木曜日, 1月 10, 2019

ハーンによる書評 経済学モデルを飛ばない飛行機の模型に喩える

https://www.jstor.org/stable/2232512?read-now=1&seq=1#metadata_info_tab_contents
https://www.jstor.org/stable/2232512


森嶋通夫が冒頭を引用(言及)
森嶋通夫(Morishima 1984)の論文は示唆に富んでいる。タイトルもズバリ"The Good and Bad Uses of Mathematics"
  1. ^ Morishima, Michio. 1984. "The Good and Bad Uses of Mathematics" in Economics in Disarrayedited by P. Wiles and G. Routh. Basil Blackwell. pp. 51-73.
以下にも引用

I have always regarded Competitive General Equilibrium analysis as akin to the mock-up an aircraft engineer might build. My amazement in recent years has accordingly been very great to find that many economists are passing the mock-up off as an airworthy plane, and that politicians, bankers, and commentators are scrambling to get seats. This at a time when theorists all over the world have become aware that anything based on this mock-up is unlikely to fly, since it neglects some crucial aspects of the world, the recognition of which will force some drastic redesigning. Moreover, at no stage was the mock-up complete.⁶⁶ 
[...]

Excerpt from: "The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn" by Avner Offer. Scribd.
Read this book on Scribd: https://www.scribd.com/book/360540393


Review

Reviewed Work: A Neoclassical Analysis of Macroeconomic Policy by Michael Beenstock
Review by: F. H. Hahn
The Economic Journal
The Economic Journal
Vol. 91, No. 364 (Dec., 1981), pp. 1036-1039 (4 pages)
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2232512
https://www.jstor.org/stable/2232512


a jstor.org

The Economic Jourmal, 91 (December 1981), 1036-10g2

Printed in Great Britain

REVIEWS


A Neoclassical Analysis of Macroeconomic Policy. By Michael BeensTocK. (Cam

bridge: Cambridge University Press, 198o. Pp. xii +231. ^18.50   


 I have always regarded Competitive General Equilibrium analysis as akin to the mock-up an aircraft engineer might build. My amazement in recent years has accordingly been very great to find that many economists are passing the mock-up off as an airworthy plane, and that politicians, bankers, and commentators are scrambling to get seats. This at a time when theorists all over the world have become aware that anything based on this mock-up is unlikely to fly, since it neglects some crucial aspects of the world, the recognition of which will force some drastic re-designing. Moreover, at no stage was the mock-up complete; in particular it provided no account of the actual working of the invisible hand. Yet here we are, and it is not surprising that Mrs Thatcher is reported as accusing Sir Keith Joseph of being 'just an economic theorist'. If that is how theorists proceed, we might just as well rely on guts and brawn. Of course, it should be remarked that the Keynesians were not much better.

If economists are to be useful, so it is often argued, they must give advice; and if that advice is to be taken seriously, it must be given with complete conviction. Certainly many live up to this precept. One can only hope that things are

otherwise in medicine!

In this context, Mr Beenstock's book has the right aim: to give a theoretical

(that is a logically coherent) account of the new (Neoclassical) Macro-

economics. In this he succeeds only partially, and not at all with any rigour.

He does not possess the theoretical skills of, say, Lucas, and so it happens

that on occasions he actually sells the Neoclassicals short. Indeed he lacks

the theoreticians' sense of orderliness and will often modify his account in

an ad hoc and arbitrary manner (e.g. when he suddenly lets disposable income

be an argument of what had hitherto been a Walrasian demand function)

His knowledge of contemporary theory is neither deep nor wide (e.g. he claims

that an economy in rational expectations equilibrium is Pareto efficient), nor

has he penetrated beyond the first layer of any argument about economic

policy (e.g. when he believes that there is nothing for government to do in

a Pareto-efficient world). He ties himself to a simple log-linear model which

is far more special than is required for some of his comparative statics exercises

and far too special to sustain any general dynamic propositions. Indeed he

finds it difficult to distinguish between example and theory and between

assumptions and propositions. Here is an instance: 'However our main

theoretical conclusions that discretionary macroeconomic policies are on the

whole undesirable rests on two crucial propositions which are (a) in the long

run excess demand will be eliminated and (b) expectations regarding future

macroeconomic aggregates are formed rationally...if either of these assumptions

are invalid...' (p. 3 my italics). A few lines on he tells us that 'this book is

[1036 ]



