Economic Theory, Dynamics, and Markets. The collection of essays in honor of Ryuzo Sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. The first section pays tribute to his contributions to mathematical economics and economic theory. Ryuzo Sato is known for his work in growth theory and technical progress, and the second section has a number of papers on macroeconomics and dynamics. The third section has a number of papers on financial markets and their functioning in Japan and the United States. The next section examines various aspects of the economics of firms and industry. Ryuzo Sato has been very involved in analyzing the economic and business relations between Japan and the United States, and the last section is devoted to comparative analysis of economic systems.

Inhalt

Preface. Contributing Authors. Section I: Economic Theory and Methodology. 1. One Way to Measure How Much Second Best Second Best' Is; P.A. Samuelson. 2. The Marshallian Macroeconomic Model; A. Zellner. 3. Production Theory as a Part of a Dynamic General Disequilibrium System; W. Krelle. 4. Kinds of Theory; E. Maskin. 5. Maximality, Optimality, and Duality: A Synthesis of Some Recent Results; K. Suzumura. 6. FIML Estimation of Sample Selection Models for Count Data; W.H. Greene. 7. Long-Run Rigidity in Labor Markets; K.G. Nishimura, Y. Tamai. 8. Incomplete Contracts in Public Procurement; D. Bös. 9. Non-Stationary Intergenerational Altruism; H. Hori. Section II: Macroeconomics and Dynamics. 10. The Speed of Adjustment; R.A. Musgrave. 11. Interactions in the Growth of Science and the Economy; M. Beckmann. 12. Conservation Laws and Optimal Paths in External Two Sector Growth Model; F. Fujiwara, et al. 13. Nonlinearity, Chaos, and Bifurcation: A Competition and an Experiment; W.A. Barnett, Y. He. 14. Capital Depreciation, Indeterminacy and Cycles in Two-Sector Economies; K. Nishimura, A. Venditti. 15. Environmental Externalities, Abatement Behavior and Pigovian Taxes; T. Ihori. 16. Optimal Defense Spending; Y. Niho, M. Takeuchi. 17. The Dynamic Gains from Trade Liberalization with Product Variety: Summary of Results; T.F. Rutherford, D.G. Tarr. 18. Monetary Expansion and Converging Speed in a Growing Economy; K.Mino. Section III: Financial Markets. 19. Analytical Afterthoughts on the Asian Crisis; P. Krugman. 20. The Impact of Mergers on U.S. Bank Performance; W. Kim, L.J. White. 21. A Simple Model of Foreign Exchange Exposure; G.M. Bodnar, R.C. Marston. 22. The International Linkage of Interest Rate Swap Spreads: The Yen-Dollar Markets; Y.H. Eom, M.G. Subrahmanyam, J. Uno. 23. Inflation, Financial Development and Growth; P.L. Rousseau, P. Wachtel. 24. Stochastic Inter-Temporal Optimization in Discrete Time; W.H. Fleming, J.L. Stein. 25. Fluctuation of Exchange Rates, Foreign Direct Investment, and Hollowing Phenomenon; M. Matsushita. Section IV: Firms and Industry. 26. Alfred Marshall in Hitotsubashi; T. Negishi. 27. Endogenous Technology Transfer: What is the Right Price?; W.J. Baumol. 28. Investment for Survival; M. Ohyama. 29. Characterizing an Area Condition Associated with Minimizing Systems; J.B. Cooper, T. Russell, P.A. Samuelson. 30. Access Pricing in Regulated Industries; K. Kawamata. 31. Equilibrium Locations: Product Cost Differentials and the Market Size; H. Ono. 32. Indeterminate Output Allocations; T. Mitchell. 33. Divisonal Rivalry and First-Mover Disadvantages; S. Tsutsui. 34. Symmetry and the Theory of the Firm; R.V. Ramachandran. Section V: Comparative Analysis of Economic Systems. 35. Reflections on Japanese Political Economy; J. Tobin. 36. Reversed Investment