By Brian Snowdon
The Encyclopedia of Macroeconomics is an authoritative and beneficial reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological methods and the contributions of significant thinkers. accomplished in scope, it comprises over three hundred brief entries and greater than a hundred especially commissioned major entries from an across the world popular team of students.
The alphabetically ordered entries should be necessary either as a uncomplicated reference resource and a provocative stimulus for additional analyzing. The Encyclopedia will quickly be demonstrated as a number one reference resource on macroeconomics that would either enlighten scholars and be hugely valued by way of students and academics of economics.
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Extra info for An Encyclopedia of Macroeconomics
1 At the end of this chapter we discuss brieﬂy some relevant recent evidence. Here, we note that long-run cross-sectional relationships between savings rates, income levels, and income distribution are not easy to document empirically. The neutrality of distribution for aggregate savings, implied 1 Kuznets (1955) argued that the movement of factors from a low-paying traditional sector to a high-paying modern sector leads to such an inverse U. In contrast to the neoclassical explanation based on capital accumulation presented in this chapter, Kuznets’s explanation drew on mobility barriers and market imperfections.
At the end, everyone owns the same amount of capital. What is the intuition behind this astonishing result? To answer this question, interpret (1 − cˆ )R − c˜ as net savings propensity out of wealth. Since diminishing returns cause R to fall in the accumulation process and cˆ and c˜ remain constant, the net savings propensity is negative in steady state. This causes the result of absolute convergence. The falling rate of return R exerts a further equalizing force because this is especially harmful for the wealthy people.
The ergodic distribution may even be characterized by negative values of k for families very scarcely endowed June 17, 2005 14:48 m13-book Sheet number 43 Page number 23 Exogenous Savings Propensities black • 23 with the non-accumulated factor such that (1 − cˆ )Wl − c¯ < 0. In other words, such a steady state has a destitute class of borrowers. We ﬁnally note that in the (perhaps less realistic) case where c¯ < 0 all individuals own positive wealth levels in the limit and the ergodic distribution of k is less unequal than the exogenous distribution of l.