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Baran, Paul, 1910-64 (B3)<br />Leading US Marxist economist of Russian descent who was educated at the Universities of Berlin and Harvard. During 1940-7, he worked in the US Office of Strategic Services, and was Professor of Economics at Stanford University from 1948 to 1964. His exposition of Marxist economics included theories of MONOPOLY CAPITAL and DEPENDENCY.<br /><em>Reference</em><br />Baran, P. (1957) The Political Economy of Growth, New York: Monthly Review Press.<br /> Baran, P. and Sweezy, P.M. (1966) Monopoly Capital: An Essay on the American Economic and Social Order, New York: Monthly Review Press.
where X is exports and M is imports, the multiplier is 11[1 - (MPC + MPM)], with MPM the marginal propensity to import.<br /><em>See also:</em> balanced budget; employment; foreign trade multiplier; money multiplier; regional multiplier; super multiplier<br /><em>Reference</em><br />Hansen, A.H. (1948) Income, Employment and Public Policy: Essays in Honor of Alvin H. Hansen, New York: Norton.
labour standard (E4)<br />The value of money in terms of labour. HICKS asserted that after the abandonment of the GOLD STANDARD in 1931, which had determined wages within a given monetary framework, MONETARY POLICY adjusts the equilibrium level of wages to the actual leveL Thus the value of money is the consequence of the behaviour of the wage-fixing institutions of a state. The labour standard is a national standard, unlike the international GOLD STANDARD. Hicks's Jong interest in LABOUR ECONOMICS ensured that he took into account both econom1c and social determinants of wages.<br /><em>See also:</em> commodity reserve currency <br /><em>Reference</em><br />Hicks, JR. (1955) 'The economic foundations of wage policy', Economic Journal 65: 389-404.
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