P Aghion, P Howitt - 1990 - nber.org
This paper develops a model based on Schumpeter's process of creative destruction. It
departs from existing models of endogenous growth in emphasizing obsolescence of old
technologies induced by the accumulation of knowledge and the resulting process or ...
P Aghion, P Howitt… - 1998 - books.google.com
Advanced economies have experienced a tremendous increase in material well-being since
the industrial revolution. Modern innovations such as personal computers, laser surgery, jet
airplanes, and satellite communication have made us rich and transformed the way we ...
P Aghion,
N Bloom, R Blundell, R Griffith… - 2002 - nber.org
This paper investigates the relationship between product market competition (PMC) and
innovation. A growth model is developed in which competition may increase the incremental
profit from innovating; on the other hand, competition may also reduce innovation ...
P Aghion, C Harris, P Howitt… - Review of Economic …, 2001 - Wiley Online Library
Is more intense product market competition and imitation good or bad for growth? This
question is addressed in the context of an endogenous growth model with “step-by-step”
innovations, in which technological laggards must first catch up with the leading-edge ...
P Aghion, P Howitt - The Review of Economic Studies, 1994 - restud.oxfordjournals.org
Abstract This paper analyses the effects of growth on long-run unemployment using a
search model of equilibrium unemployment where growth arises explicitly from the
introduction of new technologies that require labour reallocation for their implementation.
P Howitt - Journal of Political Economy, 1999 - JSTOR
This paper presents a Schumpeterian endogenous growth model in which a steady state
exists with a constant growth rate even though population and the inputs to R. & D. are
growing. The scale effect of rising population is nullified by product proliferation that ...
P Aghion, P Howitt… - 2004 - nber.org
We introduce imperfect creditor protection in a multi-country version of Schumpeterian
growth theory with technology transfer. The theory predicts that the growth rate of any
country with more than some critical level of financial development will converge to the ...
P Aghion, P Howitt - Journal of the European Economic …, 2006 - Wiley Online Library
Abstract In this lecture, we use Schumpeterian growth theory, where growth comes from
quality-improving innovations, to elaborate a theory of growth policy and to explain the
growth gap between Europe and the US. Our theoretical apparatus systematizes the case- ...
P Howitt - American Economic Review, 2000 - JSTOR
A multicountry Schumpeterian growth model is constructed. Because of technology transfer,
R&D-performing countries converge to parallel growth paths; other countries stagnate. A
parameter change that would have raised a country's growth rate in standard ...
P Aghion, P Howitt - 2009 - discovery.ucl.ac.uk
This comprehensive introduction to economic growth presents the main facts and puzzles
about growth, proposes simple methods and models needed to explain these facts,
acquaints the reader with the most recent theoretical and empirical developments, and ...
J Fried… - Journal of Money, Credit and Banking, 1980 - JSTOR
THE RECENT SURVEY by Baltensperger [S] shows that the question of why bankers
undertake nonprice rationing of credit is still very much unanswered. Previous attempts to
address the question have ended up merely assuming the answer. For example, the ...
P Howitt… - The American Economic Review, 1992 - JSTOR
This paper constructs a stationary rational-expectations equilibrium in which an extraneous
random variable, called animal spirits, causes fluctuations in unemployment. The model
assumes costly matching in the labor market and a thin-market externality in the output ...
P Aghion, P Howitt - Journal of Economic Growth, 1996 - Springer
This paper introduces into Schumpeterian growth theory an important element of
heterogeneity in the structure of innovative activity—namely, the distinction between
research and development. We construct a simple model of growth to investigate how the ...
P Howitt, P Aghion - Journal of Economic Growth, 1998 - Springer
We study capital accumulation and innovation as determinants of long-run growth by adding
capital to our earlier model of creative destruction. No special functional forms are imposed
on the aggregate production function. The equations describing perfect foresight ...
P Aghion, R Blundell, R Griffith, P Howitt… - The Review of …, 2009 - MIT Press
Abstract How does firm entry affect innovation incentives in incumbent firms? Microdata
suggest that there is heterogeneity across industries. Specifically, incumbent productivity
growth and patenting is positively correlated with lagged greenfield foreign firm entry in ...
