Collected Papers

by Lloyd A. Metzler

Overview

A pioneer in bringing mathematical methods into everyday use in economics, Lloyd A. Metzler is well known for his adroit use of formal tools and exceptionally readable prose style which have provided a generation of economists with clear solutions to difficult analytical problems. The papers collected in this volume, including four previously unpublished, retain a freshness and clarity that is readily recognized by today's students of economics.

Over the years Mr. Metzler's contributions to economic theory have ranged widely over the fields of international economics, macroeconomic theory, business fluctuations, and the mathematical theory of general equilibrium. Most notably, he carries Lord Keynes's theories further, working out the essential properties of the foreign-trade multiplier. His discussions of tariff repercussions, capital transfers, and stability conditions in the foreign-exchange market are of vital importance to today's dramatic efforts to achieve economic stability throughout the world.

Collected Papers, enhanced by many tables and figures and clearly indicative of the author's far-reaching economic mind, is organized into four sections: The Theory of International Trade; Money, Interest, and Prices; Business Cycles and Economic Fluctuations; and Mathematical Economics and Statistics. Two of the articles in this volume were part of the author's doctoral thesis which was awarded the David A. Wells Prize at Harvard University.

Product Details

ISBN-13:	9780674137752
Publisher:	Harvard University Press
Publication date:	01/01/1973
Series:	Harvard Economic Studies , #140
Pages:	616
Product dimensions:	6.12(w) x 9.12(h) x 1.60(d)

About the Author

Lloyd A. Metzler served as consultant to many branches of the U.S. government, including the Federal Reserve System and the Treasury Department. He was Professor of Economics at the University of Chicago.

Table of Contents

Foreword

I. The Theory of International Trade

The Theory of International Trade

The Transfer Problem Reconsidered

Imported Raw Materials, the Transfer Problem, and the Concepts of Income

Flexible Exchange Rates, the Transfer Problem, and the Balanced-Budget Theorem

Exchange Rates and the International Monetary Fund

Tariffs, the Terms of Trade, and the Distribution of National Income

Tariffs, International Demand, and Domestic Prices

The Process of International Adjustment under Conditions of Full Employment: A Keynesian View

Graham's Theory of International Values

Underemployment Equilibrium in International Trade

Flexible Exchange Rates and the Theory of Employment

II. Money. Interest, and Prices

Wealth, Saving, and the Rate of Interest

The Structure of Taxes, Open-Market Operations, and the Rate of Interest

The Rate of Interest and the Marginal Product of Capital

III. Business Cycles and Economic Fluctuations

The Nature and Stability of Inventory Cycles

Partial Adjustment and the Stability of Inventory Cycles

Factors Governing the Length of Inventory Cycles

Three Lags in the Circular Flow of Income

Business Cycles and the Theory of Employment

IV. Mathematical Economics and Statistics

Stability of Multiple Markets: The Hicks Conditions

A Multiple-Region Theory of Income and Trade

A Multiple-Country Theory of Income Transfers

Taxes and Subsidies in Leontief's Input-Output Model

The Assumptions Implied in Least-Squares Demand Techniques

What People are Saying About This

Richard E. Caves

What makes a scholar's papers collectable? They should be scientifically important. They should reveal the action of a distinctive intellect applying itself to a series of interrelated problems. They should present lucid expositions of difficult problems that will attract generations of students (and their teachers). Lloyd Metzler's works pass each test with flying colors.
— Richard E. Caves, Chairman of the Harvard Economic Studies, Harvard University

What makes a scholar's papers collectable? They should be scientifically important. They should reveal the action of a distinctive intellect applying itself to a series of interrelated problems. They should present lucid expositions of difficult problems that will attract generations of students (and their teachers). Lloyd Metzler's works pass each test with flying colors.

Editorial Reviews

What makes a scholar’s papers collectable? They should be scientifically important. They should reveal the action of a distinctive intellect applying itself to a series of interrelated problems. They should present lucid expositions of difficult problems that will attract generations of students (and their teachers). Lloyd Metzler’s works pass each test with flying colors.

Richard E. Caves