ALTERNATIVE CLOSURES OF THE PRICE SYSTEM A key question for the modern classical approach concerns the choice of the exogenous distributive variable: are there problems with choosing the real wage ? What are the forces governing the real wage, assuming it

INTRODUCTION TO GROWTH THEORY MAIN POINTS: Duality of price and quantity systems in a growing economy The technological frontier of income distribution possibilities and the technological frontier of consumption-growth possibilities The dominant technique

MARGINALIST GROWTH THEORY I: SOLOW - SWAN MAIN POINTS: Growth without technical progress in a marginalist framework: full-employment in the steady state Diminishing returns and the steady state The steady state growth rate independent of the saving propen

POST(NEO)-KEYNESIAN / CAMBRIDGE GROWTH THEORY AND MODERN POSTKEYNESIAN / KALECKIAN MODELS MAIN POINTS: Variation in income distribution adjusts saving in line with investment in the long-run Post-Keynesian growth theory as a theory of income distribution

POST(NEO)-KEYNESIAN / CAMBRIDGE GROWTH THEORY AND MODERN POSTKEYNESIAN / KALECKIAN MODELS MAIN POINTS: Variation in income distribution adjusts saving in line with investment in the long-run Post-Keynesian growth theory as a theory of income distribution

CAPITAL THEORY REVISITED MAIN POINTS: Relative prices will vary with distribution and therefore in general input proportions cannot be defined independently of distribution Direction of change in capital to output ratio as r varies depends on technical co

ECOS3011 Public Finance
Lecture 1:
Introduction to public finance:
- Field of economics that analyses govt taxation and spending
- Govts role in the allocation of resources
- Public finance and taxes:
o Study how govts operate
o Personal income tax, corpo