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Chicago Price Theory

Price theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace.

Author : Sonia Jaffe

Release : 2019-09-10

Publisher : Princeton University Press

ISBN : 0691192979

File Size : 71.83 MB

Format : PDF, Kindle

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An authoritative textbook based on the legendary economics course taught at the University of Chicago Price theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing. Based on Economics 301, the legendary PhD course taught at the University of Chicago, the book emphasizes the importance of applying price theory in order to master its concepts. Chicago Price Theory features immersive chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, the value of a statistical life, and occupational choice. It looks at human behavior in the aggregate of an industry, region, or demographic group, but also provides models of individuals when they offer insights about the aggregate. The book explains the surprising answers that price theory can provide to practical questions about taxation, education, the housing market, government subsidies, and much more. Emphasizes the application of price theory, enabling students to learn by doing Features chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, and the value of a statistical life Supported by video lectures taught by Kevin M. Murphy and Gary Becker The video course enables students to learn the theory at home and practice the applications in the classroom

Making Chicago Price Theory

This book brings together a collection of letters from these two Noble laureates from the post-war years, containing new information about their personal and professional relationships, and also illuminating the development of ideas which ...

Author : Daniel J. Hammond

Release : 2006-09-27

Publisher : Routledge

ISBN : 1135994293

File Size : 58.18 MB

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Milton Friedman and George J. Stigler shaped economics as we know it today – their Chicago School laid the groundwork for much of the neoclassical tradition in economic analysis. This book brings together a collection of letters from these two Noble laureates from the post-war years, containing new information about their personal and professional relationships, and also illuminating the development of ideas which are now fundamental to economic theory. The book, expertly edited by Dan and Claire Hammond, contains an introductory chapter, chronologies for Friedman and Stigler, and transcripts of sixty eight letters written from 1945 to 1957 along with enclosures.

Chicago Price Theory

This comprehensive three-volume collection brings together the most important papers from leading economists published in the past 120 years covering a wide range of topics and issues.

Author : J. Daniel Hammond

Release : 2013

Publisher : Edward Elgar Pub

ISBN : 9781848445765

File Size : 67.22 MB

Format : PDF, Docs

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The 'Chicago Price Theory' approach to economics has been credited with shedding light on many fundamental questions relating to traditional economics and renowned scholars including Milton Friedman, Frank Knight, George Stigler, Jacob Viner and others have each played a key role in the development of investigative techniques and methodologies. This comprehensive three-volume collection brings together the most important papers from leading economists published in the past 120 years covering a wide range of topics and issues. Along with an original introduction by the editors, this authoritative set will be of immense value to students, researchers, scholars and practitioners interested in 'Chicago Price Theory'.

Price Theory

... interpretation of Marshall and the utility of his Principles for contemporary
theorizing, and Friedman read both Marshall's Principles and Stigler's The
Theory of Price (1946) in preparation for teaching his first price theory class at
Chicago.

Author : Milton Friedman

Release : 2011-12-31

Publisher : Transaction Publishers

ISBN : 9781412809658

File Size : 32.27 MB

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Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics. Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another. Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices. Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. Price Theory is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.

Problems in Price Theory

Author : David De Meza

Release : 1982

Publisher :

ISBN : 9780226142944

File Size : 31.12 MB

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The Elgar Companion to the Chicago School of Economics

Introduction Within a short time after the end of the Second World War the
University of Chicago economics faculty was transformed. Jacob Viner, who
along with Frank H. Knight personified Chicago price theory from the 1920s
through the war ...

Author : Ross B. Emmett

Release : 2010-01-01

Publisher : Edward Elgar Publishing

ISBN : 1849806667

File Size : 90.34 MB

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Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School's contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School's traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago's role in the development of neoliberalism. A companion in the true sense of the word, this volume surveys a wide body of Chicago economic studies and guides readers carefully through each. The Companion offers biographies of leading Chicago economists and evaluations of the School's connection to approaches to economics that draw from and complement the School, including the Virginia School and the work of Armen Alchian and Edward Lazear. Moreover, this book is a first in many respects as it analyzes the interconnections of the Chicago School's theory, methodology, and policy, and considers by what means and ideas the School's policy framework is driven. The breadth and depth of the insights presented here will appeal especially to students and scholars of economics and historians interested in economics, social science and applied public policy.

Exchange Rate Theory and Practice

This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982.

Author : John F. Bilson

Release : 2007-12-01

Publisher : University of Chicago Press

ISBN : 9780226050997

File Size : 74.40 MB

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This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System.

Building Chicago Economics

Building Chicago Economics presents the first collective attempt by social science historians to chart the rise and development of the Chicago School during the decades that followed the Second World War.

