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This volume of Research in the History of Economic Thought and Methodology offers a unique insight into early American economic theory. The notes reproduced in this volume were taken by a student, Maurice Beck Hexter, in Economics 11-12, "Economic Theory," given by Frank William Taussig at Harvard during the academic year 1921-1922. Taken together they represent the height of economic theory being taught in graduate programs in the United States during this period. Accompanying the notes are additional essays on how these notes relate to broader economic thinking of this period, providing a comparison between the Harvard viewpoint and that of previously published presentations of economic theory at the University of Chicago and the University of Wisconsin.

Economics.

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"This book examines the use, principally in economics, of the concept of the invisible hand, centering on Adam Smith. It interprets the concept as ideology, knowledge, and a linguistic phenomenon. It shows how the principal Chicago School interpretation misperceives and distorts what Smith believed on the economic role of government. The essays further show how Smith was silent as to his intended meaning, using the term to set minds at rest; how the claim that the invisible hand is the foundational concept of economics is repudiated by numerous leading economic theorists; that several dozen identities given the invisible hand renders the term ambiguous and inconclusive; that no such thing as an invisible hand exists; and that calling something an invisible hand adds nothing to knowledge. Finally, the essays show that the leading doctrines purporting to claim an invisible hand for the case for capitalism cannot invoke the term but that other nonnormative invisible hand processes are still useful tools"--

Economic schools --- Free enterprise --- Economics --- Capitalism --- Smith, Adam, --- Criticism and interpretation --- AA / International- internationaal --- 330.00 --- 321.2 --- Economische en sociale theorieën: algemeenheden. --- Economisch beleid van de overheid. --- Free markets --- Laissez-faire --- Markets, Free --- Private enterprise --- Economic policy --- Economic theory --- Political economy --- Social sciences --- Economic man --- Market economy --- Profit --- Capital --- Economisch beleid van de overheid --- Economische en sociale theorieën: algemeenheden --- Criticism and interpretation. --- Smith, Adam --- Smith, Adam, - 1723-1790 - Criticism and interpretation --- Smith, Adam, - 1723-1790

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We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence intervals that respect the zero interest rate floor, we employ Latin hypercube sampling. Derived confidence bands suggest non-negligible risks that U.S. interest rates might stay near zero for an extended period, and that severe credit conditions might persist.

Business & Economics --- Economic Theory --- Global Financial Crisis, 2008-2009. --- Financial crises --- Petroleum products --- Interest rates --- Bank loans --- Econometric models. --- Prices --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Bank credit --- Money market rates --- Rate of interest --- Rates, Interest --- Mazut --- Crises --- Loans --- Interest --- Petroleum --- Hydraulic fluids --- Refining --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Energy: Demand and Supply --- Price Level --- Deflation --- Currency --- Foreign exchange --- Oil prices --- Output gap --- Potential output --- Real exchange rates --- Production --- Economic theory --- United States