By W. F. Duisenberg (auth.), T. J. Kastelein, S. K. Kuipers, W. A. Nijenhuis, G. R. Wagenaar (eds.)
Almost 3 years handed because the school of Economics of the college of Groningen celebrated its twenty fifth Anniversary in 1973. overdue, yet now not too overdue we are hoping, to offer the lectures of so much of our exotic site visitors, who got here from the U.S. and diversified ecu international locations to notify the Congress individuals in their opinion and concepts on "25 Years of financial idea: Retrospect and Prospect. " the issues we met in publishing the lectures, in keeping with the contract we made with our site visitors, should not strange, as we all know who has been an editor of one of these quantity prior to. The promise to provide a lecture and to write down it down afterwards besides is far tougher to take care of than basically to provide a speech. every body is aware there's not anything so terrifying as to be reminded of your promise to put in writing your lecture, particularly if just a type-written textual content, placed down from a tape, is at your disposal. you're certain of your remembrance: "That very day I heard applause, there have been pleasant phrases and maybe a country of no longer finishing enthusiasm. And now I obtain this type-written textual content of my speech with a request, packed with innocence, of those pleasant committee participants, "will you be so style as to arrange your textual content for booklet ']" yet this one, is that this my textual content? Unbelievable.
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Extra resources for 25 Years of Economic Theory: Retrospect and prospect
The paradigm is, however, completely about an individual. In one sense this is not a grave problem. One simply adds up individual demand to aggregate demand. In another sense this is not very satisfactory. The individual demand functions display a number of attractive properties. Can these properties be imposed on aggregate demand relations? There seems not too much of a problem for the homogeneity, symmetry and negativity conditions, but there are serious problems for the effect 'of income changes and the income effect of price changes.
It is highly probable that firms will observe that they can collude and thereby increase their power in the market and tum the income distribution in favor of capital and management; this might be especially important in the context of developing countries. This implies that firms are not only maximizing absolute profits but that they also maximize their influence by control of relative shares which affects power relationships. In the same manner there are strong incentives for firms to collude in order to reduce uncertainty.
Pen Today I am lecturing on one of my most favourite subjects: the distinction between classical, monetary and Keynesian macroeconomics. This distinction is reflected in the history of the Economics Department at the University of Groningen. When the department was founded, and this was as late as the fifties, monetary theory was still the dominant mode of thought; this is true for the Netherlands in general, where the influence of Holtrop and Koopmans was strong, but in particular for Groningen.
25 Years of Economic Theory: Retrospect and prospect by W. F. Duisenberg (auth.), T. J. Kastelein, S. K. Kuipers, W. A. Nijenhuis, G. R. Wagenaar (eds.)