Author : Robert Van Horn

Release : 2011-10-17

Publisher : Cambridge University Press

ISBN : 1139501712

File Size : 39.53 MB

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Over the past forty years, economists associated with the University of Chicago have won more than one-third of the Nobel prizes awarded in their discipline and have been major influences on American public policy. Building Chicago Economics presents the first collective attempt by social science historians to chart the rise and development of the Chicago School during the decades that followed the Second World War. Drawing on new research in published and archival sources, contributors examine the people, institutions and ideas that established the foundations for the success of Chicago economics and thereby positioned it as a powerful and controversial force in American political and intellectual life.

Jacob Viner

One of the most significant aspects of this history lies in the Chicago price theory
tradition—a tradition that has its genesis with Frank H. Knight and Jacob Viner in
the 1920s, continues most prominently today in the work of Steven Levitt of F ...

Author : Jacob Viner

Release : 2013-05-01

Publisher : Transaction Publishers

ISBN : 1412851661

File Size : 82.41 MB

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This book presents, for the first time, a detailed transcription of Jacob Viner's Economics 301 class as taught in 1930. These lecture notes provide insight into the legacy of Jacob Viner, whose seminal contributions to fields such as international economics and the history of economics are well known, but whose impact in sparking the revival of Marshallian microeconomics in the United States via his classroom teaching has been less appreciated. Generations of graduate students at the University of Chicago have taken Economics 301. The course has been taught by such luminaries as Milton Friedman and Gary Becker, and remains an introduction to the analytical tools of microeconomics and the distinctive Chicago way of thinking about the market system. This demanding and rigorous course first became famous in the 1930s when it was taught by Jacob Viner. When read in tandem with the Transaction editions of Milton Friedman's Price Theory, Frank Knight's The Economic Organization, and Gary Becker's Economic Theory, Viner's lectures provide the reader with important insights into the formative period of Chicago price theory. These recently discovered notes from Viner's class will be important for historians of economic thought and anyone interested in the origins of the Chicago School of Economics.

Elementary Price Theory

Input For a good survey of both theory and applications , see Hollis Output
Chenery and Paul Clark , Interindustry ... and lucid modern statement , see
Robert M. Solow , Capital Theory and the Rate of Return ( Chicago : Rand
McNally , 1963 ) .

Author : Benjamin N. Ward

Release : 1967

Publisher :

ISBN :

File Size : 59.27 MB

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Documents from Glenn Johnson and F. Taylor Ostrander

Economic Theory courses listed for the preceding academic years (1944–1945
and 1945–1946) were Economics 301, taught ... This correspondence was
published as the Making of Chicago Price Theory: Friedman–Stigler
Correspondence ...

Author : Marianne Johnson

Release : 2009-06-16

Publisher : Emerald Group Publishing

ISBN : 1848556616

File Size : 87.49 MB

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Consists of documents from Glenn Johnson and F Taylor Ostrander. This title includes notes from lectures by James E Meade on the linking of monetary theory with the pure theory of value; notes from the Socialist Club at the Cafe Verique in Geneva; and, correspondence between Frank H Knight and F Taylor Ostrander.

European Competition Law and Economics

The neo-classical Chicago views are therefore derived from the central issues of
price theory. From this perspective the Chicago School has developed a powerful
, if controversial, philosophy of competition. As stated above, price theory ...

Author : Roger van den Bergh

Release : 2001

Publisher : Intersentia nv

ISBN : 9050951619

File Size : 85.18 MB

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The aim of this book is to explore the economic fundamentals of European competition law.

The Interface Between Intellectual Property Rights and Competition Policy

Neo-classical price theory reprise The influence of oligopoly theory grew after the
Second World War, becoming ... This impulse toward Jeffersonian
entrepreneurialism was attacked by Chicago School price theorists, including
Robert Bork ...

Author : Steven D. Anderman

Release : 2007-05-10

Publisher : Cambridge University Press

ISBN : 1139462695

File Size : 76.46 MB

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The purpose of this book is to examine the experience of a number of countries in grappling with the problems of reconciling the two fields of competition policy and intellectual property rights. The first part of the book indicates the variation in legislative models as well as the wide variety of judicial and administrative doctrines that have been used. The jurisdictions selected for study are the three major trading blocks with the longest experience of case law (the EU, the USA and Japan) and three less populous countries with open economies (Australia, Ireland and Singapore). In the second part of the book we look at a number of issues closely related to the interface between competition law and intellectual property rights. Separate chapters analyse the issue of parallel trading and exhaustion of IPRs, the issue of technology transfer, and the economics of the interface between intellectual property and competition law.

Price Theory

namely , mathematical programming and the theory of games . ... is referred to K .
E . Boulding and G . J . Stigler ( editors ) , Readings in Price Theory , Chicago ,
Irwin , 1952 , Parts III , IV , and VI , and the bibliography by Rose Friedman at the
 ...

