that this model exhibits aging phenomena although no
disorder is present. The origin of aging in this model is therefore the
hierarchical structure of phase space.Comment: 10 pages LaTeX, 4 postscript-figures include
Trade, Productivity, Income, and Profit: The Comparative Advantage of Structural Axiomatic Analysis
The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand
Primary and secondary markets
The analytical starting point determines the course of a theoretical investigation
and ultimately the productiveness of an approach. The classics took
production and accumulation as their point of departure, the neoclassics exchange.
Exchange implies behavioral assumptions and notions like rationality,
optimization, and equilibrium. It is widely recognized that this approach has
led into a cul-de-sac. To change a theory means to change its premises or, in
Keynes’s words, to ‘throw over’ the axioms. The present paper swaps the
standard behavioral axioms for structural axioms and applies the latter to the
analysis of the emergence of secondary markets from the flow part of the
economy. Real and nominal residuals at first give rise to the accumulation of
the stock of money and the stock of commodities. These stocks constitute the
demand and supply side of secondary markets. The pricing in these markets is
different from the pricing in the primary markets. Realized appreciation in the
secondary markets is different from income or profit. To treat primary and secondary
markets alike is therefore a category mistake. Vice versa, to take a set
of objective propositions as analytical starting point yields a comprehensive
and consistent theory of market exchange and valuation
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