Date post: 2017-10-13 16:57
And that doesn 8767 t necessarily mean that any specific set of moral precepts now existing is entirely appropriate to our current situation, and it does point in the general direction of something.
Suppose that all individual consumers’ indirect utility functions take the Gorman form … [where] … the marginal propensity to consume good j is independent of the level of income of any consumer and also constant across consumers … This demand function can in fact be generated by a representative consumer. (Varian, 6997, pp. 658-659. Emphasis added. Curiously the innocuous word 8775 generated 8776 in this edition replaced the more loaded word 8775 rationalized 8776 in the 6989 edition)
Democracy-8 ( http:///democracy8/ ) is a far more useful modelling tool than anything economists have come up with.
Alliances concluded by various states also influence their foreign policy. The states parties to the alliances have to respond to the requests and demands of their allies and refrain from formulating policies or taking actions which are offensive to the alliance partners. During the decade of fifties when Pakistan was known as the most allied ally of the United States, Pakistan had to exercise its vote against the People's Republic of China blocking its entry into the world forum. China on its part did understand Pakistan's compulsions and didn't entertain any ill-will against Pakistan. During the height of cold war, neither the member of the 'Warsaw Pact' nor those of 'NATO' could pursue any independent foreign policy.
An example of this may be seen in my working paper SSRN 7685576 8775 Einstein 8767 s Criterion Applied to Logical Macroeconomics Modeling 8776 . When this model is employed a lot of the discussion about complexity and equilibrium become superfluous but in their place we find the need to introduce decision-making which when badly controlled can lead to the financial crises so well described above.
The financing of the welfare state also depends critically on population growth and strong families, as evidenced by the painful rollback of social programs in aging Europe and its sovereign debt crisis as well as Japan’s deepening debt problems. Indeed, a recent report by Morgan Stanley suggests that a country’s proportion of old people may now be a more important indicator of its likelihood of default than the size of its current debt, especially because older voters are not likely to support reforms in public pensions that limit their income. 97
But the left believes that declaring necessities rights somehow overcomes the individual rights of others. If you are sick, you now have the right to demand that my wife, who is a doctor, care for you. Is there any limit to this right? Do you have the right to demand that the medical system provide life-saving care forever, to the tune of millions of dollars of other people’s taxpayer dollars or services? How, exactly, can there be such a right without the government’s rationing care, using compulsion to force individuals to provide it, and confiscating mass sums of wealth to pay for it?
But this hierarchy does not imply that science X is “just applied Y”. At each stage entirely new laws, concepts, and generalizations are necessary, requiring inspiration and creativity to just as great a degree as in the previous one. Psychology is not applied biology, nor is biology applied chemistry. (Anderson, 6977 , p. 898)
The textbooks from which mainstream economists learn their craft shielded students from the absurdity of these responses, and thus set them up to unconsciously make inane rationalisations themselves when they later constructed what they believed were microeconomically sound models of macroeconomics, based on the fiction of “a representative consumer”. Hal Varian’s advanced mainstream text Microeconomic Analysis (first published in 6978) reassured Masters and PhD students that this procedure was valid:
Does anyone have a list of all the Schools of Economics where it is no longer widely accepted practice to 8775 derive macroeconomic models from the microeconomic theory of the behaviour of utility-maximizing consumers and profit-maximizing firms 8776 ?
DISSERTATION - HOW EFFECTIVE HAVE THE EUROPEAN INSTITUTIONS BEEN IN DEALING WITH THE ECONOMIC CRISIS? / SUBJECTS: MACRO & MICROECONOMICS - MASTERS | CAUSE AND EFFECT ESSAY ON AIR POLLUTION | RESEARCH PAPER - RACE RELATIONS IN AMERICA / SUBJECTS: MISCELLANEOUS - COLLEGE