scholarly journals Marx, Say’s Law and Commodity Money

2020 ◽  
Vol 39 (1) ◽  
pp. 23-41
Author(s):  
Andrew B Trigg
Keyword(s):  
Aggregate Demand ◽  
Commodity Money ◽  
Wear And Tear ◽  
Monetary Equilibrium ◽  
Commodity Demand

Abstract Under Marx’s critique of Say’s Law, as originally devised by Say and James Mill, money hoarding leads to a shortfall in aggregate demand. This paper responds to a Post Keynesian argument that hoarding does not restrict aggregate demand since for Marx money consists of a produced commodity, and hoarding is just one form of commodity demand. Drawing on Marx’s monetary writings, a new monetary equilibrium is suggested in which produced gold is used to replace wear and tear in circulation. An alternative critique of Say’s Law is thus proposed as a contribution to understanding the complexity of Marx’s monetary foundations.

scholarly journals Contrasting temporal difference and opportunity cost reinforcement learning in an empirical money-emergence paradigm

2018 ◽  
Vol 115 (49) ◽  
pp. E11446-E11454 ◽  
Author(s):  
Germain Lefebvre ◽  
Aurélien Nioche ◽  
Sacha Bourgeois-Gironde ◽  
Stefano Palminteri
Keyword(s):  
Reinforcement Learning ◽  
Human Subjects ◽  
Optimal Strategies ◽  
Theoretic Approach ◽  
Monetary Search ◽  
Commodity Money ◽  
Theoretical Predictions ◽  
Monetary Equilibrium ◽  
Reinforcement Learning Models ◽  
Classical Economic

Money is a fundamental and ubiquitous institution in modern economies. However, the question of its emergence remains a central one for economists. The monetary search-theoretic approach studies the conditions under which commodity money emerges as a solution to override frictions inherent to interindividual exchanges in a decentralized economy. Although among these conditions, agents’ rationality is classically essential and a prerequisite to any theoretical monetary equilibrium, human subjects often fail to adopt optimal strategies in tasks implementing a search-theoretic paradigm when these strategies are speculative, i.e., involve the use of a costly medium of exchange to increase the probability of subsequent and successful trades. In the present work, we hypothesize that implementing such speculative behaviors relies on reinforcement learning instead of lifetime utility calculations, as supposed by classical economic theory. To test this hypothesis, we operationalized the Kiyotaki and Wright paradigm of money emergence in a multistep exchange task and fitted behavioral data regarding human subjects performing this task with two reinforcement learning models. Each of them implements a distinct cognitive hypothesis regarding the weight of future or counterfactual rewards in current decisions. We found that both models outperformed theoretical predictions about subjects’ behaviors regarding the implementation of speculative strategies and that the latter relies on the degree of the opportunity costs consideration in the learning process. Speculating about the marketability advantage of money thus seems to depend on mental simulations of counterfactual events that agents are performing in exchange situations.

The Inhibition of Platelet Aggregation by an Aorta Intima Extract

1974 ◽  
Vol 32 (02/03) ◽  
pp. 417-431 ◽  
Author(s):  
A. du P Heyns ◽  
D. J van den Berg ◽  
G. M Potgieter ◽  
F. P Retief
Keyword(s):  
Platelet Aggregation ◽  
Degradation Products ◽  
Adenosine Diphosphate ◽  
Inhibitory Effect ◽  
Protective Role ◽  
Vascular Trauma ◽  
Wear And Tear ◽  
Sequential Addition ◽  
Aggregation Activity

SummaryThe platelet aggregating activity of extracts of different layers of the arterial wall was compared to that of Achilles tendon. Arterial media and tendon extracts, adjusted to equivalent protein content as an index of concentration, aggregated platelets to the same extent but an arterial intima extract did not aggregate platelets. Platelet aggregation induced by collagen could be inhibited by mixing with intima extract, but only to a maximum of about 80%. Pre-mixing adenosine diphosphate (ADP) with intima extracts diminished the platelet aggregation activity of the ADP. Depending on the relationship between ADP and intima extract concentrations aggregating activity could either be completely inhibited or inhibition abolished. Incubation of ADP with intima extract and subsequent separation of degradation products by paper chromatography, demonstrated a time-dependent breakdown of ADP with AMP, adenosine, inosine and hypoxanthine as metabolic products; ADP removal was complete. Collagen, thrombin and adrenaline aggregate platelets mainly by endogenous ADP of the release reaction. Results of experiments comparing inhibition of aggregation caused by premixing aggregating agent with intima extract, before exposure to platelets, and the sequential addition of first the intima extract and then aggregating agent to platelets, suggest that the inhibitory effect of intima extract results from ADP breakdown. It is suggested that this ADP degradation by intima extract may play a protective role in vivo by limiting the size of platelet aggregates forming at the site of minimal “wear and tear” vascular trauma.

