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Presidential Succession Act
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The Presidential Succession Act establishes who shall exercise the powers and duties of the office of President of the United States in the event that neither a President nor Vice President is able to "discharge the powers and duties of the office." The current Act was adopted in 1947 and is codified at 3 U.S.C. § 19.[1]
Constitutional authority for Congress to enact such a law is twofold: Article II, Section 1, Clause 6 and Section 3 of the Twentieth Amendment.
Contents
[hide]
1 Current text
2 Previous acts
2.1 Presidential Succession Act of 1792
2.1.1 Provisions
2.1.2 Potential implementation
2.2 Presidential Succession Act of 1886
2.2.1 Provisions
2.2.2 Potential implementation
3 Presidential Succession Act of 1947
3.1 Potential implementations
4 Revisions
5 Constitutionality
5.1 Meaning of "officer"
5.2 Bumping
5.3 Political question
6 Twenty-fifth Amendment
7 Next in line
7.1 Under the Presidential Succession Act of 1792
7.2 Under the Presidential Succession Act of 1886
7.3 Under the Presidential Succession Act of 1947
7.3.1 Invocations of the Twenty-fifth Amendment
8 See also
9 References
10 External links
Current text[edit]
3 U.S.C. § 19. Vacancy in offices of both President and Vice President; officers eligible to act
(a)
(1) If, by reason of death, resignation, removal from office, inability, or failure to qualify, there is neither a President nor Vice President to discharge the powers and duties of the office of President, then the Speaker of the House of Representatives shall, upon his resignation as Speaker and as Representative in Congress, act as President.
(2) The same rule shall apply in the case of the death, resignation, removal from office, or inability of an individual acting as President under this subsection.
(b) If, at the time when under subsection (a) of this section a Speaker is to begin the discharge of the powers and duties of the office of President, there is no Speaker, or the Speaker fails to qualify as Acting President, then the President pro tempore of the Senate shall, upon his resignation as President pro tempore and as Senator, act as President.
(c) An individual acting as President under subsection (a) or subsection (b) of this section shall continue to act until the expiration of the then current Presidential term, except that –
(1) if his discharge of the powers and duties of the office is founded in whole or in part on the failure of both the President-elect and the Vice-President-elect to qualify, then he shall act only until a President or Vice President qualifies; and
(2) if his discharge of the powers and duties of the office is founded in whole or in part on the inability of the President or Vice President, then he shall act only until the removal of the disability of one of such individuals.
(d)
(1) If, by reason of death, resignation, removal from office, inability, or failure to qualify, there is no President pro tempore to act as President under subsection (b) of this section, then the officer of the United States who is highest on the following list, and who is not under disability to discharge the powers and duties of the office of President shall act as President: Secretary of State, Secretary of the Treasury, Secretary of Defense, Attorney General, Secretary of the Interior, Secretary of Agriculture, Secretary of Commerce, Secretary of Labor, Secretary of Health and Human Services, Secretary of Housing and Urban Development, Secretary of Transportation, Secretary of Energy, Secretary of Education, Secretary of Veterans Affairs, Secretary of Homeland Security.
(2) An individual acting as President under this subsection shall continue so to do until the expiration of the then current Presidential term, but not after a qualified and prior-entitled individual is able to act, except that the removal of the disability of an individual higher on the list contained in paragraph (1) of this subsection or the ability to qualify on the part of an individual higher on such list shall not terminate his service.
(3) The taking of the oath of office by an individual specified in the list in paragraph (1) of this subsection shall be held to constitute his resignation from the office by virtue of the holding of which he qualifies to act as President.
(e) Subsections (a), (b), and (d) of this section shall apply only to such officers as are eligible to the office of President under the Constitution. Subsection (d) of this section shall apply only to officers appointed, by and with the advice and consent of the Senate, prior to the time of the death, resignation, removal from office, inability, or failure to qualify, of the President pro tempore, and only to officers not under impeachment by the House of Representatives at the time the powers and duties of the office of President devolve upon them.
(f) During the period that any individual acts as President under this section, his compensation shall be at the rate then provided by law in the case of the President.
