Peter A. Diamond

In these two lectures, first published in 1994, Peter Diamond explores how time is modelled in theoretical analyses of individual industries and of an entire economy. In the first lecture he considers equilibrium in a single market by examining the distinction between the short run and the long run in Marshallian analysis. He proposes an explicit modelling of time in place of Marshall's use of different atemporal models for different time frames. In the second lecture he turns to models of an entire economy, and begins by considering how and why models of an entire economy should differ from models of a single industry. Both cyclical and seasonal data on the behaviour of macro-economies are examined.

"New in Paperback. While everyone agrees that Social Security is a vital and necessary government program, there have been widely divergent plans for reforming it. Peter A. Diamond and Peter R. Orszag, two of the nation's foremost economists, propose a reform plan that would rescue the program both from its projected financial problems and from those who would destroy the program in order to save it. Since the publication of the first edition of this book in 2004, the Social Security debate has moved to the center of the domestic policy agenda. In this updated edition of Saving Social Security, the authors analyze the Bush Administration's proposal for individual accounts and discuss the so-called ""price indexing"" proposal to restore long-term solvency through changing how initial benefits would be calculated. Soc ial Security is essis essential reading for policymakers involved in reform, analysts, students, and all those interested in the fate of this safeguard of American lives. ""An honest, transparent and comprehensive approach to making the much needed reforms to the Social Security program.""—Journal of Pensions, Economics, and Finance""Very accessible presentation of facts, analysis of underlying problems, comparison of opinions, and argument for proposed reforms.""—Future Survey Exhaustively researched and deeply entrenched in practical issues and mathematical calculations... a highly recommended ray of hope against a looming national crisis."" —Wisconsin Bookwatch ""Diamond and Orszag bring some welcome realism and decency to the debate.""—Robert M. Solow, Institute Professor Emeritus, Massachusetts Institute of Technology, Nobel Laureate in Economics"

In this text, Peter Diamond explores social security policy, social security and the labour market, and social security and the capital market from an economic point of view.

In these two lectures Peter Diamond explores how time is modelled in theoretical analyses of individual industries and of an entire economy. In the first lecture he considers equilibrium in a single market by examining the distinction between the short run and the long run in Marshallian analysis. He proposes an explicit modelling of time in place of Marshall’s use of different atemporal models for different time frames. In the second lecture he turns to models of an entire economy, and begins by considering how and why models of an entire economy should differ from models of a single industry. Both cyclical and seasonal data on the behaviour of macro-economies are examined. Professor Diamond ends by indicating a direction for future research that might yield a more integrated economics.