[DECEMBER 1981] BEENSTOCK MACROECONOMIC POLICY1037

concerned with the demonstration of these two propositions' (my italics). A truly

remarkable promise which of course is not fulfilled. Lastly at this general

level, it must be noted that Beenstock has no stomach for devil's advocacy

Thus he never considers any of the considerations and arguments which

could be advanced against his approach more than in passing. For instance,

he does not stop to consider whether the labour market is really like a market

for fish, one segment of which might be monopolised. This led me on occasions

to suspect that Beenstock was not at all engaged in the advocacy of a view

but rather in its description. I had to re-read the first and last chapters to

convince myself that this was not the case

Thus, from the point of view of economic theory, this is a slight, untidy

book which says little that has not been said before and which settles nothing

However, it does have some virtues. It is written in a lively style (with, how

ever, lots of 'hopefully'); it has verve and enthusiasm, and the exposition

of known concepts and ideas is often very good (e.g. rational expectations)

But its main danger is this: it will be pretty widely accessible. This in turn

should ensure that more people will learn on just what sort of flimsy foundations

current slogans are based; but it might not. The unwary and the student

might actually become 'believers', especially since at one stage we are given

undocumented regressions for scientific versimilitude. So the following note

form remarks are offered in the hope that they may cause some to hesitate

before they leap

(a) In general only 'large' economies can be perfectly competitive. There

seems to be extremely strong evidence that western industrial economies are

not large in this technical sense, at least not so far as many markets are

concerned. Now look at the supply equations (e.g. pp. 172, 714) and at the

interpretation of Y (p. 6o and elsewhere). Ask: what would happen to

Beenstock's propositions if output decisions actually depended on what people

think they can sell at various prices? Next notice that perfect competition

is implicit in only some of the equations we are offered. Thus on page 60, for

instance, it appears that agents actually change prices (not the auctioneer)

But then it is strange that in equation 3.4 prices change because demand

differs from 'capacity output'. Price adjustment equations in this book are

completely ad hoc and explanations when offered are not consistent with the

underlying theory. The equations also, for the most part, are highly implausible,

particularly those for money wage changes

(b) However, all the price adjustment equations have this common feature

prices will continue to change as long as the economy is not in its unique

Walrasian equilibrium in which expectations are not systematicallydisappointed

I have not been able to ascertain whether Beenstock thinks of these processes

as being a tâtonnement-he certainly does not allow agents to recalculate their

optimum plans when, in disequilibrium, they are disappointed. In any case,

the examples are mostly so chosen as to ensure convergence to the unique

equilibrium. (Sometimes the proof of this is not penetrable, e.g. p. 87 where

he claims that some coefficients in an equation are all positive.) Readers who

go so far as to accept the underlying model should try increasing the lags and




THE ECONOMIC TOURNAL

DECEMBER

perhaps introducing some simple non-linearities before they agree that Been-

stock has proved that the invisible hand does it all

(c) Beenstock is much taken with Rational Expectations-he often refers

to a Rational Expectations Revolution. He gives a good account of the macro

manifestation of this theory (but does not discuss Grossman or Radner or

Jordan, or any of the General Equilibrium manifestations). However, in

application and general comment, he often gets things wrong

(i) It is notorious that rational expectations equilibria are in general

not unique. One cannot in general argue that all rational expectations

paths of an economy, except one, are explosive (as does Beenstock). For

instance, it has been shown in the growth literature (with many capital and

consumption goods), that the steady state is not in general a saddle point

(ii) There is no evidence that God made a linear world. Even if he had

done so, a root of absolute value greater than one in a linear difference

equation does not mean that the variable goes to infinity in finite time

It can be shown in certain (non-linear) models that there is a rational

expectations equilibrium with a constant stock of money and always

rising prices, which asymptotically go to autarky (no trade). No one has

any reason to change his views. Beenstock's remarks on boundary con

ditions (pp. 148 et seq) are not generally applicable. The remark of

Minford's that one never observes exploding prices, which is quoted

with approval, seems factually false but also of no relevance to the point

at issue. One wonders whether Beenstock has ever observed an economy

in infinite time rational expectations equilibrium. One further notes that

there are also examples of rational expectations cycles

(iii) Beenstock's remarks on bootstrap equilibria are quite false and suggest that he has not thought very deeply on this matter. In any case,

Azariadis has produced a rigorous example of a rational expectations bootstrap cycle based on sunspots (or any economically intrinsically irrelevant stochastic process). The reader should try out Beenstock's argument on the arms race-or for that matter on education.

