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Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics.
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries.
Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts--generalized observations from the real world--that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.
About the Author
Fischer Black, former Professor of Finance at the University of Chicago's Graduate School of Business and late of the Massachusetts Institute of Technology's Sloan School of Management, was a partner at Goldman, Sachs and Company.
Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics.
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries.
Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts--generalized observations from the real world--that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.
About the Author
Fischer Black, former Professor of Finance at the University of Chicago's Graduate School of Business and late of the Massachusetts Institute of Technology's Sloan School of Management, was a partner at Goldman, Sachs and Company.
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Inside This Book Citations: This book cites 44 books | 11 books that cite this book Explore: Citations | Books on Related Topics | Concordance | Text Stats Key Phrases - SIPs: match between wants, intangible physical capital, intervening unemployment, limiting sector, roundabout production methods (more) Key Phrases - CAPs: Great Depression, United States, World War, Hong Kong Browse Sample Pages: Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover | Surprise Me! |
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Inside This Book
(learn more)
First Sentence:
The general equilibrium model, as developed by Walras (1874), von Neumann (1945), Arrow (1953, 1964), and Debreu (1959), is remarkable. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
match between wants, intangible physical capital, intervening unemployment, limiting sector, roundabout production methods, allocative shocks, world human capital, full general equilibrium model, geometric random walk, real business cycle model, nonseparable utility, more procyclical, first order uncertainty, unmeasured part, composite capital, adding human capital, weighted geometric average, overhead inputs, technical regress, taste shocks, local substitution, physical capital input, technology shocks, sectoral shocks, indivisible labor Key Phrases - Capitalized Phrases (CAPs): (learn more)
Great Depression, United States, World War, Hong Kong New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover | Surprise Me!
The general equilibrium model, as developed by Walras (1874), von Neumann (1945), Arrow (1953, 1964), and Debreu (1959), is remarkable. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
match between wants, intangible physical capital, intervening unemployment, limiting sector, roundabout production methods, allocative shocks, world human capital, full general equilibrium model, geometric random walk, real business cycle model, nonseparable utility, more procyclical, first order uncertainty, unmeasured part, composite capital, adding human capital, weighted geometric average, overhead inputs, technical regress, taste shocks, local substitution, physical capital input, technology shocks, sectoral shocks, indivisible labor Key Phrases - Capitalized Phrases (CAPs): (learn more)
Great Depression, United States, World War, Hong Kong New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 44
books:
- Modern Business Cycle Theory by Robert J. Barro on 4 pages
- Unemployment and the Structure of Labor Markets by Kevin Lang in Back Matter (1), and