Herschel I Grossman
Biographic Data
| ID | 1140450 |
|---|---|
| NAME | Herschel I Grossman |
| GIVEN NAMES | Herschel I |
| FAMILY NAME | Grossman |
| SIGNATURE | GROSSMAN H I |
| AFFILIATIONS | Brown University |
| VERIFIED | No |
| TOTAL WORKS | 19 |
| TOTAL CITATIONS | 107 |
| WORKS AS AUTHOR | 19 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 1969 |
| LATEST PUBLICATION YEAR | 2004 |
| H-INDEX | 4 |
Constitution or Conflict
Constitutional resolution of disputes between constituent groups of a polity avoids the incremental costs of civil conflict. But, the political process prescribed by a constitution provides a viable alternative to civil conflict only if the constitution is self-enforcing. Theoretical analysis reveals that the following properties help to make it possible to design a self-enforcing constitution that can settle recurring disputes: • No party to the…
Predation, Efficiency, and Inequality
This paper analyzes a general-equilibrium model in which each person can choose to be either a producer or a predator. This model shows how predation breaks the link between the interpersonal distribution of productive resources and the interpersonal distribution of consumption. Specifically, we find that in this model the Rawlsian criterion of maximizing the expected consumption of the least advantaged person selects an unegalitarian distributio…
Civil Conflict
In many historical cases, victory by a challenger for political dominance over an initially dominant group has ended civil conflict. But in other places, victory by a challenger has provided only a temporary respite, a brief intermission before the resumption of civil conflict. This article uses a theoretical model of civil conflict to identify the factors that determine whether civil conflict is ended or never ending. This theory focuses on how …
Kleptocracy and revolutions
This paper develops an economic theory of revolutions as manifestations of kleptocratic rivalry. The theory implies that whether or not a revolution occurs and, if a revolution occurs, the probability that it will be successful depends on the current realizations of the stochastic factors, such as the current potential revolutionary leader's skill in organizing a revolution, that determine the expected effectiveness of insurgents relative to the …
Population Increase and the End of Colonialism
Between 1946 and 1976, the European powers granted independence to all of their large colonies in Africa and Southeast Asia. This paper attempts to provide an economic explanation for this remarkable ending to the era of colonialism. The main theoretical innovation is to consider the effect of population increase on the allocation of time by the indigenous population between productive and subversive activities. The analysis suggests that the inc…
The Economics of Organised Crime
This is the first book to use economic theory in the analysis of all the different aspects of organised crime: the origins, the internal organisation, market behaviour and deterrence policies. The theory of rent-seeking is adopted to help understand the origin of criminal organisations from a state of anarchy, while modern industrial organisation theory is used to explain the design of internal rules in the organised crime sector. The market beha…
The Political Economy of Conflict and Appropriation
This collection of essays departs from the conventional economic paradigm wherein individuals or groups choose among various productive activities for mutually beneficial trade. Each essay recognizes that where property rights are not well defined or easily enforced, individuals may forgo productive opportunities and engage in appropriative activities to compete for property, income, rights or privileges. Though the essays differ in their focus, …
The economics and politics of scholarships
L oyalty to alma mater often amounts only to quaint sentimentalism and a useful inducement to philanthropy; but this loyalty also allows elite colleges and universities to mobilize their most influential alumni to protect their economic interests. The sorry ending to the story of the antitrust case against the Ivy League colleges and the Massachusetts Institute of Technology (MIT) for conspiring to limit financial aid to undergraduate students pr…
Swords or Plowshares? A Theory of the Security of Claims to Property
This paper develops a general equilibrium model of the allocation of resources among appropriative and productive activities. The model emphasizes the distinction between offensive weapons, which are the instruments of predation, and fortifications, which provide defense against predation. The analysis of this model shows how the equilibrium security of claims to property is determined. The analysis focuses on the possibility of a nonaggressive e…
The Theory of Rational Bubbles in Stock Prices
Journal Article The Theory of Rational Bubbles in Stock Prices Get access Behzad T. Diba, Behzad T. Diba Federal Reserve Bank of Philadelphia Search for other works by this author on: Oxford Academic Google Scholar Herschel I. Grossman Herschel I. Grossman Brown University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 392, 1 September 1988, Pages 746–754, https://doi.org/10.2307/22…
Money and Inflation . Frank Hahn
Disequilibrium Dynamics
Studies in Macroeconomic Theory. Volume 1
Tobin on Macroeconomics
Money Balances, Commodity Inventories, and Inflationary Expectations
This paper evaluates the effects of inflationary expectations within an extended inventory model of the determination of optimal money holdings and commodity inventories. One important innovation is to introduce into the consumption bundle a commodity which is purchased less frequently than income is received. A second innovation is to consider household use of earning assets as a store of savings balances rather than working balances. The analys…
The Cyclical Pattern of Unemployment and Wage Inflation
