Hasil untuk "Economics"

A. Sen

This book is concerned with the study of collective preference, in particular with the relationship between the objectives of social action and the preferences and aspirations of society's members. Professor Sen's approach is based on the assumption that the problem of collective choice cannot be satisfactorily discussed within the confines of economics. While collective choice forms a crucial aspect of economics, the subject pertains also to political science, the theory of the state, and to the theory of decision procedures. The author has therefore used material from these disciplines, plus philosophical aspects from ethics and the theory of justice.

R. Gilpin

After the end of World War II, the United States, by far the dominant economic and military power at that time, joined with the surviving capitalist democracies to create an unprecedented institutional framework. By the 1980s many contended that these institutions--the General Agreement on Tariffs and Trade (now the World Trade Organization), the World Bank, and the International Monetary Fund--were threatened by growing economic nationalism in the United States, as demonstrated by increased trade protection and growing budget deficits. In this book, Robert Gilpin argues that American power had been essential for establishing these institutions, and waning American support threatened the basis of postwar cooperation and the great prosperity of the period. For Gilpin, a great power such as the United States is essential to fostering international cooperation. Exploring the relationship between politics and economics first highlighted by Adam Smith, Karl Marx, and other thinkers of the eighteenth and nineteenth centuries, Gilpin demonstrated the close ties between politics and economics in international relations, outlining the key role played by the creative use of power in the support of an institutional framework that created a world economy. Gilpin's exposition of the in.uence of politics on the international economy was a model of clarity, making the book the centerpiece of many courses in international political economy. At the beginning of the twenty-first century, when American support for international cooperation is once again in question, Gilpin's warnings about the risks of American unilateralism sound ever clearer.

H. Harman

J. Siegel, R. Thaler

O. Williamson

O. Williamson

J. Urry

S. Hoffman

J. Driscoll, Aart C. Kraay

A. Berman, R. Plemmons

Alan Stone

R. C. Merton

K. Arrow

K. Arrow

R. Coase

Margaret A. Peteraf

S. Rosen

Abram Burk

Yukun Zhang, Tianyang Zhang

This paper develops a micro-founded economic theory of the AI industry by modeling large language models as a distinct asset class-Digital Intelligence Capital-characterized by data-compute complementarities, increasing returns to scale, and relative (rather than absolute) valuation. We show that these features fundamentally reshape industry dynamics along three dimensions. First, because downstream demand depends on relative capability, innovation by one firm endogenously depreciates the economic value of rivals' existing capital, generating a persistent innovation pressure we term the Red Queen Effect. Second, falling inference prices induce downstream firms to adopt more compute-intensive agent architectures, rendering aggregate demand for compute super-elastic and producing a structural Jevons paradox. Third, learning from user feedback creates a data flywheel that can destabilize symmetric competition: when data accumulation outpaces data decay, the market bifurcates endogenously toward a winner-takes-all equilibrium. We further characterize conditions under which expanding upstream capabilities erode downstream application value (the Wrapper Trap). A calibrated agent-based model confirms these mechanisms and their quantitative implications. Together, the results provide a unified framework linking intelligence production upstream with agentic demand downstream, offering new insights into competition, scalability, and regulation in the AI economy.

Federico Felizzi

We investigate the economic impact of controlling the pace of aging through biomarker monitoring and targeted interventions. Using the DunedinPACE epigenetic clock as a measure of biological aging rate, we model how different intervention scenarios affect frailty trajectories and their subsequent influence on healthcare costs, lifespan, and health quality. Our model demonstrates that controlling DunedinPACE from age 50 onwards can reduce frailty prevalence, resulting in cumulative healthcare savings of up to CHF 131,608 per person over 40 years in our most optimistic scenario. From an individual perspective, the willingness to pay for such interventions reaches CHF 6.7 million when accounting for both extended lifespan and improved health quality. These findings suggest substantial economic value in technologies that can monitor and modify biological aging rates, providing evidence for both healthcare systems and consumer-focused business models in longevity medicine.