Famous Figures and Diagrams in Economics

Description

This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory. The authoritative contributors have produced a well-considered and definitive selection including some from empirical research such as the Phillips curve, the Kuznets curve and the Lorenz curve. Almost all of them are still found in contemporary textbooks and research. Each entry presents an accurate and concise record of the history of the figure or diagram, including later developments and any controversy that arose in its development. As a whole, the book highlights how the use of geometric methods has played a central part in the development of economic theory and analysis; as a method of discovery, more commonly as a method of exposition and occasionally as a method of proof of propositions in economic theory and analysis. This highly anticipated book will appeal to theorists in microeconomics or macroeconomics, scholars of economic theory and analysis, as well as students in microeconomics, general equilibrium theory or macroeconomics at the advanced undergraduate or graduate level who want a definitive account of some figure or diagram. Historians of economic thought and methodologists will also find this book an invaluable resource. Contents List of figures List of contributors Acknowledgements Introduction • Mark Blaug and Peter Lloyd PART I: SINGLE MARKET ANALYSIS (PARTIA LEQUILIBRIUM) Basic tools of demand and supply curve analysis 1 Marshallian cross diagrams • Thomas M. Humphrey 2 The stability of equilibrium • Mark Blaug 3 Indifference curves and isoquants • Mark Blaug and Peter Lloyd 4 The elasticity of substitution • Robert Dixon 5 Substitution and income effects • Hans Haller 6 Engel curves • Ross Williams 7 Homothetic production and utility functions • Rolf Färe and Shawna Grosskopf 8 Long-run and short-run cost curves • Fiona Maclachlan 9 The product exhaustion theorem • Cassey Lee 10 Classifi cation of technical change • Robert Dixon 11 Nash equilibrium • Jürgen Eichberger Welfare economics 12 Consumer surplus • Yew-Kwang Ng 13 The Harberger triangle • Yew-Kwang Ng 14 Community indifference curves and the Scitovsky ‘paradox’ • Richard G. Lipsey 15 The taxation of external costs • Yew-Kwang Ng 16 Monopoly and price discrimination • William J. Baumol 17 Duopoly reaction curves • Nicola Giocoli 18 Monopolistic competition • Andrew Skinner 19 Kinked demand curves • R. Rothschild Special markets and topics 20 Backward-bending labour supply curves • John E. King 21 Location theory: the contributions of von Thünen and Lösch • B. Curtis Eaton and Richard G. Lipsey 22 Hotelling’s model of spatial competition • Nisvan Erkal 23 Cobweb diagrams • Marc Nerlove 24 Reswitching and reversing in capital theory • Avi J. Cohen and Geoffrey C. Harcourt 25 The Markowitz mean-variance diagram • Fiona Maclachlan 26 Rent-seeking diagrams • Anne O. Krueger 27 The logistic growth curve • J.S. Cramer 28 Graph theory and networks • Cassey Lee PART II GENERAL EQUILIBRIUM ANALYSIS Basic tools of general equilibrium analysis 29 Circular flow diagrams • Roger E. Backhouse and Yann Giraud 30 The unit simplex • John Whalley 31 The Edgeworth box • John Creedy 32 The role of numbers in competition • John Creedy 33 Production possibilities frontiers • Ronald W. Jones 34 The utility-possibility frontier • John S. Chipman 35 The factor price frontier • Alan D. Woodland 36 Pareto efficiency • Peter Lloyd 37 The phase diagram technique for analyzing the stability of multiple-market equilibrium • D. Wade Hands 38 The theory of second best and third best • Wai Chiu Woo Open economies 39 The offer curve • Murray Kemp 40 The Stolper-Samuelson box • Henry Thompson 41 The Lerner diagram • Alan V. Deardorff 42 The trade theory diagram • Peter Lloyd 43 The four-quadrant diagram for the two-sector Heckscher-Ohlin model • Arvind Panagariya 44 The integrated world equilibrium diagram • Avinash Dixit 45 The optimal tariff • Murray Kemp PART III MACROECONOMICS Macroeconomic analysis and stabilisation 46 Keynesian income determination diagrams • Michael Schneider 47 The IS-LM diagram • Warren Young 48 The Fleming-Mundell diagram • Russell Boyer and Warren Young 49 The aggregate demand aggregate supply diagram • Richard G. Lipsey 50 The Phillips curve • Richard G. Lipsey 51 The UV or Beveridge curve • Peter Rodenburg 52 The demand curve for money • David Laidler 53 Non-neutrality of money • He-ling Shi 54 The Laffer curve • Roger Middleton Growth, income distribution and other topics 55 Intertemporal utility maximization – the Fisher diagram • Thomas M. Humphrey 56 The diagrams of the Solow-Swan growth model • Barbara J. Spencer and Robert W. Dimand 57 The Lorenz curve • Nanak Kakwani 58 Kuznets curve • Lisa Cameron, Lata Gangadharan and Sowmiya Ashok Index