(iv) No analysis with quantity expectations is offered

(v) Rational expectations do not overcome the lack of Arrow-Debreu

markets. Creating markets involves set-up costs and, in general, there

is no reason to suppose that all socially desirable markets will be set

up (e.g. because of complementarities). Hence in general, Rational

Expectations equilibria are not Pareto-efficient (there is a large literature

on this). Of course there is no reason to suppose that any equilibrium of

whatever sort is socially optimal

(vi) Even on Beenstock's own terms, the economy may exhibit a funda-

mental class of externalities which he does not discuss. That is that one

agent's decision to buy may improve the lot of other agents who are

restrained in their selling. This has recently been discussed by Diamond

but of course it is an externality Keynes had much in mind. In any case,

Beenstock's Welfare Economics approach to macro-policy is not based

on precise, detailed, or convincing theorising.



1981]MALINVAUD: PROFITABILITY AND uNEMPLOYMENT

1039

I fear that I could continue in this vein for a long time. My copy of the

book has marginal comments (and exclamation marks) on almost every page

But let this summing up suffice

(1) There exist logically coherent descriptions of a Walrasian economy in

Rational Expectations equilibrium. In general, there is a whole set of such

equilibria. This set has the comparative statics properties claimed by Beenstock

and others in their exercises. There exists at the moment no coherent account

of an economy in Rational Expectations equilibrium when there is imperfect

competition and monopoly power (e.g. Trade Unions)

54

(2) The Welfare Economics of Walrasian Rational Expectations equilibria

is not that of the textbook. The Welfare Economics with asymmetric infor-

mation and, in particular, market-dependent information is not at the

moment developed. The same applies to economies where agents have market

power.

(3) There is no theory of how Rational Expectations Equilibria come to

be established. There are examples where this occurs and examples where it

does not. In studying these matters, one must not mix tâtonnement with path:s

on which actual transactions occur. Beenstock's tátonnement interpretation of

the Phillips' curve is for the birds and he is not followed in this by many

monetarists.

(4) The crucial questions are: is the Walrasian representation adequate?

and even if it is, have we strong grounds for supposing that there is convergence

to equilibrium? In my view, the answer to both questions is 'No'. Beenstock

at no stage provides the proper discussions; he relies on examples. Particularly

interesting is the possibility that economies might get stuck in unsatisfactory

equilibria which are not Walrasian. Beenstock does not consider this since

by fiat there cannot be equilibrium when agents are quantity constrained

At the end of all this, my advice is this: read the book if for no other reason

than to see the enthusiasm of the converts and its slender foundation. As for

myself, having worked mostly in Neoclassical Economics, all I can say is

'this is not what I meant, this is not what I meant at all'

F. H. HAHN

University of Cambridge

Profitability and Unemployment. By EdmonD Malinvaun. (Cambridge: Cambridge

University Press, 198o. Pp. viii + 108. 55.95

In the 195os and early 1g6os economic policy debates concentrated mainly upon

the mechanics and tools of Keynesian demand management. From the late

1g6os rising inflation and unemployment encouraged doubts about Phillips

curve assumptions and governments turned increasingly to incomes policies and

demand restraint. Problems intensified after the oil crisis of 1973 and there was

growing concern not only about increasing inflation, but also about declining

profitability. Professor Malinvaud feels that the new policy focus which has

emerged has not resulted from or been assisted by theoretical economists

(monetarists are presumably excluded from this category). Present economic



https://ufocatchme.exblog.jp/10147554/

Azariadis, C.,Intertemporal Macroeconomics, Blackwell, 1993
Sargent, T.J., Dynamic Macroeconomics Theory, Harvard, 1987
Roger E.A.Farmer, Macroeconomics of Self-fulfilling Prophecies 2nd ed, MIT press 1999
Stokey, N.L. and R.E. Lucas, Recursive Methods in Economic Dynamics, Harvard, 1989


https://en.m.wikipedia.org/wiki/Costas_Azariadis

Constantine Christos "Costas" Azariadis (GreekΚώστας Αζαριάδης; born February 17, 1943) is a macroeconomist born in AthensGreece. He has worked on numerous topics, such as labor marketsbusiness cycles, and economic growth and development. Azariadis originated and developed implicit contract theory.