—  3 U.S.C. § 19. Current through Pub.L. 114–38
Previous acts[edit]
Presidential Succession Act of 1792[edit]
The Presidential Succession Act of 1792 consisted of sections 9 and 10 of a larger federal statute.[2]
Provisions[edit]
Wikisource has original text related to this article:
Presidential Succession Act 1792
Section 9 declared that, in the event of the removal, resignation, death, or inability of both the President and Vice President, the President pro tempore of the United States Senate was next in line of succession after the Vice President, followed by the Speaker of the House of Representatives.
If both the President and Vice President were removed, resigned, or died, section 10 required there to be a presidential election in December of the year in which section 9 was invoked (or in December of the next year, if there was less than two months to go until December and the presidential term was not about to expire).[2]
Potential implementation[edit]
While the 1792 Act was never implemented, there were ten instances when the Vice Presidency was vacant. Had the President died, resigned, been removed from office, or been disabled, the President pro tempore of the Senate would have become the Acting President of the United States:
Vice Presidents John Tyler, Millard Fillmore, Andrew Johnson and Chester A. Arthur succeeded to the Presidency following the deaths of their predecessors. George Clinton, Elbridge Gerry, William R. King, Henry Wilson and Thomas A. Hendricks died in office, and John C. Calhoun resigned.
The Act came very close to being implemented on three occasions:
In 1844, President John Tyler narrowly missed being killed by the explosion of a bow gun on board USS Princeton while sailing on a demonstration in the Potomac River below Washington;[3] had this occurred, President pro tempore Willie Person Mangum would have become Acting President.
In 1865, President Abraham Lincoln was assassinated by John Wilkes Booth. Two of Booth's accomplices also intended to assassinate Vice President Andrew Johnson and Secretary of State William H. Seward. Seward's would-be assassin, Lewis Powell, attacked but failed to kill him, whereas George Atzerodt, who planned to murder Johnson, never acted. If Atzerodt had assassinated Johnson, President pro tempore Lafayette S. Foster would have become Acting President.
In 1868, after President Andrew Johnson was impeached by the House of Representatives, the Senate came one vote short of removing him from office; if Johnson had been removed, President pro tempore Benjamin Wade would have become Acting President.[4]
Presidential Succession Act of 1886[edit]
Provisions[edit]
Wikisource has original text related to this article:
Presidential Succession Act 1886
In 1886, following the death of Vice President Thomas A. Hendricks in the previous year, a new Presidential Succession Act was adopted,[5] replacing the President "pro tempore" of the United States Senate and the Speaker of the House of Representatives on the list with the members of the Presidential Cabinet. The order of succession was determined by the order in which each cabinet department had been created—with the Secretary of State being first in line after the Vice President. Six former Secretaries of State went on to be elected President; only one Congressional leader, Speaker of the House of Representatives James K. Polk, had done so to that time. The change to the order of succession was widely accepted.
The 1886 Act did not require a special presidential election to be held.
Potential implementation[edit]
Like the 1792 Act, the 1886 Act was never implemented during its 61 years, but there were five instances where the Vice Presidency was vacant. Had the President died, resigned, been removed from office, or been disabled, the Secretary of State would have become Acting President:
Vice Presidents Theodore Roosevelt, Calvin Coolidge, and Harry S. Truman assumed the Presidency following the deaths of their predecessors. Vice Presidents Garret Hobart and James S. Sherman died in office.
President Woodrow Wilson drew up a plan whereby, given the turmoil of World War I, if his Republican opponent Charles Evans Hughes had won the 1916 election then Wilson would have appointed Hughes to be the Secretary of State. Wilson and Vice President Thomas R. Marshall would have then immediately resigned to allow Hughes to serve as Acting President until the end of the lame-duck period on March 4, 1917. Wilson's narrow victory over Hughes rendered the plan moot.[6]
Presidential Succession Act of 1947[edit]
Wikisource has original text related to this article:
Presidential Succession Act 1947 (original version)
Shortly after President Franklin D. Roosevelt's death, President Harry S. Truman lobbied for a revision of the law and consequently the Presidential Succession Act of 1947 was passed.
The 1947 Act restored the Congressional officers to places directly after the Vice President, but switched their order from the 1792 Act, placing the Speaker of the House first and the President pro tempore second. The Presidential Cabinet Secretaries and Officers then followed, again in the order in which their respective departments were created.[1] In 1947, the Secretary of Defense was created, along with the United States Department of Defense, following the reorganization and removal from the cabinet of the Secretary of War (renamed the Secretary of the Army) and Secretary of the Navy, along with the creation of a new Department of the Air Force, also with its own Secretary. In 1948, the new Secretary of Defense replaced the longtime historic offices of the old Secretaries of War and the Navy in the line of presidential succession.