P Aghion, P Howitt - Handbook of economic growth, 2005 - Elsevier
Abstract In this chapter we argue that the endogenous growth model with quality-improving
innovations provides a framework for analyzing the determinants of long-run growth and
convergence that is versatile, simple and empirically useful. Versatile, as the same ...
P Aghion, R Blundell, R Griffith, P Howitt… - 2006 - nber.org
How does firm entry affect innovation incentives and productivity growth in incumbent firms?
Micro-data suggests that there is heterogeneity across industries--incumbents in
technologically advanced industries react positively to foreign firm entry, but not in laggard ...
P Howitt… - Journal of Money, Credit and Banking, 2005 - JSTOR
We use Schumpeterian growth theory to account for the divergence in per-capita income
that has taken place between countries since the mid-19th Century, as well as for the
convergence that took place amongst the richest countries during the second half of the ...
P Aghion, P Howitt… - Journal of Economic Growth, 2002 - Springer
The recent changes in the US wage structure are often linked to the new wave of capital-
embodied information technologies. The existing literature has emphasized either the
accelerated pace or the skill-bias of embodied technical progress as the driving force ...
P Howitt - Journal of economic literature, 2002 - JSTOR
1. Introduction Whhen UNEMPLOYED WORKERS are available, why don't firms cut wages
until the excess supply is eliminated, as would happen in the ideal markets depicted by
conventional economic theory? This question has been central to the great ...
P Aghion, R Blundell, R Griffith… - Journal of the …, 2004 - Wiley Online Library
Abstract How does entry affect productivity growth of incumbents? In this paper we exploit
policy reforms in the United Kingdom that changed entry conditions by opening up the UK
economy during the 1980s and panel data on British establishments to shed light on this ...
J Ha, P Howitt - Journal of Money, Credit and Banking, 2007 - Wiley Online Library
This paper argues that long-run trends in R&D and TFP are more supportive of fully
endogenous “Schumpeterian” growth theory than they are of semi-endogenous growth
theory. The distinctive prediction of semi-endogenous theory that sustained TFP growth ...
P Howitt… - International Economic Review, 1987 - JSTOR
This paper provides a simple model of market exchange, which, while stylized, possesses
constructs that can plausibly be interpreted in terms of a typical labor market. The process of
hiring a worker involves frictions, and both workers and firms may expend effort to ...
P Howitt - The American Economic Review, 1985 - JSTOR
This paper addresses the problem of accounting theoretically for the persistence of large-
scale unemployment. It briefly reviews some of the well-known shortcomings of the
Keynesian account based upon sticky wages and prices and upon Robert Clower's (1965) ...
P Howitt… - Journal of Economic Behavior & Organization, 2000 - Elsevier
A model of decentralized markets is studied, in which transactors follow simple adaptive
rules. Transactions are coordinated by specialist trading firms that bear the costs of market
disequilibrium. Starting from an initially autarkic situation in which none of the institutions ...
P Aghion, D Comin… - 2006 - nber.org
Can a country grow faster by saving more? We address this question both theoretically and
empirically. In our model, growth results from innovations that allow local sectors to catch up
with the frontier technology. In relatively poor countries, catching up with the frontier ...
P Aghion, P Howitt - Annales d'Economie et de Statistique, 1998 - JSTOR
This paper analyses how a General Purpose Technology (GPT) diffuses throughout the
various sectors of an economy. The model outlined in this paper can account for a number of
empirical observations: in particular, the existence of delays followed by acceleration ...
P Howitt… - The Quarterly Journal of Economics, 1988 - qje.oxfordjournals.org
Abstract It is shown that, in a class of models with multiple externalities (one positive and
one negative), all stationary equilibria may be locally stable to perturbations, in the sense
that there exist perfect foresight trajectories leading back to the equilibrium. Thus, scale ...
P Aghion, P Howitt - ECONOMETRIC SOCIETY …, 1997 - books.google.com
The revival of growth theory in the 1980s was originally stimulated by" technical progress
within economics"-by the development of new tools for handling old ideas. The neoclassical
models of the 1960s had already shown that growth in per capita income was sustainable ...
P Howitt… - 2002 - nber.org
We construct a Schumpeterian growth theory consistent with the divergence in per-capita
income that has occurred between countries since the mid 19th Century, and with the
convergence that occurred between the richest countries during the second half of the ...
