Collected PapersA pioneer in bringing mathematical methads into everyday use in economics, Lloyd A. Metzler is well known for his adroit use of formal tools and exceptionally readable prose style which have provided a generation of economists with clear solutions to difficult analytical problems. The papers collected in this volume, including four previously unpublished, retain a freshness and clarity that is readily recognized by today's students of economics. Over the years Mr. Metzler's contributions to economic theory have ranged widely over the fields of international economics, macroeconomic theory, business fluctuations, and the mathematical theory of general equilibrium. Most notably, he carries Lord Keynes's theories further, working out the essential properties of the foreign-trade multiplier. His discussions of tariff repercussions, capital transfers, and stability conditions in the foreign-exchange market are of vital importance to today's dramatic efforts to achieve economic stability throughout the world. Collected Papers, enhanced by many tables and figures and clearly indicative of the author's far-reaching economic mind, is organized into four sections: The Theory of International Trade; Money, Interest, and Prices; Business Cycles and Economic Fluctuations; and Mathematical Economics and Statistics. Two of the articles in this volume were part of the author's doctoral thesis which was awarded the David A. Wells Prize at Harvard University. |
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Contents
The Theory of International Trade | 1 |
The Transfer Problem Reconsidered | 50 |
Imported Raw Materials the Transfer Problem and the Concepts of Income | 70 |
Flexible Exchange Rates the Transfer Problem and the BalancedBudget Theorem | 95 |
Exchange Rates and the International Monetary Fund | 112 |
Tariffs the Terms of Trade and the Distribution of National Income | 159 |
Tariffs International Demand and Domestic Prices | 198 |
A Keynesian View | 209 |
The Rate of Interest and the Marginal Product of Capital | 363 |
Business Cycles and Economic Fluctuations | 391 |
The Nature and Stability of Inventory Cycles | 393 |
Partial Adjustment and the Stability of Inventory Cycles | 428 |
Factors Governing the Length of Inventory Cycles | 440 |
Three Lags in the Circular Flow of Income | 465 |
Business Cycles and the Theory of Employment | 482 |
Mathematical Economics and Statistics | 497 |
Grahams Theory of International Values | 234 |
Underemployment Equilibrium in International Trade | 258 |
Flexible Exchange Rates and the Theory of Employment | 275 |
Money Interest and Prices | 309 |
Wealth Saving and the Rate of Interest | 311 |
The Structure of Taxes OpenMarket Operations and the Rate of Interest | 345 |
The Hicks Conditions | 499 |
A MultipleRegion Theory of Income and Trade | 516 |
A MultipleCountry Theory of Income Transfers | 545 |
Taxes and Subsidies in Leontiefs InputOutput Model | 568 |
The Assumptions Implied in LeastSquares Demand Techniques | 575 |