Economic Theory, Dynamics and Markets

by Negishi, Takashi; Ramachandran, Rama V.; Mino, Kazuo

• ISBN13: 9780792373063
• ISBN10: 0792373065
• Format: Hardcover
• Copyright: 2001-06-01
• Publisher: Kluwer Academic Pub

Summary

Economic Theory, Dynamics, and Markets. The collection of essays in honor of Ryuzo Sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. The first section pays tribute to his contributions to mathematical economics and economic theory. Ryuzo Sato is known for his work in growth theory and technical progress, and the second section has a number of papers on macroeconomics and dynamics. The third section has a number of papers on financial markets and their functioning in Japan and the United States. The next section examines various aspects of the economics of firms and industry. Ryuzo Sato has been very involved in analyzing the economic and business relations between Japan and the United States, and the last section is devoted to comparative analysis of economic systems.

Table of Contents

Preface	xi
Contributing Authors	xv
Section I: Economic Theory and Methodology
One Way to Measure How Much Second Best ``Second Best'' Is	1	(18)
Paul A. Samuelson
The Marshallian Macroeconomic Model	19	(12)
Arnold Zellner
Production Theory as a Part of a Dynamic General Disequilibrium System	31	(14)
Wilhelm Krelle
Kinds of Theory	45	(12)
Eric Maskin
Maximality, Optimality, and Duality: A Synthesis of Some Recent Results	57	(16)
Kotaro Suzumura
FIML Estimation of Sample Selection Models for Count Data	73	(20)
William H. Greene
Long-Run Rigidity in Labor Markets	93	(12)
Kiyohiko G. Nishimura
Yoshihiro Tamai
Incomplete Contracts in Public Procurement	105	(16)
Dieter Bos
Non-Stationary Intergenerational Altruism	121	(12)
Hajime Hori
Section II: Macroeconomics and Dynamics
The Speed of Adjustment	133	(10)
Richard A. Musgrave
Interactions in the Growth of Science and the Economy	143	(10)
Martin Beckmann
Conservation Laws and Optimal Paths in External Two Sector Growth Model	153	(14)
Fumiyo Fujiwara
Fumitake Mimura
Takayuki Nono
Nonlinearity, Chaos, and Bifurcation: A Competition and an Experiment	167	(22)
William A. Barnett
Yijun He
Capital Depreciation, Indeterminacy and Cycles in Two-Sector Economies	189	(10)
Kazuo Nishimura
Alain Venditti
Environmental Externalities, Abatement Behavior and Pigovian Taxes	199	(10)
Toshihiro Ihori
Optimal Defense Spending	209	(12)
Yoshio Niho
Masaoki Takeuchi
The Dynamic Gains from Trade Liberalization with Product Variety: Summary of Results	221	(12)
Thomas F. Rutherford
David G. Tarr
Monetary Expansion and Converging Speed in a Growing Economy	233	(10)
Kazuo Mino
Section III: Financial Markets
Analytical Afterthoughts on the Asian Crisis	243	(14)
Paul Krugman
The Impact of Mergers on U.S. Bank Performance	257	(18)
Woojin Kim
Lawrence J. White
A Simple Model of Foreign Exchange Exposure	275	(12)
Gordon M. Bodnar
Richard C. Marston
The International Linkage of Interest Rate Swap Spreads: The Yen-Dollar Markets	287	(22)
Young Ho Eom
Marti G. Subrahmanyam
Jun Uno
Inflation, Financial Development and Growth	309	(16)
Peter L. Rousseau
Paul Wachtel
Stochastic Inter-Temporal Optimization in Discrete Time	325	(16)
Wendell H. Fleming
Jerome L. Stein
Fluctuation of Exchange Rates, Foreign Direct Investment, and Hollowing Phenomenon	341	(16)
Masahiro Matsushita
Section IV: Firms and Industry
Alfred Marshall in Hitotsubashi	357	(12)
Takashi Negishi
Endogenous Technology Transfer: What is the Right Price?
William J. Baumol
Investment for Survival	369	(10)
Michihiro Ohyama
Characterizing an Area Condition Associated with Minimizing Systems	379	(12)
James B. Cooper
Thomas Russell
Paul A. Samuelson
Access Pricing in Regulated Industries	391	(14)
Kunio Kawamata
Equilibrium Locations: Product Cost Differentials and the Market Size	405	(12)
Hiroshi Ono
Indeterminate Output Allocations	417	(12)
Thomas Mitchell
Divisional Rivalry and First-Mover Disadvantages	429	(10)
Shunichi Tsutsui
Symmetry and the Theory of the Firm	439	(26)
Rama V. Ramachandran
Section V: Comparative Analysis of Economic Systems
Reflections on Japanese Political Economy	465	(8)
James Tobin
``Reversed Investment Cycles'' Between Japan and United States in the Half Century	473	(10)
Miyohei Shinohara
The Rising Sun and the Stumbling Bear: The Motality Consequences of Economic Well-Being	483	(12)
Robert T. Jensen
Richard J. Zeckhauser
Financial Systems and Economic Modernization: A New Historical Perspective?	495	(10)
Richard Sylla
The Young Professor	505	(8)
Keizo Nagatani
Japanese Economics: An Appraisal	513	(12)
Kenji Kimura
Rethinking Development in an Interdependent World	525	(18)
Tetsunori Koizumi
Unfinished Business: Symmetry and Moral Behavior	543
Gilbert Suzawa
Section VI: Felicitation of Professor Sato at the Berkshires Conference, September 9,2000
George G. Daly
Richard A. Musgrave
Michihiro Ohyama
Paul A. Samuelson
Ryuzo Sato
Section VII: Professor Sato's Curriculum Vitae