By Sidney Homer, Richard Sylla
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A historical past of rates of interest offers a really readable account of rate of interest tendencies and lending practices over 4 millennia of financial heritage. regardless of the paucity of information sooner than the economic Revolution, authors Homer and Sylla offer a hugely special research of cash markets and borrowing practices in significant economies. Underlying the research is their statement that "the loose industry long term interest rates for any business kingdom, thoroughly charted, supply a kind of fever chart of the industrial and political future health of that nation." Given the big volatility of charges within the twentieth century, this suggests we're dwelling in age of political and monetary excesses which are mirrored in giant rate of interest swings. achieve extra perception into this statement by way of ordering a replica of this booklet at the present time.
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Additional resources for A History of Interest Rates (4th Edition)
The (stage 2) theory of dualistic economic growth that Fei and Ranis (1964) developed to explain the correlation presumed that wages in the industrial sector were set exogenously by institutional factors and that the marginal product of labor in agriculture was zero. This exemplifies the problem of misplaced exogeneity: The very thing that matters for policy is assumed, not derived. The Fei-Ranis model was discredited by Jorgenson (1969), who not only provided a fundamental model to explain the stylized fact in question but showed that his model provided a superior explanation of the empirics regarding the changing labor-force composition between the agricultural and industrial sectors.
Through conditional cash transfers. , that nonpoor taxpayers are made better off by increased food, shelter, health, and education of the poor (Harberger, 1978, 1984). , less slums to breed crime). Either case is appropriately represented as a consumption externality. 23 These arguments often overlook the availability of institutional ladders for climbing out. For example, James and Roumasset (1984) document nonconvexities in the return-toinvestment function facing migrants to newly settled areas of the Philippines.
16 17 For a further discussion of categorical and noncategorical theories in economics, see Walsh (1987). For a version of this theory with exogenous R&D, as well as a categorical application, see de Janvry et al. (1995). 24 CHAPTER 2 REFLECTIONS ON DEVELOPMENT POLICY The noncategorical theory remains intact. Indeed, Acemoglu’s (2002) theory of directed technical change can be seen as a much less restrictive, but still categorical, application of induced technical change that possibly could survive the O-R critique.
A History of Interest Rates (4th Edition) by Sidney Homer, Richard Sylla