Costas Azariadis
Doctoral
advisor
Edward C. Prescott
Robert Lucas
Doctoral
students
Russell W. Cooper

Contents

EducationEdit

Azariadis studied engineering in the National Technical University of Athens before earning his MBA and PhD in economics at Carnegie Mellon during 1969-73. His doctoral dissertation at Carnegie Mellon was advised by Edward C. Prescott and Robert Lucas. His dissertation won him the Alexander Henderson Awardfor excellence in economics, an award also won by Nobel Laureates Oliver WilliamsonDale MortensenFinn Kydland and Edward Prescott.

Academic trajectoryEdit

He was an assistant professor at Brown during 1973-76, a visiting researcher at Hebrew University in 1977, then at University of Pennsylvaniaduring 1977-92. He was appointed professor at UCLA in 1992. On July 1, 2006, he was made Edward Mallinckrodt Distinguished Professor in Arts & Sciences at the Economics Department of Washington University in St. Louis while retaining a position at UCLA as a professor emeritus. The same year, he became a research fellow at the Federal Reserve Bank of St. Louis. Azariadis was elected a Fellow of the Econometric Society in 1989.

Contributions to economicsEdit

Implicit contract theoryEdit

Azariadis originated implicit contract theory. He proved that wage rigidities may represent a mechanism by which firms insure workers against risk, thus showing that wage rigidity was not necessarily evidence in favor of the Keynesian theory. Later Azariadis demonstrated that there are ways in which uncertainty is structured that imply that wages cannot perform their risk insurance role and simultaneously produce full employment. This result aided the Keynesian theory by providing a coherent microeconomic explanation of unemployment.

Poverty trapEdit

Azariadis formalized and developed the idea of poverty trap. He showed that there would be multiple equilibria arising from threshold externalities in the overlapping generations model, and some of the equilibria are associated with long-lasting poverty. This novel idea envisioned the possibility of convergence clubs.

Self-fulfilling propheciesEdit

Azariadis contributed to clarifying the concept of sunspot equilibrium developed by David Cass and Karl Shell. He generalized it in the name of "Self-fulfilling prophecies" which consist of a belief system consistent with the rational expectations equilibrium. By doing that, he could demonstrate fluctuations can emerge endogenously in a neoclassical model of equilibrium in which prices are flexible and expectations are rational.

Major publicationsEdit

  • Azariadis, C. 1975. Implicit contracts and underemployment equilibria. Journal of Political Economy, 83: 1183-1202
  • Azariadis, C. 1976. On the Incidence of Unemployment, Review of Economic Studies (February): 115-125.
  • Azariadis, C. 1981. A Re-examination of Natural Rate Theory, American Economic Review (December): 946-960.
  • Azariadis, C. 1981. Self-Fulfilling Prophecies, Journal of Economic Theory, (December): 380-396.
  • Azariadis, C. 1983. Employment With Asymmetric Information, Quarterly Journal of Economics (Supplement): 157-172.
  • Azariadis, C. and R. Guesnerie, 1986. Sunspots and Cycles, Review of Economic Studies (October): 725-738.
  • Azariadis, C. and A. Drazen, 1990. Threshold Externalities in Economic Development, Quarterly Journal of Economics (May 1990): 501-526.
  • Azariadis, C. 1996. The Economics of Poverty Traps, Part One: Complete Markets, Journal of Economic Growth, (December): 449-486.
  • Azariadis, C. and B. Smith. 1998. Financial Intermediation and Regime Switching in Business Cycles, American Economic Review, (June): 516-536.
  • Azariadis, C. and L. Lambertini. 2003. Endogenous Debt Constraints in Lifecycle Economies, Review of Economic Studies: 461-488.
  • Azariadis, C., J. Bullard, and L. Ohanian. 2004. Trend-Reverting Fluctuations in the Life-Cycle Model, Journal of Economic Theory: 334-356.