The seminal study by Phillips (1958) revealed two empirical regularities with regard to British cycles in unemployment and wage inflation prior to the Second World War. These same regularities appear also to characterize the experience of European and North American countries during that period. First, the average relation between unemployment and inflation is inverse, convex, and has a positive intercept on the unemployment axis. In other words,…
Aggregate Demand, Job Search, and Employment
This paper presents a critical evaluation of the recent emphasis on job-search and employment-acceptance friction as an explanation for the actual causal relationship between aggregate demand and employment. Although job-search theory seems to provide a choice-theoretic basis for the relationship between aggregate demand and employment, the paper points out that prominent qualitative aspects of the predicted relationship between aggregate demand …
Money, Interest, and Prices in Market Disequilibrium
This paper develops a general model of multimarket disequilibrium and uses it to explain the disequilibrium behavior of prices and interest. Section I summarizes the conventional distinctions between the dynamic loanable-funds and liquidity-preference theories of interest and between the dynamic quantity and expenditure theories of prices. Sections II and III develop the concepts of notional demand and gradual market clearing, which are essential…
Monetary Theory and Policy
Swords or Plowshares? A Theory of the Security of Claims to Property
This paper develops a general equilibrium model of the allocation of resources among appropriative and productive activities. The model emphasizes the distinction between offensive weapons, which are the instruments of predation, and fortifications, which provide defense against predation. The analysis of this model shows how the equilibrium security of claims to property is determined. The analysis focuses on the possibility of a nonaggressive e…
The Theory of Rational Bubbles in Stock Prices
Journal Article The Theory of Rational Bubbles in Stock Prices Get access Behzad T. Diba, Behzad T. Diba Federal Reserve Bank of Philadelphia Search for other works by this author on: Oxford Academic Google Scholar Herschel I. Grossman Herschel I. Grossman Brown University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 392, 1 September 1988, Pages 746–754, https://doi.org/10.2307/22…
Civil Conflict
In many historical cases, victory by a challenger for political dominance over an initially dominant group has ended civil conflict. But in other places, victory by a challenger has provided only a temporary respite, a brief intermission before the resumption of civil conflict. This article uses a theoretical model of civil conflict to identify the factors that determine whether civil conflict is ended or never ending. This theory focuses on how …
Money, Interest, and Prices in Market Disequilibrium
This paper develops a general model of multimarket disequilibrium and uses it to explain the disequilibrium behavior of prices and interest. Section I summarizes the conventional distinctions between the dynamic loanable-funds and liquidity-preference theories of interest and between the dynamic quantity and expenditure theories of prices. Sections II and III develop the concepts of notional demand and gradual market clearing, which are essential…
Population Increase and the End of Colonialism
Between 1946 and 1976, the European powers granted independence to all of their large colonies in Africa and Southeast Asia. This paper attempts to provide an economic explanation for this remarkable ending to the era of colonialism. The main theoretical innovation is to consider the effect of population increase on the allocation of time by the indigenous population between productive and subversive activities. The analysis suggests that the inc…
Constitution or Conflict
Constitutional resolution of disputes between constituent groups of a polity avoids the incremental costs of civil conflict. But, the political process prescribed by a constitution provides a viable alternative to civil conflict only if the constitution is self-enforcing. Theoretical analysis reveals that the following properties help to make it possible to design a self-enforcing constitution that can settle recurring disputes: • No party to the…
The Cyclical Pattern of Unemployment and Wage Inflation
The seminal study by Phillips (1958) revealed two empirical regularities with regard to British cycles in unemployment and wage inflation prior to the Second World War. These same regularities appear also to characterize the experience of European and North American countries during that period. First, the average relation between unemployment and inflation is inverse, convex, and has a positive intercept on the unemployment axis. In other words,…
Monetary Theory and Policy
Money, Interest, and Prices in Market Disequilibrium
This paper develops a general model of multimarket disequilibrium and uses it to explain the disequilibrium behavior of prices and interest. Section I summarizes the conventional distinctions between the dynamic loanable-funds and liquidity-preference theories of interest and between the dynamic quantity and expenditure theories of prices. Sections II and III develop the concepts of notional demand and gradual market clearing, which are essential…
Aggregate Demand, Job Search, and Employment
This paper presents a critical evaluation of the recent emphasis on job-search and employment-acceptance friction as an explanation for the actual causal relationship between aggregate demand and employment. Although job-search theory seems to provide a choice-theoretic basis for the relationship between aggregate demand and employment, the paper points out that prominent qualitative aspects of the predicted relationship between aggregate demand …
The Cyclical Pattern of Unemployment and Wage Inflation
