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Working Paper No. 11Ranking Urban Areas
Rankings of urban areas provide useful information to planning recreational or tourism activities, making housing-locational decisions, and designing policies to attract industries. This paper illustrates how the structural approach to hedonic equilibrium models can be used to derive a quality of life based ranking of urban areas. -
Working Paper No. 10
Long-Term Trends in Profitability
It is accepted doctrine among economists that the rate of profit in the United States has declined since the mid-1960s. What is less a matter of agreement is whether this decline represents a stage in a long-term secular decline. In a recent article, Dumenil, Glick, and Rangel (1987) reviewed the existing empirical evidence on this […] -
Working Paper No. 9
Consumer Benefit from Air Quality Improvements
This paper applies a simultaneous equations estimation technique to estimate a hedonic equilibrium model. The estimation results are used to compute consumer benefit from air quality improvements. -
Working Paper No. 8
The Effects of Alternative Sharing Arrangements on Employment
A sample of British firms with diverse sharing arrangements is used to investigate the effects of profit sharing on employment levels. Employment effects are sometimes significant but depend upon the measure of profit sharing, how the dynamics are modeled, and whether measures of employee participation in decision making are included in the estimating equation. Using […] -
Working Paper No. 7
Why Is the Rate of Profit Still Falling?
This paper elaborates a fixed-coefficient, capital, labor, non-raw material intermediates, raw materials production model; estimates the wage share-profit rate frontier associated with it for U.S. manufacturing from 1949 to 1986; and suggests the following explanation of declining profitability. From 1949 to 1970, a rising wage share drove the manufacturing industries up along the wage-profit frontier. […] -
Working Paper No. 6
A Structural Approach to Hedonic Equilibrium Models
This paper presents a quality theory for differentiated products. Analytical solutions for the equilibrium demand for quality and the equilibrium price equation are computed. The model is estimated and the willingness to pay for improvements in the air quality of Houston is computed. The empirical results show that the standard n on-structural approach would seriously […] -
Working Paper No. 5
The Finance Constraint Theory of Money
The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress […] -
Working Paper No. 4
Housing Quality Differentials in Urban Areas
This paper applies an equilibrium quality theory for differentiated products to estimate the willingness to pay for improvements in the air quality of Chicago, Cleveland, Dallas, Houston, and Indianapolis. The empirical results show (i) that the structural approach and the standard nonstructural approach give very different benefit figures even for small improvements in air quality, […] -
Working Paper No. 3
Competing Micro Economic Theories of Industrial Profits
Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices and the between economic sectors in ways which are distinct from standard neoclassical explanations. Both Post Keynesian and Classical (Marxian/NeoRicardian) approaches to economics have developed […] -
Working Paper No. 2
The Firm and Its Profits
What sets the firm apart from other producers is the commercial nature of its operations. The firm produces for the market and only for the market. It produces goods and buys them not in order to consume them but in order to sell them or their products. While economic agents other than the firm sell […] -
Working Paper No. 1
Macroeconomic Profitability
This paper gives an account of recent work on the measurement, statistical analysis, and theoretical analysis of macroeconomic profitability. Measurement issues include the treatment of holding gains on physical assets and net financial liabilities, national income accounting practices and recent revisions, and the use of accounting rates of return. Statistical work has focused on the […] -
EventUNDP/BDP Levy Conference: Unpaid Work and the Economy ;Gender, Poverty, and the Millennium Development Goals
Organized by Bureau for Development Policy, United Nations Development Programme, in partnership with the Levy Economics Institute of Bard College Levy Economics Institute of Bard College Annandale-on-Hudson, New York October 1–3, 2005 The purpose of convening this conference was to share views, research, and methodologies from around the world, on women’s unpaid work and its […]