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Thomas I. Palley

theoretical critique is that negative nominal interest rates may fail to solve demand shortage owing to the existence of non-reproduced assets (NRAs), which include money but are not restricted to money. The reason is lower interest rates may result in bidding up the price of those assets rather than increasing investment. That possibility was identified by Keynes (1936 , pp. 225–236) in a cryptic section on commodity rates of interest in chapter 17 of The General Theory . Keynes concludes that section as follows: Our conclusion can be stated in the most general form

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Larissa Gray

assets using a variety of mechanisms, such as: M2777 - GRAYCAR PRINT.indd 360 26/10/2011 12:19 Recovering corruptly obtained assets 361 ● ● ● ● ● ● ● ● measures for the prevention and detection of the proceeds of crime, art. 52 of the UNCAC; direct enforcement of freezing or confiscation orders made by the court of another State Party (UNCAC, art. 54(1)(a) and 54(2)(a)); non-conviction based asset (NCB) confiscation, particularly in cases of death, flight or absence of the offender or in other cases (UNCAC art. 54(1)(c)); civil actions initiated by another State

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Marco R. Di Tommaso, Daniele Paci and Stuart O. Schweitzer

cannot fully appropriate it (Arrow, 1962). Not all intangible assets are public goods. In general they are characterized by non-rivalry. As Lev (2001, p.34) pointed out, physical assets are generally ‘rival assets’, which means that alternative uses compete for the services of these assets. Differently intangible assets in general have extremely low opportunity costs. This is a common feature of assets characterized by large fixed (sunk) costs and negligible marginal costs. As knowledge-based assets, IAs are ‘expensive to produce but cheap to reproduce’ (Desrochers, The

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Elizabeth Webster

’s perspective, funds advanced in each time period equal the amount of working capital advanced to cover the costs of producing the good or service: payments to labour, leasing costs (direct or implicit owner costs) of using reproducible plant, equipment or intangible assets, and rents on non-reproducible inputs. From the point of view of the whole economy, however, rents are not true costs but transfer payments (as there are no opportunity costs), and the costs of producing the reproducible assets can be decomposed in a similar way according to the costs of Profits 295 the

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Elizabeth Webster

firm’s perspective, funds advanced in each time period equal the amount of working capital advanced to cover the costs of producing the good or service: payments to labour, leasing costs (direct or implicit owner costs) of using reproducible plant, equipment or intangible assets, and rents on non-reproducible inputs. From the point of view of the whole economy, however, rents are not true costs but transfer payments (as there are no opportunity costs), and the costs of producing the reproducible assets can be decomposed in a similar way according to the costs of the

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Paul Davidson

is uncertain rather than merely risky in the probabilistic sense.) If non-producibility is an essential attribute of all assets that possess the characteristic of liquidity and the holding of liquid assets can provide a long-run security blanket against uncertainty, then liquid assets can provide utility in a way that producibles cannot. Hahn demonstrated that unemployment occurs when ‘there are in this economy resting places for savings other than reproducible assets’ (1977, p. 31) and the existence of ‘any non-reproducible asset allows for a choice between

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Anthony C. Fisher and Jinhua Zhao

equivalent to non-renewability and non-substitutability in final consumption. A stronger version of irreplaceability would define an Irreversibility, sustainability and the limits to growth 133 asset as irreplaceable if its attributes cannot be reproduced. For example, what Krutilla et al. called ‘gifts of individual genius’ would fall into this category: the works of Leonardo da Vinci cannot be replicated by any device, however ingenious, as the result would not have the desired characteristic of authenticity. Also, by this definition, any species would be

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Leighton Vaughan Williams

of casino expenditure itself plus the non-casino expenditure of people drawn by the casino to a particular area. In considering the net benefit of a casino project, such studies should also allow for any ‘displacement’ or ‘substitution’ effects, where casino-related projects substitute for or displace other forms of spending. Many such studies focus on individual states or cities. An interesting example is that of Siegel and Anders (2001) , reproduced as Chapter 27, who study gambling spend in the US state of Arizona

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Solange Gomes Leonel, Sylvia Ferreira Marques, Ester Carneiro do Couto Santos and Marco Flávio da Cunha Resende

between liquid assets (money and other high liquidity assets) and illiquid assets – that is, assets that will immobilize their wealth for a while, such as innovative assets. Just like firms, financial institutions do not have any real assurance of assets' return or appreciation. In other words, there is a non-probabilistic uncertainty about the future. Therefore, agents' liquidity preference will decide investment resources' allocation to a liquid or illiquid asset. When expectations are favorable for risk-taking, the weight of the liquidity premium is low. So they are

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Paul Davidson

savings (generalized purchasing power) over time; Illiquid real capital vs. liquid assets 83 2. 3. titles to capital goods, debt contracts and other financial assets, with negligible carrying costs, that are traded on organized orderly resale spot markets are demanded primarily as liquid stores of value, rather than to gain control of the management of any underlying real durables. Accordingly, in any entrepreneurial economy with developed markets for financial assets there will be an institutional separation of ownership from control of real capital;21 reproducible