Inflation, Open Economies and Resources: The Collected Writings of Paul Davidson, Volume 2

This collection of writings covers such subjects as income distribution, inflation, macroeconomics, expectations, open economies, national and natural resources. Davidson's writings are also available as a two-volume set.

Table of Contents:
Part 1 Income distribution and inflation: a clarification of the Ricardian rent share; increasing employment, diminishing returns, relative shares and Ricardo; inequality, and the double bluff; a discussion of Leijonhufvud's social consequences of inflation; is there a shortage of savings in the United States?; the role of financial institutions; monetary and fiscal policy in capital accumulation during periods of stagflation; incomes policy as a social institution; policies for prices and incomes; can effective demand and the movement towards income equality be maintained in the face of robotics?; only in America - neither the homeless nor the yachtless are economic problems; markets and governments - the comparison of means and objectives under different economic systems. Part 2 Macroeconomics and expectations: causality in economics - a review; rational expectations - a fallacious foundation for studying crucial decision-making processes; user cost; Shackle and Keynes vs rational expectations therory on the role of time, liquidity, and financial markets; a technical definition of uncertainty and the long run non-neutrality of money; is probablity theory relevant for uncertainty - a different perspective. Part 3 Open economies: monetary policy, regulation & international adjustments; international money and internatiional economic relations; liquidity proposals for a new Bretton Woods plan; is free trade always the right policy? - monetary theory and policy in a global context with a large international debt. Part 4 National resources - energy: public policy problems of the domestic crude oil industry; public policy problems of the domestic crude oil industry - rejoinder; the depletion alowance revisited; oil - its time allocation and project independence; testimony before the US Senate subcommittee on antiturst and monopoly; the relations of economic rent and price incentives to oil and gas supplies; the price system, conglomerate energy companies and OPEC; divestiture and the economics of energy supplies; the economics of natural resources; the Carter energy proposal; the United States internal revenue service - the fourteenth member of OPEC?; oil conservation - theory vs policy. Part 5 Natural resources - water and recreation: the social value of water recreational facilities resulting from an improvement in water quality in an estuary; an exploratory study to identify and measure the benefits derived from the scenic enhancement of federal-aid highways; the valuation of public goods; an analysis of recreation use of TVA lakes; the economic benefits accruing from the scenic enhancement of highways. Part 6 Other testimonies: testimony before the house of representatives committee on ways and means, March 6, 1975; federal communications commission - US government; the future of the three R'S - regulations, reserves and Reagonomics.