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If someone could either add a source to bolster/verify the claim that Hicks was somehow out to marginalize Keynes that would be great. Since the man basically created the IS-LM framework from which most
Keynesian policy prescriptions are analyzed to this day by the likes of J Bradford DeLong and Paul
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Oppose any merger. This proposal (since March 2010) IMO should be rejected. The wealth effect includes the Pigou effect as a special case. Any change in wealth, not just from a change in the real value of money balances or government bonds, could change consumption expenditures. On this, see Darby
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The wealth effect is concept that is more fundamental and I believe older than the Pigou effect. When speaking of the wealth effect one need only have a single consumer and some form "wealth" as well as goods to demand. So long as demand changes for that single consumer whenever "wealth" changes,
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I find no source for the article's claim that John Hicks was somehow trying to discredit Keynes or marginalize him w.r.t. "the classics." As far as I know, what one would be instructed in any economics course that covers such history, would be that Hicks was merely trying to bring together Keynes
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If we want the highest technical accuracy then the articles should probably be merged. If we want more people to read and use the articles then Wealth Effect needs to stay separate since that is the common usage and what people will be looking for. There are Wiki guidelines for most things but
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Krugman. His statements about "classroom gadgets" could easily be referring to their inadequacy to perform the more advanced forecasting functions that were being developed at the time by econometricians.
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The wealth effect and the pigou effect are two different things - the former is percieved wealth whereas the second is actual wealth, thus them erger sohould not take place
278:) 19:31; 17 October 2011 (UTC) People will be looking for Wealth Effect, not Pigou effect. If the two are going to be merged, it should be merged under Wealth Effect.
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In any case, someone please promptly provide a source or I will be around to... "lobby" (is it a euphemism? who knows?!)for the removal of the offending portion.
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It is not clear whether there is a difference between `wealth` and `real balances`. What it means with the term `real balances`?
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It will be good to mention the "feel good" relationship as "wealth effect" argued, and the "feel bad" relationship proposed by
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Agree with the above, however, to save space, maybe it might be better if one referenced the other on the same page.
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