3,092 research outputs found

    Spasticity: a problem of disordered motor function

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    Thesis (M.D.)--Boston Universit

    Why didn't economists predict the Great Depression?

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    Economists failed to forecast the Great Depression, perhaps because they had lacked reason to theorize enough about business cycles. Since theory is a public good, the market produces too little of it. The prospect of ex post fame may induce theory; but fame comes from explaining famous events, not from averting adverse events. Also, learning-by-doing induces theory by cutting its cost, favoring the first theories to be developed. These dealt with markets – not business cycles – in the decades before the Depression

    The theory of money supply: a case study

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    The theory of money supply is less developed than that of money demand, largely because 19th-century economists believed that money was unimportant and because they viewed the central bank as either an appendage to the economy or as a welfare-maximizing black box. The paper reviews each of these beliefs in turn

    When will privatization maximize the government's net revenues?

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    Governments often sell assets for revenues or economic efficiency. When the capital is durable, potential buyers may wait for the government to cut its price, since they know that as a monopoly it will initially price above marginal cost. Rather than sell, the government could continue to lease the capital to the public – that is, to sell the services that the capital generates, in exchange for a tax payment. Comparative statics indicate that a government maximizing its net revenues may prefer leasing to selling for a large inventory of capital-intensive products that buyers view as vital. For example, a socialist government contemplating a transition to markets must consider the impact on its own revenues. If its major assets are capital-intensive, the impact may be negative

    When will privatization maximize the government's net revenues?

    Get PDF
    Governments often sell assets for revenues or economic efficiency. When the capital is durable, potential buyers may wait for the government to cut its price, since they know that as a monopoly it will initially price above marginal cost. Rather than sell, the government could continue to lease the capital to the public – that is, to sell the services that the capital generates, in exchange for a tax payment. Comparative statics indicate that a government maximizing its net revenues may prefer leasing to selling for a large inventory of capital-intensive products that buyers view as vital. For example, a socialist government contemplating a transition to markets must consider the impact on its own revenues. If its major assets are capital-intensive, the impact may be negative
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