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1

The wealth of the nation

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 3
233-247
EN
The study presents an estimate of Hungary's national wealth that builds on the pioneering work of Frigyes Fellner. It is based on a multi-sectoral wave-matrix model of the nation's cyclic growth, which leads to exploitation of the sectoral detail available in input-output tables and other national accounts data. Part 1 demonstrates the algebraic equivalence of the wave-matrix model and a double-entry bookkeeping matrix that corresponds to the national accounts. Part 2 describes the empirical implementation and findings. A 21-sector table for 2000 is aggregated into three productive branches and then augmented by rows and columns to represent the government and household sectors. Sectoral capital accumulation is estimated on the basis of costs and yields, while keeping consistent account of the origin and destination of funds. The national wealth is estimated to be close to EUR 10 raised to the 12 power. The most important finding is that the value of human capital (not yet considered in Fellner's time) surpassed that of tangible wealth in Hungary. The author speculates that the relative importance of human capital will continue to increase for the foreseeable future, due to greater emphasis on education and to longer life spans. tools for lowering demand for redistribution, rather than directly increasing income.
2

The multiplicator and its history.

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 4
402-416
EN
The multiplicator is a theoretical tool used by Keynes, to prove and calculate the beneficial effect of additional budget expenditure. The stimulant effect of the extra money was first described by Hume. Some version of the multiplicator principle, as a basic and frequently employed tool of economic analysis and examination of effects, has been examined by many authors. It is worth considering again, because it contains another message as well, which has yet to be recognized.
3

The error tolerance of the input-output system.

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 10
723-735
EN
The study examines the sensitivity of input-output calculations. It analyses the accuracy of the eigenvalues of matrices when calculating the Hungarian branch multiplier for the year 2000. Attention needs paying to the continual fluctuation of the economy and its state of disequilibrium. The author starts from the eigenvalues because these can be established most accurately under such conditions. He also shows how use of the Leontief inverse can reduce error in initial data, as diagnosis of it is dominant and the matrix well conditioned. There is further analysis of error-correcting, compensating features of some other recommended methods of calculation.
4

How far is this far? The duration of an economic cycle

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 5
452-464
EN
The study discusses the long-term characteristics of GDP growth, the economic cycle and its speed, and the time requirements of production. The wide dispersion in the rate of annual growth, as the reciprocal of the average rate of growth, is compared with the inertia found in the average length of the production cycle. An attempt is made to develop a long-term strategic outlook requisite for this.
5

The effect of term of production

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 1
66-76
EN
Product life - term of production, or period of engagement or return, in other words - influences economic growth and the length of its possible cycles. The appropriate way of describing this effect is with the input-output model and various versions of it, which also allow calculations to be made. The 'elliptical production paths' of the Austrian school and their duration and variations become clear and measurable. All this may lead to an extension of the concept and interpretation of equilibrium.
6

The closed dynamic Leontief model. Solutions and interpretations

100%
Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 10
924-935
EN
The paper describes three solutions to the closed (homogenous) dynamic model, all leading to an identical growth rate and the same price and quantitative proportions. However, the different operations performed with the data for the current and capital-outlay coefficients mean that the three versions produce dissimilar matrices. Three disparate, but not mutually contradictory economic and theoretical interpretations are possible. It also emerges that calculation of the equilibrium position does not rest on maximization in the case of any of the methods. Efforts to maximize profits or growth depart from the equilibrium path instead of approaching it. For this reason, disproportionate capacities accumulate.
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