ECON 460 Lecture Notes - Lecture 13: Joseph Schumpeter, Mechanism Design, General Glut
20 Sep 2013
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Malthus: normal means equilibrium; there may be times that equilibrium doesn"t happen; what determines is equilibrium supply of labor. Ricardo is cost-supply side person; interested in distribution of income and its division along landlords, capitalists and workers; interested in different trade policies; what happens to land rights; very concerned with long run; in. Priests don"t work and live off donations; poor people as well; malthus argues its not bad thing because encourages work for those that have to pay taxes and give donations. Possibility of clots that lead to unemployment. Where does unemployment come from in malthus? (check figure 1) Where does unemployment come from in malthus? (check figure 1) de cient demand in malthus refers to demand which is de cient for the purpose of maintaining the continuity of economic development, not de cient for the purpose of clearing the market. mr.