Author of:

  • Intertemporal Macroeconomics. Oxford: Blackwell Publishers, February 1993. ISBN 1-55786-366-0

SourcesEdit

External linksEdit



マクロ経済動学における期待の役割 福田慎一
本稿ではまた,「サン・スポット均衡」の理論を紹介し,均衡において価格などの経済変数の動きが人々が抱く期待によって大きく左右されるということを明らかにする。
合理的期待均衡のもとでも経済変数がファンダメンタルズ以外の要因によって決定される可能性があることを示す経済変数の不決定性の問題を取り扱った分析の代表的なものが,「サン・スポット均衡」(sunspot equilibrium)と呼ばれる理論である3)。この理論は,線形の合理的期待モデルのもとではTaylor(1977),Blanchard and Kahn(1979)らによって,また,世代重複モデル(overlapping generations model)をベースとした非線形の合理的期待モデルのもとではShell(1977) や Cass and Shell(1983)らによって,その基礎的な研究が進められた4)。「サン・スポット均衡」の大きな特徴は,均衡において価格などの経済変数の動きが人々が抱く期待によって大きく左右されるということである。すなわち,経済のファンダメンタルズとは必ずしも関係のない心理の変化が,人々の経済環境に関する期待や経済行動に影響を与え,それが結果として価格などの経済変数を実際に変動させることになるのである。ここでの重要なポイントは,期待が人々の行動を変化させ,結果的にそれが期待した通りに経済変数を変化させるという点である。このような期待のあり方は,「自己実現的(self-fulfilling)」期待と呼ばれており,予想が完全に的中するという意味で,合理的期待の1つとも考えられている。このような自己実現的期待の存在は,現実の経済現象の中でもしばしば観察されているものである。たとえば,かつて為替レートの動きを大きく左右した「有事に強いドル」という考え方を取り上げてみよう。この考え方は,「戦争が勃発した場合にはドルが必ず値上がりする」というものである。厳密にいえば,戦争はさまざまな経済活動に多かれ少なかれ影響を与えるわけであるから,この考え方は必ずしもファンダメンタルズ以外の要因によるドルの上昇ということはできないかもしれない。しかしながら,「有事に強いドル」という考え方は今日ではほとんど為替レートには影響を与えなくなってきており,かつてこの考え方が為替レートに影響を与えた大きな理由は戦争の実物経済への影響とは無関係であったのではないかということが指摘されている。そしてその当時重要な役割を果たしたものは,「戦争が勃発した場合にはドルが必ず値上がりする」という人々の期待であり,この自己実現的期待の存在によって戦争が発生するとドルが買われ,結果的にドルが期待通り値上りしたものと考えられる。もっとも,これまでの研究を通じて明らかにされたことは,「サン・スポット均衡」が存在する経済状況は,ある意味で限定されたものであり,特定の条件が満たされるときのみその存在が確認できるということである。ただし,この存在条件は,通常,経済学的に意味のあるものであることが知られている。

3)経済学における「サン・スポット」という言葉自体の起源はかなり古く,太陽黒点(sunspot)と経済活動との関係を唱えたジェボンズ(W.S.Jevons)にまで遡る。彼は,その著書“InvestigationsinCurrencyandFinance”において,太陽黒点の数が天候を左右することで農産物の生産性に影響を与え,その結果景気変動が発生すると説いたのである。このジェボンズの考え方は,太陽黒点(サン・スポット)の数が生産性という経済のファンダメンタルズに影響を与えることで,経済変動が生まれるというものであった。しかし,近年研究が進んでいるサン・スポットの理論では,「サン・スポット」という言葉はジェボンズの考え方とは異なり,経済のファンダメンタルズとは全く無関係なショック(extrinsic uncertainty)の代名詞として使われるようになっている。
4)詳しくは,Azariadis(1993)参照。-

