The net effects of switching from consumption taxation to inflation taxation on resource allocation and welfare crucially depend on production externalities. With elastic labor supply, raising inflation taxation decreases leisure, but increases the levels of real consumption, capital, and output. Moreover, this tax switch has two opposing effects on the level of real money balances: A positive ...

capital There are two meanings in economics. One is the monetary value of assets owned by an individual firm, etc. or the amount that is available to invest. The second meaning, used herein, refers to a human-made input into the production process, including things such as buildings and machinery, and infrastructure (telecommunications systems and the like). Capital in these forms is also descr...

Spider dragline silk is considered to be the toughest biopolymer on Earth due to an extraordinary combination of strength and elasticity. Moreover, silks are biocompatible and biodegradable protein-based materials. Recent advances in genetic engineering make it possible to produce recombinant silks in heterologous hosts, opening up opportunities for large-scale production of recombinant silks f...

Abstract Sorona fiber was produced from renewable resources with excellent performance of ordinary synthetic. In this paper, throughout the production process and internal molecular structure fiber, author introduced its environmental protection, tensile elasticity, easy dyeing other properties current application.

There has been extensive discussion in the literature of optimal savings behaviour under certainty in the context of infinite time horizon. To our knowledge the extension of the results under certainty to a situation of uncertainty has been attempted by Mirrlees [1] and Phelps [2]. Mirrlees considers a one-commodity neoclassical model 'with two factors of production, labour and capital; constan...

We will demonstrate an interactive visualization prototype with capabilities for ad hoc exploration that we have not found in other tools for policy analysis outside of the intelligence community. This visual workspace is built on a dynamic butterfly economic model. It enables analysts to examine for policy purposes global trends in consumption, production, imports and exports at national and r...

This paper presents evidence on the contribution of public capital (infrastructure) to aggregate economic performance using panel data for the U.S. states from 1970 to 2005. Attempts to quantify the role of public or government capital in the production of aggregate output have been beset by thorny econometric issues since the early 1990s. We present estimates of the output elasticity of public...

This paper introduces constant government expenditure inWoodford’s finance constrained model (J. Econ. Theory, 1986) with capital–labor substitution as presented in Grandmont, Pintus and de Vilder (J. Econ. Theory, 1998) and investigates how government expenditure influences local dynamics near multiple steady states, depending upon the elasticity of substitution between capital and labor in pr...

It is shown that all heat effects taking place upon annealing of a metallic glass within the glassy and supercooled liquid states, i.e. heat release below the glass transition temperature and heat absorption above it, as well as crystallization-induced heat release, are related to the macroscopic shear elasticity. The underlying physical reason can be understood as relaxation in the system of i...