Resource Allocation During the Transition to a Market Economy: Policy Implications of Supply Bottlenecks and Adjustment Costs

1993 ◽  
Author(s):  
Joshua Aizenman ◽  
Peter Isard
Keyword(s):  
Resource Allocation ◽  
Market Economy ◽  
Adjustment Costs ◽  
Policy Implications ◽  
Economy Policy

Theory of the Firm: Resource Allocation in a Market Economy

Econometrica ◽  
1967 ◽  
Vol 35 (2) ◽  
pp. 365
Author(s):  
Bernard J. Marks ◽  
Kalman J. Cohen ◽  
Richard M. Cyert
Keyword(s):  
Resource Allocation ◽  
Market Economy ◽  
Theory Of The Firm

Theory of the Firm: Resource Allocation in a Market Economy

Econometrica ◽  
1966 ◽  
Vol 34 (4) ◽  
pp. 902
Author(s):  
Kenneth E. Boulding ◽  
Kalman J. Cohen ◽  
Richard M. Cyert
Keyword(s):  
Resource Allocation ◽  
Market Economy ◽  
Theory Of The Firm

scholarly journals Faculty without Students: Resource Allocation in Higher Education

2009 ◽  
Vol 23 (2) ◽  
pp. 169-189 ◽  
Author(s):  
William R Johnson ◽  
Sarah Turner
Keyword(s):  
Higher Education ◽  
Resource Allocation ◽  
Student Learning ◽  
Graduate Program ◽  
Basic Education ◽  
Adjustment Costs ◽  
Substantial Part ◽  
Full Time ◽  
Education Production ◽  
Faculty Salaries

Colleges and universities display substantial differences in the ratio of students to faculty across fields or disciplines. At Harvard University, for example, economics has about 16 students majoring in the subject per full-time-teaching equivalent, while in other departments such as astronomy, Slavic, German, and Celtic, the number of teaching faculty exceeds the number of student majors. We begin by presenting some evidence on the extent of the variation in faculty resource allocation by field and the broad changes over the last several decades. We then consider potential economic explanations for these striking patterns. For example, a basic education production function, which seeks to maximize aggregate student learning subject to a faculty salary budget constraint, will require that faculty be allocated across fields so that relative marginal gains in student learning equal relative faculty salaries. Differences across fields in student–faculty ratios could then arise either from differences in the pedagogical technology across fields or variation in relative faculty salaries. Additional university goals, such as research and graduate program productivity, or adjustment costs, as imposed by the tenure system, could also generate variation across fields in student–faculty ratios. However, we have only limited evidence that these arguments can explain the ongoing disparities in student–faculty ratios across fields and disciplines, which suggests that a substantial part of the explanation may reside in the politics rather than the economics of decision making in institutions of higher education.

scholarly journals Asymmetric Effects of Monetary Policy on the Armenian Economy

2021 ◽  
Vol 80 (1) ◽  
pp. 46-103
Author(s):  
Haykaz Igityan ◽  
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Phillips Curve ◽  
Small Open Economy ◽  
Adjustment Costs ◽  
Policy Implications ◽  
Policy Shocks ◽  
The Asymmetry ◽  
Monetary Policy Shock ◽  
Monetary Policy Transmission Mechanism

Whether inflation and output respond symmetrically or asymmetrically to the same size of contractionary and expansionary monetary policy shock has important policy implications. This paper shows the presence of asymmetric responses in Armenian inflation and output to positive and negative monetary policy shocks of the same size by employing econometric models. Contractionary policy decreases inflation less than expansionary policy increases it. Output reacts in the opposite way. An estimated small open economy DSGE model with sticky wages and investment adjustment costs explains about half of the asymmetry observed in the monetary policy transmission mechanism. This paper finds that the main part of inflation reaction asymmetry is a result of a highly convex Phillips curve for the importers. The nonlinearities of the internal economy explain the predominant part of the asymmetry in output reaction.

Theory of the Firm: Resource Allocation in a Market Economy

1966 ◽  
Vol 32 (4) ◽  
pp. 532
Author(s):  
H. A. John Green ◽  
Kalman J. Cohen ◽  
Richard M. Cyert
Keyword(s):  
Resource Allocation ◽  
Market Economy ◽  
Theory Of The Firm
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