The Liquidity Trap, the Real Balance Effect, and the Friedman Rule

This paper studies the behavior of the economy and the efficacy of monetary policy under zero nominal interest rates, using a model with population growth that nests, as a special case, a more conventional specification in which there is a single infinitely lived representative agent. The paper shows that with a growing population, monetary policy has distributional effects that give rise to a real balance effect, thereby eliminating the liquidity trap. These same distributional effects, however, can also work to make many agents much worse off under zero nominal interest rates than they are when the nominal interest rate is positive

An Economics Approach to Language Policy and Linguistic Justice

The essay gives an overview of how language planning and language policy can be motivated and analyzed by economic methods. It is discussed what type of value language-related goods possess and what type of goods they are. Properties like degrees of rivalry, exclusion, and shielding and how they can justify language planning are treated. A cots-benefit approach to language planning is suggested and critically discussed. Especially the structure of costs and its significance for the cost-benefit analysis is scrutinized. It is shown that the cost structure has some clear implications for practical language planning. Finally, the focus is directed towards distributional issues related to language policy

Pareto and contemporary economic theory

measurability, social welfare, concavifiability,