Economic effects of monetary policy in Russia: What do large datasets tell us?

2020 ◽  
pp. 31-53 ◽  
Author(s):  
Anna A. Pestova ◽  
Natalia A. Rostova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Economic Activity ◽  
Global Financial Crisis ◽  
Exchange Rate Regime ◽  
Aggregate Demand ◽  
Economic Effects ◽  
Theoretical Concepts ◽  
Empirical Estimates

Is the Bank of Russia able to control inflation and, at the same time, manage aggregate demand using its interest rate instruments? In other words, are empirical estimates of the effects of monetary policy in Russia consistent with the theoretical concepts and experience of advanced economies? This paper is aimed at addressing these issues. Unlike previous research, we employ “big data” — a large dataset of macroeconomic and financial data — to estimate the effects of monetary policy in Russia. We focus exclusively on the period after the 2008—2009 global financial crisis when the Bank of Russia announced the abandoning of its fixed ruble exchange rate regime and started to gradually transit to an interest rate management. Our estimation results do not confirm standard responses of key economic activity and price variables to tightening of monetary policy. Specifically, our estimates do not reveal a statistically significant restraining effect of the Bank of Russia’s policy of high interest rates on inflation in recent years. At the same time, we find a significant deteriorating effect of the monetary tightening on economic activity indicators: according to our conservative estimates, each of the key rate increases occurred in March and December 2014 had led to a decrease in the industrial production index by about 0.2 percentage points within a year.

A Comparative Overview of the Fair Wear and Tear Exception: the Duty of Holders of Temporary Interests to Preserve Property

2002 ◽  
Vol 6 (1) ◽  
pp. 85-100
Author(s):  
Raffaele Caterina
Keyword(s):  
Common Core ◽  
Complete Solution ◽  
Roman Law ◽  
Private Ownership ◽  
Legal Systems ◽  
Personal Rights ◽  
Wear And Tear ◽  
Long Life ◽  
The Law ◽  
The Relationship

“A system of private ownership must provide for something more sophisticated than absolute ownership of the property by one person. A property owner needs to be able to do more than own it during his lifetime and pass it on to someone else on his death.”1 Those who own things with a long life quite naturally feel the urge to deal in segments of time. Most of the owner's ambitions in respect of time can be met by the law of contract. But contract does not offer a complete solution, since contracts create only personal rights. Certain of the owner's legitimate wishes can be achieved only if the law allows them to be given effect in rem—that is, as proprietary rights. Legal systems have responded differently to the need for proprietary rights limited in time. Roman law created usufruct and other iura in re aliena; English law created different legal estates. Every system has faced similar problems. One issue has been the extent to which the holder of a limited interest should be restricted in his or her use and enjoyment in order to protect the holders of other interests in the same thing. A common core of principles regulates the relationship between those who hold temporary interests and the reversioners. For instance, every system forbids holder of the possessory interest to damage the thing arbitrarily. But other rules are more controversial. This study focuses upon the rules which do not forbid, but compel, certain courses of action.

Merging Footwear Design and Functionality

2020 ◽  
Vol 20 (4) ◽  
pp. 372-381
Author(s):  
Suzana Kutnjak-Mravlinčić ◽  
Jadranka Akalović ◽  
Sandra Bischof
Keyword(s):  
Science And Technology ◽  
Raw Material ◽  
Quality Level ◽  
Material Content ◽  
Production Concept ◽  
Wear And Tear ◽  
Similar Appearance ◽  
Key Aspects ◽  
Footwear Design

AbstractFunctionality and appearance are key aspects of good footwear. Developments in recent science and technology offer a wider scope of innovations, contributing to diversity and higher complexity of the production concept of footwear. Contemporary industrial footwear market offers a practically limitless number of new design and fashion solutions, often of quite similar appearance, but with significant differences in quality level, both regarding manufacture, raw material content, durability, and in some special functional finishes. The materials for footwear manufacture are functionalized for functional protective purposes, such as antimicrobial, waterproofing, fire resistant, wear and tear resistant, and recently for some therapeutical purposes. Novelties in material functionalization for the materials built in the footwear are most often promoted and presented on tags and labels and are used as advertisement issues, while some functionalities have become a logo for some brands.

