The Power of Profit 1st edition by Ali Anari, James Kolari 9781441906489 1441906487

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ISBN 10: 1441906487 
ISBN 13: 9781441906489 
Author:  Ali Anari, James W. Kolari

How can business leaders make better production and capital investment decisions? How can Wall Street analysts improve their predictions of future stock market values? How can government improve macroeconomic forecasts and policies? In The Power of Profit, Anari and Kolari demonstrate how profit measures can be applied as the basis for these and many other applications of economic, policy, financial, and business analysis. The underlying theme of the book is that profitability is the driving force in free market economies. Firms invest in capital, produce goods and services, and generate sales in an effort to reap profits. Firms that are unprofitable exit the marketplace and are replaced by profitable firms. Despite the crucial importance of profits, however, there is no formal model that directly relates profits to capital formation and output. Previous studies over the past 100 years on profit and the economy are mainly descriptive in nature, without any well-specified model grounded in microeconomic theory. Filling this gap, the authors present a profit system model of the firm grounded in basic accounting relationships in addition to the well-known Cobb-Douglas production function, which can be applied to individual firms, industries, and the business sector as a whole. Through rigorous data analysis, the authors show how the profit system modelcan be applied to: modeling the U.S. business sector and national economy forecasting output, capital stock, total profit, profit rates, and profit margins examining the relationships among profitability, economic growth, and the business cycle simulating the effects of potential monetary policy changes on the business sector and national economy valuing the Standard & Poor’s stock market index as well as individual firms. The result is a model that integrates microeconomic and macroeconomic factors and that can be widely applied in business and economic decisions, policymaking, research, and teaching.

The Power of Profit 1st Table of contents:

1. The Role of Profit in Advanced Market Economies

2. Profit System Models of the Firm, Industry, and Business Sector

• 2.1 Theoretical Foundation of Profit System Models of the Firm
  • Mathematical Economic Approach to Obtaining a Profit System Model of Production
  • Accounting Approach to Obtaining a Profit System Model of Production
  • Profit System Model of Capital Stock
  • Profit System Model of Profit Margins
  • Profit System Model of Employment
  • Other Key Business Variables: Sales Tax, Depreciation, Total Employment Compensation, and Wage
  • Profit System Channel of Inflation Transmission
  • Profit System Models of Deflated Output, Deflated Capital Stock, and Deflated Labor Productivity
  • Total Profit Equations
  • Profit System Economic Equilibrium
  • Profit System Theory of Economic Growth
  • Profit System Theory of Business Cycles
  • Financial Sector Variables: Interest Rate and Credit
• 2.2 Empirical Profit System Models in the Form of Dynamic Equations
  • General Approach
  • Profit System Models of the Goods and Services Market
  • Extended Profit System Model with Goods and Services Plus Labor Markets
• 2.3 Summary
• 2.4 Appendix: General Form of the Extended Profit System Model

3. A Macroeconomic Profit System Model of Advanced Market Economies

• 3.1 Macroeconomic Profit System Model
  • Business Sector Profit System Model
  • Nonprofit Sector Model
  • Combined Business Sector and Nonprofit Sector Model
  • The Monetary Policy Model
  • Debt Model
  • Macroeconomic Equilibrium
  • Channels of Inflation and Monetary Policy Transmission
  • Wicksell’s Cumulative Process in the Macroeconomic Profit System Model
  • The Government Sector and Profitability
• 3.2 Application of the Macroeconomic Profit System Model to the US Economy
  • Data
  • Estimation of the Macroeconomic Model
  • Testing Model Reliability
  • Historical Simulation and Out-of-Sample Forecasts
• 3.3 Monetary Policy Analysis and the Impacts of Economic Stimulus Plans
• 3.4 Business Cycle Analysis
• 3.5 Conclusion

4. Profit System Models of the Corporate Sector

• The Corporate Model
• The Nonfinancial Corporate Model
• Data for Estimating Corporate Sector Models
• Estimated Corporate Profit System Model
• Estimated Nonfinancial Corporate Sector Model
• Stochastic Simulations and Forecasts of Corporate Profit System Models
• Quarterly Profit System Model of the Nonfinancial Corporate Sector
• Conclusion

5. Profit System Models for Industries

• The Empirical Representation of the Model for Industries
• Industry Data
• Empirical Results for Various Industries:
  • Mining, Quarrying, and Oil and Gas Extraction
  • Utilities Industry
  • Construction Industry
  • Manufacturing Industry
  • Wholesale Trade Industry
  • Retail Trade Industry
  • Transportation and Warehousing Industry
  • Information Industry
  • Finance and Insurance Industry
  • Professional and Business Services Industry
  • Education and Health Services Industry
  • Leisure and Hospitality Services Industry
• Conclusion

6. A Profit System Model of Stock Market Valuation

• Standard and Poor’s Industrial Index Model
• Stock Market Capitalization
• Conclusion

7. A Profit System Model of the Firm for Business Analysis and Stock Valuation

• Application of the Profit System Model to Firms
• Empirical Results for Two US Corporations
  • International Business Machines Corporation
  • Johnson & Johnson
• Strategic Business Planning and Budgetary Control
• Capital Budgeting Decisions
• Conclusion

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