Essays in Economics: Consumption and econometrics. Volume 2Volume 2 of James Tobin's Essays in Economics brings together twenty papers published between 1940 and 1972. These cover macroeconomics, particularly the theory of the relationship between unemployment and inflation and the dilemma their connection poses for policy; consumption function, which is also related to macroeconomic theory and to the theory of individual behavior; consumer theory and statistical method applied to the problem of rationing; and the development and application of econometric methods suitable for the empirical analysis of consumer behavior.James Tobin received the Nobel Prize in 1981 and is Sterling Professor of Economics at Yale. Essays in Economics, Volume 1: Macroeconomics and Volume 3: Theory and Policy are both available from The MIT Press. |
Contents
The Cruel Dilemma | 3 |
Phillips Curve Algebra | 11 |
The WagePrice Mechanism | 17 |
Inflation and Unemployment | 33 |
The Consumption Function | 61 |
The Consumption Function | 63 |
Relative Income Absolute Income and Saving | 91 |
Milton Friedmans Theory of the Consumption Function | 115 |
Consumer Expenditures and the Capital Account | 247 |
On the Relevance of Psychology to Economic Theory and Research | 291 |
On the Predictive Value of Consumer Intentions and Attitudes | 299 |
Rationing | 319 |
A Survey of the Theory of Rationing | 321 |
The Effects of Rationing on Demand Elasticities | 359 |
Estimates of the Free Demand for Rationed Foodstuffs | 379 |
A Statistical Demand Function for Food in the U S A | 399 |
Life Cycle Saving and Balanced Growth | 127 |
Wealth Liquidity and the Propensity to Consume | 155 |
Monetary and Fiscal Effects on Consumption | 175 |
Some Evidence from Analysis of a Survey | 217 |