Truman Bewley

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This paper indicates one way to link equilibrium theory with capital theory and especially with turnpike theory. I consider a model with finitely many, infinitely lived consumers. Their utility functions are additively separable with respect to time and they discount future utility. There are finitely many, infinitely lived firms. Primary resources are(More)
When unemployed workers are available, why don’t firms cut wages until the excess supply is eliminated, as would happen in the ideal markets depicted by conventional economic theory? This question has been central to the great macroeconomic debates that arose from the Keynesian Revolution. Keynesian economists, from Modigliani (1944) through Fischer (1977)(More)
455 male and 120 female opiate addicts were treated at two London drug dependence clinics between 1968 and 1975. The delinquency pattern of 117 female addicts and of a systematic sample of 119 male addicts was analysed in relation to stages of their addiction career and outcome. Treatment had no effect on overall crime rate but there was a significant(More)