Author : William James Louden Ryan

Release : 1960

Publisher :

ISBN :

File Size : 46.83 MB

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Theory and Measurement

Through conversation, their writings on Friedman and the Chicago School, and
their criticism of my papers, they helped ... school class notes for someone who
was writing a paper on _]acob Viner's University of Chicago price theory course.

Author : J. Daniel Hammond

Release : 2005-11-10

Publisher : Cambridge University Press

ISBN : 9780521022644

File Size : 23.57 MB

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Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this 1996 work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business cycle methods and Friedman's Marshallian methodology. With the post-war dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be 'measurement without theory'. Drawing extensively upon unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.

Price Theory and Its Uses

Donald Stevenson Watson , ed . , Price Theory in Action : A Book of Readings (
Boston : Houghton Mifflin , 1965 ) , Chap . ... above ; Arnold C . Harberger , ed . ,
The Demand for Durable Goods ( Chicago : University of Chicago Press , 1960 ) .

Author : Donald Stevenson Watson

Release : 1968

Publisher :

ISBN :

File Size : 50.77 MB

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The theory of demand; The theory of the firm; Competitive pricing; Monopoly pricing; Pricing in imperfect competition; incomes as prices.

Intermediate Price Theory

... for Chevrolets in Chicago . The potential sellers in a market are frequently
referred to as an industry . This is true in particular of the economic units which
produce the product sold in a market . The sellers in 12 Intermediate Price Theory
.

Author : Diran Bodenhorn

Release : 1961

Publisher :

ISBN :

File Size : 47.83 MB

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The Chicago School

the backbone of the chicago school is a belief in the analytical power and
predictive capabilities of neoclassical price theory. However, this is not the same
thing as saying that price theory is a set of dogmas written in stone. According to
Milton ...

Author : Johan Van Overtveldt

Release : 2009-03-01

Publisher : Agate Publishing

ISBN : 9781572846494

File Size : 60.96 MB

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When Richard Nixon said “We are all Keynesians now” in 1971, few could have predicted that the next three decades would result in a complete transformation of the global economic landscape. The transformation was led by a small, relatively obscure group within the University of Chicago’s business school and its departments of economics and political science. These thinkers — including Milton Friedman, Gary Becker, George Stigler, Robert Lucas, and others — revolutionized economic orthodoxy in the second half of the 20th century, dominated the Nobel Prizes awarded in economics, and changed how business is done around the world. Written by a leading European economic thinker, The Chicago School is the first in-depth look at how this remarkable group came together. Exhaustively detailed, it provides a close recounting of the decade-by-decade progress of the Chicago School's evolution. As such, it's an essential contribution to the intellectual history of our time.

Price Theory and Applications

Acknowledgments I first learned economics at the University of Chicago in the
1970s , which means that I learned most of it , directly or indirectly , from Dee
McCloskey . Generations of Chicago graduate students were infected by Dee's ...

Author : Steven E. Landsburg

Release : 1999

Publisher : South Western Educational Publishing

ISBN :

File Size : 45.73 MB

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By the author of "The Armchair Economist", this text aims to make intermediate microeconomics fun and intellectually challenging. The writing style provides a friendly presentation with many applications, combined with a careful development of microeconomics theory. All of the standard topics of intermediate price theory are included, as well as many topics, such as alternative normative criteria, efficient asset markets, contestable markets, antitrust law, human capital, demand for public goods, and more. A unifying theme of social welfare is used throughout. The inclusion of higher-level mathematics is minimal.

The Economic Approach to Human Behavior

Perhaps no economist in our time has contributed more to expanding the area of interest to economists than Becker, and a number of these thought-provoking essays are collected in this book."—Choice Gary Becker was awarded the Nobel Prize ...

Author : Gary S. Becker

Release : 1976

Publisher : University of Chicago Press

ISBN : 9780226041124

File Size : 56.72 MB

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Since his pioneering application of economic analysis to racial discrimination, Gary S. Becker has shown that an economic approach can provide a unified framework for understanding all human behavior. In a highly readable selection of essays Becker applies this approach to various aspects of human activity, including social interactions; crime and punishment; marriage, fertility, and the family; and "irrational" behavior. "Becker's highly regarded work in economics is most notable in the imaginative application of 'the economic approach' to a surprising breadth of human activity. Becker's essays over the years have inevitably inspired a surge of research activity in testimony to the richness of his insights into human activities lying 'outside' the traditionally conceived economic markets. Perhaps no economist in our time has contributed more to expanding the area of interest to economists than Becker, and a number of these thought-provoking essays are collected in this book."—Choice Gary Becker was awarded the Nobel Prize in Economic Science in 1992.