P Howitt - Journal of Political Economy, 1992 - JSTOR
This paper investigates the feasibility of a monetary policy aimed at pegging the nominal
rate of interest. It shows that under general conditions such a policy would produce the well-
known cumulative process, despite the fact that there exists a well-behaved rational ...
P Howitt - General purpose technologies and economic growth, 1998 - books.google.com
The introduction of a new general purpose technology often brings with it an accelerated
pace of technological change, as a result of the dynamic complementarities and scope for
improvement that Lipsey, Bekar, and Carlaw (chapter 2) have identified as two of the ...
[CITATION] On some problems in measuring knowledge-based growth
P Howitt… - 1996 - Canadian Institute for Advanced …
P Howitt - The Quarterly Journal of Economics, 1988 - qje.oxfordjournals.org
Abstract A business cycle model is developed in which output is traded on Lucas-Phelps
islands and labor services on each island are exchanged through costly search and
recruiting with transactions externalities. The model exhibits persistent involuntary ...
D Colander, P Howitt, A Kirman… - The American Economic …, 2008 - JSTOR
There has, for some time, been a strong under? current of opposition to modern
macroeconomic models which, in their latest incarnation, have coalesced around dynamic
stochastic general equilibrium models. Critics ask: how can mod? els that assume away ...
RW Clower… - The Journal of Political Economy, 1978 - JSTOR
Page 1. The Transactions Theory of the Demand for Money: A Reconsideration
Robert W. Clower University of California, Los Angeles Peter W. Howitt University
of Western Ontario This paper deals with a class of models of ...
J Fried… - The American Economic Review, 1983 - JSTOR
One of the most obvious facts of recent monetary history is that high inflation is associated
with high nominal interest rates. This association has been interpreted by many as
supporting a superneutrality hypothesis: that an increase in inflation will not affect real ...
P Aghion, P Howitt - 1998 - discovery.ucl.ac.uk
UCL logo UCL Discovery. UCL home » Library Services » Electronic resources » UCL
Discovery. Enter your search terms. Everything Everything [Searches all fields, including
full text] Author Author [Enter author as on the published work. ...
P Howitt - International Economic Review, 2005 - Wiley Online Library
A model of fiat money is constructed in which spatial separation and the logistics of
communication are made explicit as in search theory, but exchange is organized by profit-
seeking business enterprises as in all market economies. Firms mitigate search costs by ...
[CITATION] Zero inflation as a long-term target for monetary policy
P Howitt - Zero Inflation: The Goal of Price Stability, 1990
P Howitt - Health and economic growth: findings and policy …, 2005 - books.google.com
At the start of the twenty-first century, the gap in living standards between rich and poor
nations is large and rising. The developing world suffers persistent poverty, while the
developed world enjoys growing prosperity. According to Maddison (2001) the ratio of per ...
[CITATION] Endogenous economic growth
P Aghion, P Howitt - Cambridge (Mass.), 1998
P Aghion, P Howitt - Review of Economic Dynamics, 1998 - Elsevier
Recent empirical work has pointed to apositivecorrelation betweenproduct market
competitionandproductivity growth. In this lecture we try to reconcile this evidence with the
Schumpterian growth paradigm. Three alternative explanations are successively ...
P Howitt - 1990 - books.google.com
CONTENTS Preface and Acknowledgements ix 1 Introduction: Prices and Coordination in Keynesian
Economics 1 PART I THE EVOLUTION OF MACROECONOMIC THEORY 25 2 Evaluating the
Non-market-clearing approach 21 3 Information and Coordination: A Review Article 32 4 ...
P Aghion, P Howitt - Oxford Review of Economic Policy, 2002 - Oxford Univ Press
Abstract Many economists have argued that the observed increase in wage inequality in
developed economies over the past 30 years is due to skill‐biased technical progress. In
this paper we put forward a somewhat different technology‐based argument, namely that ...
[CITATION] The implications of knowledge-based growth for micro-economic policies
P Howitt - 1996 - Univ of Calgary Pr
P Howitt - Canadian Journal of Economics, 1986 - JSTOR
Although modern macro-economic analysis has almost immortalized Keynes's IS-LM
framework, it has largely ignored the central message of the General Theory. This is
attributable, at least in part, to Keynes's failure to provide a clear concept of market ...
