Intermediate Economic Theory

Intermediate inputs and economic productivity.

Many models of economic growth exclude materials, energy and other intermediate inputs from the production function. Growing environmental pressures and resource prices suggest that this may be increasingly inappropriate. This paper explores the relationship between intermediate input intensity, productivity and national accounts using a panel dataset of manufacturing subsectors in the USA over...

Intermediate Model Theory

In general, a product has a different theory to that of the structures in the set Mi. For example a product of fields is just a ring. Note also that if φ is an atomic formula then ∏ iMi |= φ((ai )i, · · · , (ai )i) iff {i ∈ I : Mi |= φ(ai , · · · , ai )} = I. In particular this shows that if J ⊆ I then the restiction function (ai)i∈I → (ai)i∈J is a surjective homomorphism from ∏ i∈IMi to ∏ i∈JM...

Economic Crisis and Economic Theory

Two dynamic general equilibrium economies compete in explaining the United States’interwar business cycles. Despite the demand driven contender’s slight advantages, the results remain too close to call a clear winner.

Intermediate Goods, Weak Links, and Superstars: A Theory of Economic Development

Per capita income in the richest countries of the world exceeds that in the poorest countries by more than a factor of 50. What explains these enormous differences? This paper returns to several old ideas in development economics and proposes that linkages, complementarity, and superstar effects are at the heart of the explanation. First, linkages between firms through intermediate goods delive...

Emotions in Economic Theory and Economic Behavior