Since 2014
Clower’s Dual-Decision Hypothesis is economics
Turkish Economic Review
View Archive Info| Field | Value | |
| Title |
Clower’s Dual-Decision Hypothesis is economics
|
|
| Creator |
WU, Cheng K.; Growonders Corp.
|
|
| Subject |
Keynes; Clower; Keynesian; Disequilibrium; Dual decision hypothesis; Consumption; Martingale.
A10; B20; B22; C20; E20; E60; F00. |
|
| Description |
Abstract. Though Wu (2017) has shown Clower’s Dual Decision Hypothesis leading to Keynes’ change in saving (and disequilibrium) conclusion, it is important to compare Clower’s budget constraint approach with other models, including those found in Hall’s consumption theorem and similar approach. In Clower, by assuming that, consumers may not satisfy the budget constraint, one cannot automatically assume Hall’s consumption theorem to hold. And, by showing how households need to optimize contingent on the satisfaction of their budget constraint, Clower was, in effect, creating a feedback mechanism.Keywords. Keynes, Clower, Keynesian, Disequilibrium, Dual Decision Hypothesis, Consumption, Martingale, Saving, Growth, Income, Trade, Feedback.JEL. A10, B2,B22, C20, E20, E60, F00, J00, N10.
|
|
| Publisher |
Turkish Economic Review
Turkish Economic Review |
|
| Contributor |
—
|
|
| Date |
2018-03-18
|
|
| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
|
| Format |
application/pdf
|
|
| Identifier |
http://www.kspjournals.org/index.php/TER/article/view/1611
10.1453/ter.v5i1.1611 |
|
| Source |
Turkish Economic Review; Vol 5, No 1 (2018): March; 83-88
Turkish Economic Review; Vol 5, No 1 (2018): March; 83-88 2149-0414 |
|
| Language |
eng
|
|
| Relation |
http://www.kspjournals.org/index.php/TER/article/view/1611/1622
|
|
| Rights |
Copyright (c) 2018 Turkish Economic Review
http://creativecommons.org/licenses/by-nc/4.0 |
|