定常サンスポット均衡については、
福田慎一,(1995),『価格変動のマクロ経済学』,東京大学出版会。#6

Ⅸ.サン・スポット均衡
以下では,多少テクニカルにはなるが,この「サン・スポット均衡」が存在する数学的条件を簡単に確認し,その意味するところを説明しておこう。そのため,t期の価格水準ptがt+1期の価格水準pt+1に依存する動学体系:(8) pt=Ef(pt+1)
(ただし,E はt期の情報にもとづく条件付期待値)を考えてみよう。この動学方程式は非常に簡単なものであるが,このような動学体系は多くの標準的な経済モデルから導かれることはよく知られている。もし何らの不確実性が存在しない場合,この経済モデルは完全予見の動学モデルとなり,pt=f(pt+1)となる。しかしながら,ここではこの動学体系を満たす経済には,経済活動とは本来であれば全く無関係な事件(たとえば,太陽黒点の増加)が確率的に発生しているとする。特に,この事件が発生する確率過程はマルコフ過程に従っており,前期に事件が発生していた場合に今期もその事件が継続して発生する確率をq1,前期が事件が発生しなかった場合に今期に事件が発生する確率をq2とする。このような経済活動と無関係な事件の存在は,本来であれば,価格ptの動きには全く影響を与えないはずなので,この場合の動学方程式も完全予見のそれと一致すると思われるかもしれない。しかし,以下でみるようにこの考え方は一般に正しくないというのがサン・スポット均衡の基本的な考え方である。一般に,「定常サン・スポット均衡(stationary sunspot equilibrium)」が存在するとは,「均衡価格ptが経済活動とは本来無関係な事件が発生しているか否かによって異なる一定の値をとること」と定義される。したがって,事件が発生した場合のptの値をp1,それ以外の場合のptの値をp2とおいた時,p1≠p2に対して上の動学体系(8)が満たされる場合、すなわち以下の2式(9a) p1=q1f(p1)+(1-q1) f(p2)(9b) p2=q2f(p1)+(1-q2) f(p2)が成立するとき,「定常サン・スポット均衡」が存在ことになる。以上のような「定常サン・スポット均衡」の存在条件に関しては,これまでにも多くの研究が行われている。その代表的なものは,Woodford(1986)によるもので,そこでは,関数fが通常の仮定を満たし,かつ,定常均衡pt=p*において(10) |f′(p*)|>1という関係が成立するとき,定常値p*の近傍で定常サン・スポット均衡が存在することが明らかにされている。もちろん,以上の条件はあくまでもサン・スポット均衡が存在する数学的な条件を示したものにすぎない。しかし,具体的に経済モデルに即して(8)式のような動学体系を考え直してみると,サン・スポット均衡を生み出すある種の経済的メカニズムを知ることができる。そしてそのメカニズムを分析することを通じて,たとえば,なぜかつて「有事に強いドル」という考え方が為替レートの動きを大きく左右したのかといった問題の謎を明らかにする手がかりをつかむことができる。もっとも先に述べたように,一見簡単に成立しそうな条件式(10)は経済モデルでは必ずしも満たされることは多くない。たとえば,外部性が存在しない最適経済成長モデルなどの動学モデルでは,定常サン・スポット均衡が存在するための十分条件(10)式は満たされないことはよく知られている。しかしながら,条件式(10)は特に市場に不完全性が存在する動学モデルで満たされる場合があることも知られている。なかでも,貨幣経済モデルでは,定常サン・スポット均衡の存在に関してはこれまで多くの研究が行われてきた5)。また,最適成長モデルでも,外部性が存在する場合には,サン・スポット均衡が存在しうることが最近知られるようになった(たとえば,Benhabiband Farmer(1994),Benhabib and Nishimura(1998)および西村(2001))。

5)この点に関しては,福田(1995)の6章を参照のこと。

参考文献
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西村和雄,(2001),「連続時間モデルにおける均衡成長と非線形動学」『現代経済学の潮流2001』第1章,東洋経済新報社。Journal of Economic Theory 81,58‐96.Bewley, T.F.,(1986),“Knightian Decision Theory, Part1,”Cowles Foundation Discussion Paper 807,Yale University.福田慎一,(1995),『価格変動のマクロ経済学』,東京大学出版会。Akerlof, G.A., and J.L. Yellen,(1985),“A Near Rational Model of the Business Cycle, with Wage and Price Inertia,” Quarterly Journal of Economics 100 supplement,823‐838.Alesina, A., and L. Summers,(1993),“Central Bank Independence and Macroeconomic Performance : Some Comparative Evidence,” Journal of Money, Credit, and Banking 25,151‐162.
Azariadis, C.,(1993),Intertemporal Macroeconomics, Blackwell, Oxford UK.

Azariadis, C. 1981. Self-Fulfilling Prophecies, Journal of Economic Theory, (December): 380-396.


須田信一論考