Potential implementations[edit]
Like its predecessors, the 1947 Act has not been implemented. There have been seven instances where it would have been if the President or Acting President had died, resigned, been removed from office, or been disabled:
During the first two years of this Act being in effect there was no Vice President. Harry S. Truman had become President upon Franklin D. Roosevelt's death in 1945.
Following the assassination of John F. Kennedy in 1963, Lyndon B. Johnson became President. There was no Vice President, until January 20, 1965, when Hubert H. Humphrey became Vice President.
There was no Vice President during the two months in 1973 between Spiro Agnew's resignation and Gerald Ford's confirmation as Vice President.
In 1974, there was no Vice President during the four-month period between Ford's succession to the Presidency and the confirmation of Vice President Nelson Rockefeller.
In 1985, President Ronald Reagan invoked Section 3 of the Twenty-fifth Amendment, making Vice President George H. W. Bush Acting President for approximately eight hours.
In 2002 and 2007, President George W. Bush invoked Section 3 of the Twenty-fifth Amendment, making Vice President Dick Cheney Acting President for a little over two hours each time.
In the 1973 and 1974 cases, implementation of the 1947 Act was put off by Section 2 of the Twenty-fifth Amendment providing the ability to fill the two Vice Presidential vacancies.
During the September 11, 2001 terrorist attacks, several people holding offices in the line of succession (among them Speaker Dennis Hastert and Senate President pro tempore Robert Byrd) were taken to "secure locations" in order to guarantee that at least one officer in the line of succession would survive the attacks.
When the President attends an event with the Vice-President, Speaker of the House, President pro tempore of the Senate, and the Cabinet, one member of the Cabinet does not attend, being the "designated successor". This ensures there is always someone remaining to exercise the powers of the presidency, even if all the other officers are killed at the event.[7] During the inauguration of President Barack Obama on January 20, 2009, the Bush and Obama transition teams agreed to name Secretary of Defense Robert Gates as the "designated successor" and he was taken to a secure location instead of attending the ceremony.[8]
Revisions[edit]
The Act has been modified several times with the addition of new cabinet positions, but the creation of the Department of Homeland Security in 2002 caused controversy that delayed its secretary being placed in the succession order.
Many in the Congress felt the Secretary of Homeland Security should have been placed higher in the order – the rationale being that, as the officer responsible for disaster relief and security, the Secretary would be more capable of acting as President than, say, the Secretary of Housing and Urban Development.[citation needed] It was proposed[by whom?] that he be granted the position held by the Secretary of the Navy prior to the formation of the Department of Defense. In the 109th Congress, legislation was introduced to place the Secretary of Homeland Security into the line of succession after the Attorney General,[9] but the bill expired at the end of the 109th Congress and was not reintroduced.
The matter remained unresolved until March 9, 2006, when the Act was amended to add the Secretary of Homeland Security after the Secretary of Veterans Affairs.[10]
Constitutionality[edit]
The constitutionality of the Act is disputed. Yale Law School Professor Akhil Reed Amar says the current Act is "a disastrous statute, an accident waiting to happen".[11] There are two main areas of concern.
Meaning of "officer"[edit]
There are concerns regarding the constitutionality of having members of Congress in the line of succession. Article II, Section 1, Clause 6 of the Constitution specifies that only an "Officer" may be designated as a Presidential successor. Constitutional scholars from James Madison to the present day have argued that the term "Officer" refers to an "Officer of the United States," a term of art that excludes members of Congress.