PW Howitt - The Journal of Political Economy, 1974 - JSTOR
Page 1. Stability and the Quantity Theory PW Howitt Northwestern University and
University of Western Ontario This paper presents a method for analyzing the
microdynamics of monetary exchange. The central feature of the ...
P Howitt - Money. New York, London: Norton, 1989 - books.google.com
The term money illusion is commonly used to describe any failure to distinguish monetary
from real magnitudes. It seems to have been coined by Irving Fisher, who defined it as'
failure to perceive that the dollar, or any other unit of money, expands or shrinks in value'( ...
P Howitt… - Journal of Public Economics, 1995 - Elsevier
This paper develops a simple model of political inaction in a two-party democracy, ie it
shows the conditions under which both parties will prefer to live with an unsatisfactory and
inefficient status quo rather than to raise an issue. The risk of raising the issue to either ...
P Howitt… - 1986 - getcited.org
An academic directory and search engine.
P Aghion, P Howitt… - 2010 - nber.org
This paper revisits the relationship between health and growth in light of modern
endogenous growth theory. We propose a unified framework that encompasses the growth
effects of both the rate of improvement of health and the level of health. Based on cross- ...
P Howitt - The Journal of Political Economy, 1981 - JSTOR
The purpose of this paper is to argue that the pursuit of an activist monetary policy may make
economic sense even when people's expectations are formed rationally. The paper presents
a simple model in which (1) prices are costly to adjust,(2) there is uncertainty concerning ...
P Howitt… - The American economic review, 1989 - JSTOR
This paper analyzes the intertemporal allocation effects of anticipated tax-rate changes,
reconsidering the recommendations of the Meade Committee in a perfect foresight general
equilibrium model of economic growth. We show that the R-base (or consumption) tax can ...
P Howitt - The Scandinavian Journal of Economics, 1978 - JSTOR
This paper addresses the question of the stability of a full-employment equilibrium. In
particular it examines the notion, recently proposed by Leijonhufvud (1973) that a full-
employment equilibrium is locally stable but globally unstable. Leijonhufvud called this ...
A Philippe… - 1998 - en.scientificcommons.org
Abstract Advanced economies have experienced a tremendous increase in material well-
being since the industrial revolution. Modern innovations such as personal computers, laser
surgery, jet airplanes, and satellite communication have made us rich and transformed the ...
P Aghion, P Howitt - Oxford Review of Economic Policy, 2007 - Oxford Univ Press
Abstract In this paper we show how moving from the neoclassical model to the more recent
endogenous growth paradigm can lead to markedly different interpretations of the same
growth accounting data. In neoclassical theory, even if between 30 and 70 per cent of the ...
P Aghion, P Howitt - Empirical Economics, 1996 - Springer
Page 1. IImEIIIIEM P IR I CAL Empirical Economics ( 1 9 9 6 ) 2 1 : 1 3 - 2 5
|EEIIIIIECONOMKS The Observational Implications of Schumpeterian Growth Theory
PHILIPPE AGHION Nuffield College, Oxford OX1 1NF, England ...
[CITATION] Technology, knowledge and inequality
P Aghion, P Howitt… - 1998 - mimeo, University College, London
[CITATION] Endogenous technical change: the Schumpeterian perspective
P Aghion, P Howitt… - 1993 - Fondazione Eni Enrico Mattei
P Aghion, P Howitt… - CEPR Discussion Papers, 2000 - ideas.repec.org
This paper develops a theoretical model to analyse how a General Purpose Technology
(GPT) shapes within-group wage inequality when workers are ex-ante equal, but their
adaptability to new technologies is subject to stochastic factors that are history dependent. ...
P Howitt - 2000 - Citeseer
It is an honour to be giving the 16th lecture in this series honouring the memory of Mabel
Timlin, one of the pioneers of modern Canadian economics. My talk will concern an area of
economics to which I don't think Timlin ever contributed directly, namely the theory of ...
P Howitt - The Canadian Journal of Economics/Revue …, 1994 - JSTOR
The subject of my address is adjusting to technological change, something that a lot of
people are doing nowadays. The revolution in information and communication technologies
and the transition to a knowledge-based economy are inducing people in every sector to ...
