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Sir John Richard Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.
Reinhard Justus Reginald Selten was a German economist, who won the 1994 Nobel Memorial Prize in Economic Sciences. He is also well known for his work in bounded rationality and can be considered one of the founding fathers of experimental economics.
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The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth. In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
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In economics, the term sunspots refers to an extrinsic random variable, that is, a random variable that does not affect economic fundamentals. Sunspots can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term sunspots as a suggestive and less technical way of saying "extrinsic random variable".
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Duncan K. Foley is an American economist. He is the Leo Model Professor of Economics at the New School for Social Research and an External Professor at the Santa Fe Institute. Previously, he was Associate Professor of Economics at MIT and Stanford, and Professor of Economics at Columbia University. He has held visiting professorships at Woodrow Wilson School at Princeton University, UC Berkeley, and Dartmouth College, as well as the New School for Social Research.
Lance Jerome Taylor was an American economist who was known for his contributions to structuralist macroeconomics. He was the Arnhold Professor of International Cooperation and Development and director of the Center for Economic Policy Analysis at the New School for Social Research
In macroeconomics, the Keynes–Ramsey rule is a necessary condition for the optimality of intertemporal consumption choice. Usually it is expressed as a differential equation relating the rate of change of consumption with interest rates, time preference, and (intertemporal) elasticity of substitution. If derived from a basic Ramsey–Cass–Koopmans model, the Keynes–Ramsey rule may look like
References
- ↑ David Cass; Karl Shell (1983). "Do Sunspots Matter?". Journal of Political Economy. 91 (2): 193–227. doi:10.1086/261139. JSTOR 1832054. S2CID 1981980.
- ↑ Shell, Karl. "Sunspot Equilibrium". karlshell.com.