In testimony before the Senate Judiciary Committee on September 16, 2003, Miller Baker said:
The 1947 Act is probably unconstitutional because it appears that the Speaker of the House and the President pro tempore of the Senate are not "Officers" eligible to act as President within the meaning of the Succession Clause. This is because in referring to an "Officer", the Succession Clause, taken in its context in Section 1 of Article II, probably refers to an "Officer of the United States", a term of art under the Constitution, rather than any officer, which would include legislative and state officers referred to in the Constitution (e.g., the reference to state militia officers found in Article I, Section 8). In the very next section of Article II, the President is empowered to "require the Opinion, in writing, of the principal Officer in each of the executive Departments" and to appoint, by and with the advice and consent of the Senate, "Officers of the United States". These are the "Officers" to whom the Succession Clause probably refers. This contextual reading is confirmed by Madison's notes from the Constitutional Convention, which reveal that the Convention's Committee of Style, which had no authority to make substantive changes, substituted "Officer" in the Succession Clause in place of "Officer of the United States," probably because the Committee considered the full phrase redundant.[12]
In Is the Presidential Succession Law Constitutional,[13] Akhil Reed Amar and Vikram Amar refer to Article I, Section 6, Clause 2 (a.k.a., Incompatibility Clause) as evidence that members of the Congress cannot be in the Presidential line of succession. That clause states:
No Senator or Representative shall, during the Time for which he was elected, be appointed to any civil Office under the Authority of the United States, which shall have been created, or the Emoluments whereof shall have been encreased during such time; and no Person holding any Office under the United States, shall be a Member of either House during his Continuance in Office.[14]
Bumping[edit]
The Act is also controversial because it provides that a cabinet officer can serve as Acting President only until a new Speaker of the House or a new President Pro Tempore of the Senate is chosen, who would then replace him as Acting President. This is sometimes referred to as "bumping"[15] and appears to contradict the text of the Constitution, which says (in Article II, Section 1, Clause 6):
“ ...and such Officer shall act accordingly, until the Disability be removed, or a President shall be elected. ”
The Continuity of Government Commission argued that as well as going against the language of the Constitution, bumping violates the doctrine of separation of powers by undermining the independence of the executive from the Congress:
“ The Constitution on its face seems to stipulate that once a person is deemed to be acting president by the Presidential Succession Act, he or she cannot be replaced by a different person. This interpretation makes some logical sense as the provision would presumably prevent the confusion that would arise if the presidency were transferred to several different individuals in a short period of time. It would also seemingly prevent Congress from exercising influence on the executive branch by threatening to replace a cabinet member acting as president with a newly elected Speaker of the House.[16] ”
Political question[edit]
Even if a court heard a case regarding whether the Act is unconstitutional, a court may decide not to rule on the merits of such a case. For example, in The Political Question of Presidential Succession, Northwestern University Professor Steven G. Calabresi suggests that this Act's constitutionality may be a political question.[17]
Twenty-fifth Amendment[edit]
Main article: Twenty-fifth Amendment to the United States Constitution
Section 2 of the Twenty-fifth Amendment allows the President to nominate a new Vice President when the office of Vice President is vacant. The nominee becomes Vice President if confirmed by each house of the Congress. Section 2 has been invoked twice:
1973 – Gerald Ford became Vice President following Spiro Agnew resigning
1974 – Nelson Rockefeller became Vice President following President Richard Nixon's resignation and Ford becoming President.
In addition, Section 3 of the Twenty-fifth Amendment provides that, whenever the President of the United States transmits to the President pro tempore of the Senate and the Speaker of the House of Representatives his written declaration that he is unable to discharge the powers and duties of his office, and until he transmits to them a written declaration to the contrary, the powers and duties of the presidency of the United States shall be discharged by the Vice President as Acting President. During such time, the Vice President would not be able to exercise his duties as President of the Senate, which would make the President pro tempore of the Senate the body's presiding officer. Section 3 has been invoked three times:
July 13, 1985 – President Ronald Reagan underwent surgery to remove cancerous polyps from his colon. Prior to undergoing surgery, he transmitted a letter to Speaker of the House of Representatives Tip O'Neill and President pro tempore of the Senate Strom Thurmond declaring his incapacity. Vice President George H. W. Bush was Acting President from 11:28 a.m. until 7:22 p.m., when Reagan transmitted a second letter to resume the powers and duties of the office.
June 29, 2002 – President George W. Bush declared himself temporarily unable to discharge the powers and duties of the office prior to undergoing a colonoscopy, which was done under sedation. He invoked Section 3 of the Twenty-fifth Amendment in letters given to White House Counsel Alberto Gonzales, who transmitted them by fax to Speaker of the House of Representatives Dennis Hastert and President pro tempore of the Senate Robert Byrd. Gonzales called Hastert's and Byrd's offices to confirm receipt of the letters, and then contacted Vice President Dick Cheney to advise him of the transfer. Cheney was Acting President from 7:09 a.m. to 9:24 a.m., whereupon Bush transmitted a second letter to resume the powers and duties of the office.