Inclusive Growth with Zakat

2015 ◽  
Vol 54 (4I-II) ◽  
pp. 997-1010
Author(s):  
Muhammad Mazhar Iqbal
Keyword(s):  
Economic Growth ◽  
Aggregate Demand ◽  
Economic Consequences ◽  
Poor People ◽  
Kuznets Curve ◽  
Inclusive Growth ◽  
Marginal Productivity ◽  
The Social

Zakat is an annual religious levy that is collected from rich Muslims and its proceeds are disbursed among poor people of the society. It has many spiritual and social merits. For example, it purifies the hearts of zakat-givers as they give away a part of their wealth, one of the most precious things in their lives, seeking the pleasure of God without requiring any worldly gains whatsoever. It bridges the social gap between „haves‟ and „have-nots.‟ This study analyses, however, only economic consequences of Zakat for economic growth. They cannot be appreciated duly unless one understands the following concepts of modern economics; various theories of consumption, aggregate demand, stagnation thesis, consumption puzzle, marginal productivity of capital and Kuznets curve.

Covid-19 and Mining industry

2020 ◽  
pp. 10-18 ◽  
Author(s):  
V.B. Kondratiev
Keyword(s):  
Mining Industry ◽  
Commodity Markets ◽  
Current Crisis ◽  
Mining Companies ◽  
The World ◽  
Commodity Demand ◽  
Long Term Impact

The COVID-19 pandemic has affected the commodity markets and mining industry around the world in different ways. Mining company’s operations have been hit by coronavirus outbreaks and government-mandated production stops. Demand for many commodities remains low. This paper examines the potential long-term impact of the COVID-19 pandemic on future commodity demand, mining prospects, as well as tactical and strategic steps by mining companies to overcome the current crisis quickly and effectively.

Modifiers for Rigid Polyvinylchloride Compositions of Building Purpose

2020 ◽  
Vol 787 (12) ◽  
pp. 34-39
Author(s):  
L.A. Abdrakhmanova ◽  
◽  
K.R. Khuziakhmetova ◽  
R.K. Nizamov ◽  
V.G. Khozin ◽  
...  
Keyword(s):  
Phase Interface ◽  
Thermomechanical Analysis ◽  
Favorable Effect ◽  
Heterogeneous Structure ◽  
Electron Microscopic ◽  
Wear And Tear ◽  
Thermomechanical Testing ◽  
Building Purpose ◽  
Microscopy Data ◽  
Butadiene Styrene

A comparison of small doses (up to 0.7 mass part) of impact strength modifiers of foreign and domestic production in polyvinylchloride-based compositions is given. Domestic acrylicnitrile- butadiene styrene modifiers (ABS) were used. The developed shock-resistant polyvinylchloride compositions in the presence of ABS elastifier have high melt fluidity, which has a beneficial effect on the recyclability. Changes in supramolecular structure were estimated from thermomechanical testing and electron microscopy data for both unfilled and filled PVC samples. Thermomechanical analysis showed that the presence of ABS modifier had a favorable effect on the technological properties of PVC-based samples. Electron-microscopic images indicate that in unfilled PVC samples, the heterogeneous PVC structure is expressed in the presence of ABS copolymer in comparison with foreign acrylic modifiers. When the compositions are filled with micro-heterogeneous structure in dispersion medium, the filler-polymer is formed by chalk particles, while ABS elasticifier is at the phase interface. Due to the peculiarities of the structure ABS has a higher degree of “fixation” on the surface of the chalk particles in comparison with the basic compositions containing acrylic modifiers, which with increasing chalk concentration leads to lower wear and tear on the top of the forming equipment.

To the issue of application of thermoplastic reinforced pipes for the construction of oil and gas pipelines in the Arctic

2020 ◽  
pp. 88-99
Author(s):  
A. A. Tolmachev ◽  
V. A. Ivanov ◽  
T. G. Ponomareva
Keyword(s):  
Oil And Gas ◽  
The Arctic ◽  
Labor Costs ◽  
Hydrocarbon Production ◽  
Environmental Disasters ◽  
The North ◽  
Reinforcing Fibers ◽  
Wear And Tear ◽  
Oil And Gas Companies ◽  
Reinforcing Layer

Ensuring the safety of oil and gas facilities and increasing their facility life are today one of the most important tasks. Emergencies related to rupture and damage of steel pipelines because of their wear and tear and external factors are still the most frequent cases of emergencies during the transportation of hydrocarbons. To expand the fuel and energy complex in the north, in the direction of the Arctic, alternative types of pipelines are needed that solve the problems of reducing energy and labor costs in oil and gas companies, reducing the risk of environmental disasters and depressurization of pipelines during hydrocarbon production. Fiber-reinforced thermoplastic pipes can be such an alternative. This article is devoted to a comparative analysis of the materials of a composite system consisting of a thermoplastic pipe (inner layer) and reinforcing fibers (outer layer); we are discussing the design of the structural system consisting of polyethylene (inner layer) and aramid fibers (outer reinforcing layer).

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