PW Howitt - Economic Inquiry, 1973 - Wiley Online Library
Page 1. WALRAS AND MONETARY THEORY PW HOWITT' Monetary economists seem to have
reached a consensus that Walrasian general equilibrium theory provides an inadequate
micro-foundation for studying short-run monetary behaviour. Clower, Hahn. ...
P Aghion, P Howitt - European Economic Review, 1991 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
P Aghion, J Fedderke, P Howitt, C Kularatne… - … Southern Africa Working …, 2008 - up.ac.za
Abstract This paper employs a theoretical framework that allows for both direct and indirect
impacts of trade liberalization on productivity growth. Indirect impacts operate through both
scale effects as well as a differential impact on firms conditional on their distance from the ...
[CITATION] Macroeconomics: Relations with microeconomics
P Howitt - The new Palgrave. A dictionary of economics, 1987
P Howitt - UWO Department of Economics Working Papers, 1990 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. MONEY AND GROWTH REVISITED. Peter Howitt (). ...
[CITATION] Expectations and uncertainty in contemporary Keynesian models
P Howitt - A'Second Edition'of the General Theory, ed. GC …, 1997
P Howitt - Eastern Economic Journal, 1986 - JSTOR
One of the central messages of Keynes's General Theory [3] was that wage flexibility cannot
be counted on to cure unemployment. One part of Keynes's argument was that wages were
not in fact very flexible. But he did not rest his case on the assumption of sticky wages. In ...
G Gaudet… - Journal of Environmental Economics and …, 1989 - Elsevier
Abstract In this paper we derive the Hotelling rule of optimal natural resource depletion,
modified to account for uncertainty in rates of return. It is shown that in the presence of risk
aversion, the rule implies that the expected equilibrium rate of increase of net resource ...
P Howitt - The American Economic Review, 1979 - JSTOR
This paper is concerned with evaluating the non-market-clearing (NMC) approach of Robert
Barro and Herschel Grossman and others from a purely positive point of view. That is, it
deals with the broad question of the extent to which the approach provides a theoretically ...
[CITATION] Low Inflation and the Canadian Economy
P Howitt - POLICY STUDY-CD HOWE …, 1997 - RENOUF PUBLISHING COMPANY …
[CITATION] Growth Theory
P Aghion, P Howitt - A paraître, 1998
P Howitt - Journal of Economic Interaction and Coordination, 2006 - Springer
Abstract A theoretical foundation for the Keynesian multiplier process is derived from a
simple model in which economic interactions are coordinated by a decentralized and self-
organizing network of adaptive business enterprises. Deviation amplification arises from ...
[CITATION] Foundations of economics
R Clower… - Is economics becoming a hard science, 1997
R Clower… - Keynes and the Classics Reconsidered. …, 1998 - books.google.com
One might suppose that sixty years of wrangling would rid economists of the delusion they
have something fresh to say about the message and meaning of Keynes's General Theory. If
so, one would be mistaken, as this chapter indicates. Recent discussions1 suggest that ...
[CITATION] Firm entry, innovation and growth: theory and micro evidence
P Aghion, R Blundell, R Griffith, P Howitt… - … manuscript. Institute for Fiscal …, 2004
P Howitt - Handbook of computational economics, 2006 - Elsevier
Abstract Economic growth depends not only on how people make decisions but also upon
how their decisions are coordinated. Because of this, aggregate outcomes can diverge from
individual intentions. I illustrate this with reference to the modern literature on economic ...
P Howitt - 2009 - cdhowe.org
The conflict between winners and losers from new technologies is a recurrent theme in
economic history, as demonstrated by the fate of handloom weavers in the early 19th
century or the former giants of mainstream computing in the 20th century. A new ...
[CITATION] Endogenous Growth Theory, 1998
P Aghion, P Howitt - MIT Press-Barro, RJ, Sala-I-Martin, X.: Economic …
P Howitt - Macroeconomics in the Small and the Large: Essays …, 2008 - books.google.com
Axel Leijonhufvud has spent much of his distinguished career investigating how a
decentralized economy coordinates economic activities. The question is basically the same
as the one Keynes (1934) once posed: To what extent, and under what circumstances, ...
P Aghion, C Garcia-Penalosa… - 2000 - books.google.com
Economics provides no magic formula for closing the development gap: that is why our
discipline is known as the dismal science. However, in this chapter we shall argue that the
task is not as impossible as it might a priori seem: reflecting on how technology has ...
