But these measurements only provide information about points in the distribution rather than reflecting the entire distribution. A search through Google Scholar finds the term "J-curve" used frequently in other contexts, but the first use of the term applied to effects of a currency devaluation seems to have been at a conference the proceedings of which I have not yet seen and by Posner The term "price-specie flow mechanism" entered the literature with Angellwho dealt with it in detail.
Putting the Gini back in the bottle A common way that inequality is measured is with a "size distribution," in which X percent of the population has Y percent of the attribute such as income. Although Hume is today routinely credited with this idea, several other authors anticipated it, if not as clearly.
Further, they shall be treated with the same "caution and graciousness" as these other merchants. Peso problem The term is often attributed to Milton Friedman, who apparently commented on the market for the Mexican peso in the early s and explained Mexico's high relative to the US interest rate by the concern that the peso would be devalued, which it later was.
If the number of elements increases to 4 with the distribution 1, 0, 0, 0CH is unchanged at 1. Diversification D is thus the inverse of concentration: Today Februarythe Herfindahl index is said by Wikipedia to be "also known as Herfindahl-Hirschman index.
Erler writes in German, so I thank my friend Willi Kohler for providing the following: The first-best policy is to correct or offset that distortion, perhaps by a production subsidy. Hirschman also pointed out that his index differed from what had come to be called the Herfindahl index of industrial concentration only by Hirschman's inclusion of the square root.
This latter interpretation, separated from the concern with employment, captures what is probably the most familiar statement of what the condition is about: Taussig said so, citing Marshall If policies superior to tariffs are not available, however, the argument may become one in favor of protection.
He cites several authors as having documented the decline in volatility, the first being Kim and Nelson who cite McConnell and Perez-Quirosin a Fed working paper, as having documented the decline in a linear formulation rather than a structural shift.
Further, they shall be treated with the same "caution and graciousness" as these other merchants. As an example of the effect of changing concentration, consider the distribution.
Viner argued that the classical economists were concerned not just with the rates at which goods exchanged for one another, but also with the rates at which factors exchange, through their production of goods and trade. Edgeworth's diagram was not a box at all, and was drawn on axes more approptiate to an offer curve than to exchange of fixed quantities of goods or factors.
Of this they said:. Here I record what I have been able to learn about the origins of some of the terms we use in international economics, both who introduced their meanings and who first gave them their names, if those are not the same people.
The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. In this short article we consider three indicators which are based on a second-order approach, namely the Herfindal-Hirschmann index (HerfindalHirschman ), Simpson’s Diversity Index (Simpson ) and the Consistency or Equity Index and compare it with the Gini index of inequality.
Table 1 shows the comparison between Gini index G and Inequality Index II at the upper end of inequality as the parameter Δ varies from to and a varies from to For example, when a =while G is insensitive to changes in Δ, II can change from to The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them.
Box and Cox () developed the transformation. Estimation of any Box-Cox parameters is by maximum likelihood. Box and Cox () offered an example in which the data had the form of survival times but the underlying biological structure was of hazard rates, and the transformation identified this.Herfindahl hirschman index gini coefficient