
Quantitative Economics and Development
Essays in Memory of Ta-Chung Liu
- 1st Edition - January 1, 1980
- Imprint: Academic Press
- Editors: L. R. Klein, M. Nerlove, S. C. Tsiang
- Language: English
- Paperback ISBN:9 7 8 - 1 - 4 8 3 2 - 5 1 1 7 - 2
- eBook ISBN:9 7 8 - 1 - 4 8 3 2 - 7 1 6 1 - 3
Economic Theory, Econometrics, and Mathematical Economics: Quantitative Economics and Development: Essays in Memory of Ta-Chung Liu focuses on the advancements in the methodologies… Read more

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Request a sales quoteEconomic Theory, Econometrics, and Mathematical Economics: Quantitative Economics and Development: Essays in Memory of Ta-Chung Liu focuses on the advancements in the methodologies and processes in the field of quantitative economics. The selection first offers information on society, politics, and economic development, global stability of stochastic economic processes, and the design of mechanisms for the efficient allocation of public goods. Discussions focus on the design of individually incentive compatible mechanisms in an abstract setting, design problem under coalition formation, stability results for the economic models, invariant measures for diffusions, and disjoint principal-components method. The text then takes a look at critical observations on the labor theory of value and Sraffa's Standard Commodity and a generalization of Hotelling's solution. The manuscript examines an exploratory policy-oriented econometric model of a metropolitan area and the effect of simple specification error on the coefficients of "unaffected" variables, including distinctive features of the model and individual sectoral models. Temporal aggregation and econometric models; uniqueness of the representation of commodity-augmenting technical change; and technological change and growth performance in Taiwan agriculture are also discussed. The selection is a valuable source of data for economists and readers interested in quantitative economics.
List of Contributors
Preface
Ta-Chung Liu, 1914-1975
Publications of Ta-Chung Liu
Society, Politics, and Economic Development Revisited
Disjoint Principal-Components Method
Statistical Results
Principal-Components Analysis within Groups
Conclusion
References
On Global Stability of Some Stochastic Economic Processes: A Synthesis
I. Introduction
II. Basic Definitions
III. Some Economic Examples
IV. Invariant Measures for Diffusions
V. Stability Results for the Economic Models
References
The Design of Mechanisms for Efficient Allocation of Public Goods
I. Introduction
II. A Simple Method
III. The Design Problem Under Coalition Formation
IV. Examples of Quadratic Incentive Design Using (3.3) and (3.4)
V. Externalities in Consumption
VI. The Design of Individually Incentive Compatible Mechanisms in an Abstract Setting
VII. The Design of Mechanisms for Efficient Accumulation of Public Capital
VIII. Suggestions for Further Research and Summary
References
Critical Observations on the Labor Theory of Value and Sraffa's Standard Commodity
I. Introduction
II. A Single Leontief-Sraffa Technique of Production
III. A Pure Labor Theory of Value at Positive Profit Rates
IV. Necessary and Sufficient Conditions for a Pure Labor Theory of Value in a Leonteif-Sraffa Technology
V. Sraffa's Standard Commodity
VI. Sraffa's "Real Wage" Measure and the Constant-Returnsto-Scale Assumption
VII. A Pure Labor Theory of Neoclassical Production Functions
VIII. Simultaneous Validity of the Pure Labor Theory and the Neoclassical Parable
IX. A Few Fundamental Objections
References
The Selection of Variables for Use in Prediction
I. The Problem
II. Hotelling's Solution
III. A Geometric Interpretation of Hotelling's Solution
IV. Solution for Two Sets of Fixed Variates
V. Solution for Many Sets of Fixed Variates
VI. The Multivariate Case
VII. Concluding Remarks
References
Regression When Each of Two Variables Is Dependent Some of the Time
I. Introduction and Summary
II. The Estimating Equation for β̂ in a Simple Regression
III. The Estimating Equation for β̂ in a Multiple Regression
IV. The Estimator of β̂
V. Generalization to a Simultaneous Equation Model
An Exploratory Policy-Oriented Econometric Model of a Metropolitan Area: Boston
I. Introduction
II. Distinctive Features of the Model
III. Individual Sectoral Models
IV. Simulations
V. Conclusion
Appendix: Variable Names
References
The Effect of Simple Specification Error on the Coefficients of "Unaffected" Variables
References
Temporal Aggregation and Econometric Models
I. Introduction
II. Time Aggregation and Structural Specification
III. Time Aggregation of Forecasting Errors
IV. Time Aggregation and Linear Regression
V. Effects of Measurement Errors
VI. Empirical Tests
VII. Error Analysis
VIII. Policy Responsiveness
IX. Conclusion
Appendix
References
Recent Economic Fluctuations and Stabilization Policies: An Optimal Control Approach
I. Introduction and Summary
II. Experimental Design
III. Dynamic Multiplier
IV. The Optimal Control Solutions
V. A Final Correction
VI. An Algorithmic Variation
References
Notes on Income Distribution in Taiwan
I. Introduction
II. Changes to Income Distribution, 1964-1975
III. Distribution Among Groups by Occupation of Household Head, 1964-1975
IV. Differences in Per Worker Product Between A and Νοη-A Sectors, and Disparities in Per Person Income Between Farmer and Nonfarmer Households
V. Concluding Comments
References
On the Uniqueness of the Representation of Commodity-Augmenting Technical Change
I. Introduction
II. Statement of the Problem
III. The Main Theorem
IV. Conclusion
References
Technological Change and Growth Performance in Taiwan Agriculture, 1946-1975
I. Introduction
II. Growth Performance of the Agricultural Sector
III. Choice of Techniques in Taiwan's Agriculture
IV. Relative Income Shares and Technological Change in the Agricultural Sector
V. Conclusions
References
Exchange Rate, Interest Rate, and Economic Development
I. Introduction
II. Objections to Our Proposals and the Invalidity or Irrelevance of Their Arguments
III. The Effects of Our Proposals on the Economic Development of Taiwan
References
- Edition: 1
- Published: January 1, 1980
- Imprint: Academic Press
- No. of pages: 368
- Language: English
- Paperback ISBN: 9781483251172
- eBook ISBN: 9781483271613
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