Reference no: EM13979187
Economist L. Randall Wray writes in a paper, “[t]his approach, [M-C-M’], is suited to the study of realworld capitalist economies that can be characterized as operating at less than full capacity as the normal situation]. In contrast, the neoclassical [i.e., conventional], value theory is consistent with the study of the economy dominated by scarcity, in which Say's Law holds and flexible relative prices ensure full employment of all resources”(emphasis added).Explain Dr. Wray’s position as well as the position of the conventional approach, i.e., C-M-C’. What are their similarities and differences, if any? What are their respective processes on how the economy operates (make sure to include the concepts of price movements or lack thereof, Say’s Law, loanable funds theory, inventory, quantities of money, labor & products, hoarding, scarcity)? Note this is a question about the economic adjustment process.
Does the government ever need to intervene in the economy from these two views? What argument does Keynes make about the components of GDP in a closed economy (C + I + G)? What role does expectations of the near future play in his argument?
Give two common sense reasons why businesses will not want to lower prices immediately when experiencing a decrease in demand (sales). Does this validate the orthodox or heterodox theory of the economic process?
|
Which of data sets are approximately normally distributed
: What can you say about your three stocks with respect to daily closing prices and daily changes in closing prices? Which, if any, of the data sets are approximately normally distributed?
|
|
Determine the smallest magnitude of acceleration
: Perhaps he will arrive early? Then he did not need to exert himself quite so much! In this case, what is the smallest magnitude of acceleration that would still get him to class in time (the answer may be in either mm/s2, or in m/s2).
|
|
Calculate the simple money multiplier
: Given an initial deposit of $500,000, and a required reserve ratio of 15%: Calculate the simple money multiplier: Calculate the total change in the money supple from the deposit based on the new RRR: Is the decrease of the required reserve ratio fro..
|
|
What is the electric current flowing in the circuit
: What is the electric current flowing in the circuit? What is the power dissipated by the external resistor? How much power is dissipated inside the battery?
|
|
Validate orthodox or heterodox theory of economic process
: Economist L. Randall Wray writes in a paper, “[t]his approach, [M-C-M’], is suited to the study of realworld capitalist economies that can be characterized as operating at less than full capacity as the normal situation]. Give two common sense reason..
|
|
Comments on both micro and macro environmental forces affect
: Choose an organization form the following Industries: Australian Dairy farmers, Hybrid car (choose one brand), Australian wool industry, Business schools in Australia, HSBC, Bank of China, Organic food, Health and fitness industry. Clear and concise ..
|
|
Confronted with a pricing problem
: uppose as a manager of a profitable department store you are confronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a price of $25 for a pair of Levis Jeans, and a low-end type customer that are wi..
|
|
Discuss at least two key drivers of economic growth
: Country: Japan Broaden your statistical profile to include at least five recent (post 2010) statistics to give someone who doesn't know anything about your country a fair understanding of your country’s situation. What are some major demographic tren..
|
|
Foundation for future discussions
: Within the Discussion Board area, write 600-800 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use example..
|