P Aghion, R Griffith… - The American economic review, 2006 - JSTOR
This paper is part of a research program analyzing how competition affects aggregate
innovative activity through its effects on firms' organization. In previous work (Aghion et al.,
2005a), we found an inverted-U shaped relationship between competition and innovation. ...
P Aghion, P Howitt… - Knowledge, Information and …, 2003 - econ.nyu.edu
The sharp increase in wage inequality that has taken place since the early 1980s in
developed countries, especially in the US and the UK, has sprung intense debates among
economists. The rapidly growing literature on the subject reflects substantial progress in ...
P Howitt - … : Beyond the Dyanamic Stochastic General Equilibrium …, 2006 - econ.brown.edu
I have always found it useful to think of a modern free-enterprise economy as a human
anthill. Like an anthill, it organizes individuals' activities into patterns more complex than the
individuals can fully comprehend, it performs collective tasks that the individuals are ...
J Fried… - Journal of International Economics, 1988 - Elsevier
Abstract The effects of fiscal deficits on welfare, interest rates and the balance of payments
are examined in an open-economy, overlapping-generations model. A deficit reduces
welfare of the current old and the domestic unborn. The foreign unborn gain while the ...
P Howitt… - The American Economic Review, 1980 - JSTOR
In a recent exchange in this Review,'Richard Dusansky and Peter Kalman (hereafter, DK)
have claimed that the standard condition that utility functions be homogeneous of degree
zero (HDO) in money and prices is not a necessary one for demand functions to be free of ...
P Howitt - International Productivity Monitor, 2004 - ideas.repec.org
In recent years, our understanding of the sources of growth has been strongly influenced by
endogenous growth theory. In the first article, Peter Howitt of Brown University, one of the
leading researchers in the field, provides a progress report on the current state of the ...
P Howitt - An Encyclopaedia of Macroeconomics, 2001 - Citeseer
Abstract During a depression economic activities are badly coordinated. Firms allow plant
and equipment to fall idle despite increasing numbers of able-bodied people willing to
operate it in exchange for less than the value of their marginal product. Savers continue as ...
[CITATION] Cash in advance, microfoundations in retreat
P Howitt - Inflation, Institutions and Information, London: …, 1996
[CITATION] Money, markets and coase
R Clower… - Is Economics Becoming a Hard Science, 1997
P Howitt - Econometrica: Journal of the Econometric Society, 1980 - JSTOR
IN THE STUDY of the uniqueness and stability of competitive equilibrium the assumption of
gross substitutability plays a key role [1]. Although it has little intuitive appeal it is one of the
few assumptions known to imply both uniqueness and stability. However, the assumption ...
[CITATION] Entry, innovation and growth: Theory and evidence
P Aghion, R Blundell, R Griffith, P Howitt… - … in the Review of Economics and …, 2004
[CITATION] Indexation and the Adjustment to Inflation in Canada
P Howitt - Postwar Macroeconomic Developments, 1985
[CITATION] The schumpeterian approach to technical change and growth
P Aghion, P Howitt - Economic Growth in the World Economy: Symposium, 1992
P Howitt - Journal of Monetary Economics, 1986 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Conversations with economists: A review essay. Peter Howitt (). Journal
of Monetary Economics, 1986, vol. 18, issue 1, pages 103-118. ...
P Aghion, P Howitt - 1995 - eprints.ucl.ac.uk
Book description: Growth patterns have radically changed since the 1970s, to which capital
and the labour markets appear to have failed to adapt. Unemployment in Europe has grown,
almost without remission, to levels unseen since the Great Depression. These facts are ...
P Aghion, P Howitt… - 2002 - econ.nyu.edu
Abstract This paper develops a theoretical model to analyse how the arrival of a new
technology embodied in capital affects the variability of earnings when workers' adaptability
to new technologies is subject to random events (luck) that can be history dependent. It is ...
Q Ashraf, B Gershman… - 2011 - nber.org
This paper is an exploratory analysis of the role that banks play in supporting the
mechanism of exchange. It considers a model economy in which exchange activities are
facilitated and coordinated by a self-organizing network of entrepreneurial trading firms. ...
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