The seminal study by Phillips (1958) revealed two empirical regularities with regard to British cycles in unemployment and wage inflation prior to the Second World War. These same regularities appear also to characterize the experience of European and North American countries during that period. First, the average relation between unemployment and inflation is inverse, convex, and has a positive intercept on the unemployment axis. In other words,…
Tobin on Macroeconomics
Money Balances, Commodity Inventories, and Inflationary Expectations
This paper evaluates the effects of inflationary expectations within an extended inventory model of the determination of optimal money holdings and commodity inventories. One important innovation is to introduce into the consumption bundle a commodity which is purchased less frequently than income is received. A second innovation is to consider household use of earning assets as a store of savings balances rather than working balances. The analys…
Studies in Macroeconomic Theory. Volume 1
Disequilibrium Dynamics
Money and Inflation . Frank Hahn
The Theory of Rational Bubbles in Stock Prices
Journal Article The Theory of Rational Bubbles in Stock Prices Get access Behzad T. Diba, Behzad T. Diba Federal Reserve Bank of Philadelphia Search for other works by this author on: Oxford Academic Google Scholar Herschel I. Grossman Herschel I. Grossman Brown University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 392, 1 September 1988, Pages 746–754, https://doi.org/10.2307/22…
The economics and politics of scholarships
L oyalty to alma mater often amounts only to quaint sentimentalism and a useful inducement to philanthropy; but this loyalty also allows elite colleges and universities to mobilize their most influential alumni to protect their economic interests. The sorry ending to the story of the antitrust case against the Ivy League colleges and the Massachusetts Institute of Technology (MIT) for conspiring to limit financial aid to undergraduate students pr…
Swords or Plowshares? A Theory of the Security of Claims to Property
This paper develops a general equilibrium model of the allocation of resources among appropriative and productive activities. The model emphasizes the distinction between offensive weapons, which are the instruments of predation, and fortifications, which provide defense against predation. The analysis of this model shows how the equilibrium security of claims to property is determined. The analysis focuses on the possibility of a nonaggressive e…
The Economics of Organised Crime
This is the first book to use economic theory in the analysis of all the different aspects of organised crime: the origins, the internal organisation, market behaviour and deterrence policies. The theory of rent-seeking is adopted to help understand the origin of criminal organisations from a state of anarchy, while modern industrial organisation theory is used to explain the design of internal rules in the organised crime sector. The market beha…
The Political Economy of Conflict and Appropriation
This collection of essays departs from the conventional economic paradigm wherein individuals or groups choose among various productive activities for mutually beneficial trade. Each essay recognizes that where property rights are not well defined or easily enforced, individuals may forgo productive opportunities and engage in appropriative activities to compete for property, income, rights or privileges. Though the essays differ in their focus, …
Population Increase and the End of Colonialism
Between 1946 and 1976, the European powers granted independence to all of their large colonies in Africa and Southeast Asia. This paper attempts to provide an economic explanation for this remarkable ending to the era of colonialism. The main theoretical innovation is to consider the effect of population increase on the allocation of time by the indigenous population between productive and subversive activities. The analysis suggests that the inc…
Kleptocracy and revolutions
This paper develops an economic theory of revolutions as manifestations of kleptocratic rivalry. The theory implies that whether or not a revolution occurs and, if a revolution occurs, the probability that it will be successful depends on the current realizations of the stochastic factors, such as the current potential revolutionary leader's skill in organizing a revolution, that determine the expected effectiveness of insurgents relative to the …
Civil Conflict
In many historical cases, victory by a challenger for political dominance over an initially dominant group has ended civil conflict. But in other places, victory by a challenger has provided only a temporary respite, a brief intermission before the resumption of civil conflict. This article uses a theoretical model of civil conflict to identify the factors that determine whether civil conflict is ended or never ending. This theory focuses on how …
Predation, Efficiency, and Inequality
This paper analyzes a general-equilibrium model in which each person can choose to be either a producer or a predator. This model shows how predation breaks the link between the interpersonal distribution of productive resources and the interpersonal distribution of consumption. Specifically, we find that in this model the Rawlsian criterion of maximizing the expected consumption of the least advantaged person selects an unegalitarian distributio…
Constitution or Conflict
Constitutional resolution of disputes between constituent groups of a polity avoids the incremental costs of civil conflict. But, the political process prescribed by a constitution provides a viable alternative to civil conflict only if the constitution is self-enforcing. Theoretical analysis reveals that the following properties help to make it possible to design a self-enforcing constitution that can settle recurring disputes: • No party to the…
Economics (17 works) · Political science (9 works) · Economic theories and models (8 works) · Economic Theory and Policy (8 works) · Keynesian economics (7 works) · Law (7 works) · Microeconomics (7 works) · Computer Science (6 works) · Politics (6 works) · Grossman (5 works)