The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

The Theory of Monopolistic Competition.

Foundations Of Statistics

Immigration is a hot and emotional topic at the current time. This excellent book contributes some reason and knowledge to the debate. The authors give clarity by presenting an historical context to Mexican immigration. They base their analysis and policy recommendations on a solid database, using data from the Mexican Migration Project. Yet, all this is done in a very readable style making the book accessible not only to academicians but also to policy makers and the general public. The empirical descriptions and analysis are based on data from the Mexican Migration Project (MMP), a large binational data set that has been collecting detailed information on documented and undocumented Mexicans since 1980. The authors argue that the one constant in U.S. border policy throughout the twentieth century is the hypocrisy of arranging to import Mexicans while pretending not to, seeking ways of “accepting Mexicans as workers while limiting their claims as human beings.” At the same time “the benefits of Mexico-U.S. migration have historically exceeded the costs for all concerned” (p. 105). The book is written like a repair manual, treating the immigration issue as a “complicated piece of socio-economic machinery” and argues that understanding it allows one to intervene appropriately to influence outcomes and improve results (p. 2). The introductory chapter is “Ghost in the Machine: Interventions in the Mexico-U.S. Immigration System,” followed by a chapter that gives a brief outline of immigration theory: “Principles of Operation.” The third chapter, “System Assembly” gives an overview of the history of Mexican immigration to the U.S. from the “Era of Enganche” from 1900 to 1929 when Mexicans were recruited; to the depression era of deportations and diminished inflow; to the Bracero era of 1942 to 1964. They call 1965 to 1985 the “Era of Undocumented Mexicans” in which the Border Patrol would catch some undocumented, giving an illusion of controlling the border, but simply return them to the Mexican side of the border where they could try again. The authors argue that this system worked as de facto guest worker program. Mexicans would come to work, send

Beyond Smoke and Mirrors: Mexican Immigration in an Era of Economic Integration

The History of Economic Analysis

Keynes, IS-LM, and the Marshallian Tradition

The origins of the Keynesian revolution

The role of monetary standards in the international transmission of economic fluctuations, particularly the role of the gold standard in the Depression, has attracted considerable recent attention, for instance from Choudhri and Kochin (1980), Hamilton (1988), Temin (1989, 1993), Eichengreen (1992), and Bernanke (1995). However, this literature has overlooked a pioneering precursor: Irving Fisher, "Are Booms and Depressions Transmitted Internationally Through Monetary Standards?" (1935), which has also been neglected in the literature on Fisher. I examine Fisher's contribution in the context of later research on the topic and explore the place of Fisher (1935) in Fisher's work.

https://www.jstor.org/stable/pdfplus/3649845.pdf

Irving Fisher on the International Transmission of Booms and Depressions Through Monetary Standards

William J. Crowder (1997, 1124, 1127) states that 'The Fisher hypothesis represents one of the oldest and most basic equilibrium relationships in financial economics... The Fisher equation encapsulates the simple relationship hypothesized to exist between nominal interest rates and expected inflation first delineated by Irving Fisher (1930), whose name has been associated with the equation ever since.' Crowder's first sentence is indisputable. The other sentence quoted presents a belief that seems almost universal in the literature on the Fisher relation (as distinct from the history of economic thought literature about Irving Fisher). It credits Fisher with one of the few innovations in the area for which he does not deserve (and did not claim) credit, neglects what he did contribute on related topics, and views The Theory of Interest (1930) as his first presentation of the relationship, a third of a century later than his classic reformulation of the relation. The celebrated equation, which appears in Fisher's American Economic Association monograph Appreciation and Interest (1896) and in an appendix to his The Rate of Interest (1907), does not appear in The Theory of Interest (where the treatment of the relation in chapters 2 and 19 is verbal, supplemented with diagrams but no equation). In Appreciation and Interest (1896), Fisher drew attention to statements by William Douglass, John Stuart Mill, Alfred Marshall, Jacob de Haas, and John Bates Clark of how expected inflation or deflation affects nominal interest, and he made no claim to originality on the point. Writing at the end of a thirty-year period of declining prices, Fisher referred in his title to appreciation of the purchasing power of money, rather than to depreciation. Fisher was the first to write down the relation as an equation, but not the first to articulate the relation. While endorsing

Irving Fisher and the Fisher relation: setting the record straight

Economists and non-economists are more inclined to read about John Maynard Keynes than about other eminent dead economists, and such terms as New Classical, New Keynesian, and Post Keynesian indicate that the issues that divided Keynes from those he labeled as classical still inspire research, however distant and hazy may be the historical awareness of such recent mainstream writers as Mankiw (1992). Widely read biographies by Don Moggridge and Robert Skidelsky reveal both a fascinating life and a public career of historical significance from the critique of the Versailles peace treaty to the Bretton Woods negotiations, and a more specialized literature considers Keynes’s views on philosophy and probability (and will undoubtedly be revived when Rod O’Donnell’s long-awaited supplement to Keynes’s Collected Writings finally appears), but most of all the continuing attention to Keynes focuses on his repute as the man who revolutionized economics.

Robert W. Dimand

Papers

Keynes, IS-LM, and the Marshallian Tradition

The origins of the Keynesian revolution

Irving Fisher on the International Transmission of Booms and Depressions Through Monetary Standards

Irving Fisher and the Fisher relation: setting the record straight

What Keynesian Revolution? A Reconsideration Seventy Years After The General Theory