July 21, 2007 – Under the same circumstances as the 2002 invocation, President George W. Bush transmitted a letter to President pro tempore of the Senate Robert Byrd and Speaker of the House of Representatives Nancy Pelosi declaring himself temporarily unable to discharge the powers and duties of the office prior to undergoing a colonoscopy, which was done under sedation. Vice President Cheney was Acting President from 7:16 a.m. to 9:21 a.m. that day.
Next in line[edit]
The following people have been next in line for the powers and duties of the Presidency (i.e., to become Acting President, in the event of the death, resignation, removal, or disability of the President) when there was either no Vice President or the Vice President was Acting President:
Under the Presidential Succession Act of 1792[edit]
#
Name
Office Title
Party
Dates
Reason
President
1
William Harris Crawford President pro tempore of the Senate Democratic-
Republican April 20, 1812 –
March 4, 1813 Death of Vice President George Clinton Madison
2
Langdon Cheves Speaker of the House Democratic-
Republican November 23, 1814 –
November 25, 1814 Death of Vice President Elbridge Gerry Madison
3
John Gaillard President pro tempore of the Senate Democratic-
Republican November 25, 1814 –
March 4, 1817 Elected President pro tempore Madison
4
Hugh Lawson White President pro tempore of the Senate Democratic December 28, 1832 –
March 4, 1833 Resignation of Vice President John C. Calhoun Jackson
5
Samuel L. Southard President pro tempore of the Senate Whig April 4, 1841 –
May 31, 1842 Death of President William Henry Harrison Tyler
6
Willie P. Mangum President pro tempore of the Senate Whig May 31, 1842 –
March 4, 1845 Elected President pro tempore upon the resignation of President pro tempore Samuel L. Southard Tyler
Vacant/Howell Cobb July 9, 1850 –
July 11, 1850 Death of President Zachary Taylor; vacancy in office of President pro tempore of the Senate; Speaker of the House Howell Cobb was not yet 35 years old and so might not have been eligible, depending on whether the qualifications for the presidency apply to becoming Acting President.[18] Fillmore
7
William R. King President pro tempore of the Senate Democratic July 11, 1850 –
December 20, 1852 Elected President pro tempore Fillmore
8
David Rice Atchison President pro tempore of the Senate Democratic December 20, 1852 –
March 4, 1853 Elected President pro tempore Fillmore
9
David Rice Atchison President pro tempore of the Senate Democratic April 18, 1853 –
December 4, 1854 Death of Vice President William R. King Pierce
10
Lewis Cass President pro tempore of the Senate Democratic December 4, 1854 –
December 5, 1854 Elected President pro tempore Pierce
11
Jesse D. Bright President pro tempore of the Senate Democratic December 5, 1854 –
June 9, 1856 Elected President pro tempore Pierce
12
Charles E. Stuart President pro tempore of the Senate Democratic June 9, 1856 –
June 10, 1856 Elected President pro tempore Pierce
13
Jesse D. Bright President pro tempore of the Senate Democratic June 11, 1856 –
January 6, 1857 Elected President pro tempore Pierce
14
James M. Mason President pro tempore of the Senate Democratic January 6, 1857 –
March 4, 1857 Elected President pro tempore Pierce
15
Lafayette S. Foster President pro tempore of the Senate Republican April 15, 1865 –
March 2, 1867 Death of President Abraham Lincoln A. Johnson
16
Benjamin F. Wade President pro tempore of the Senate Republican March 2, 1867 –
March 4, 1869 Elected President pro tempore A. Johnson
17
Thomas W. Ferry President pro tempore of the Senate Republican November 22, 1875 –
March 4, 1877 Death of Vice President Henry Wilson Grant
Vacant September 19, 1881 –
October 10, 1881 Death of President James A. Garfield; vacancy in offices of President pro tempore of the Senate and Speaker of the House Arthur
18
Thomas F. Bayard President pro tempore of the Senate Democratic October 10, 1881 –
October 13, 1881 Elected President pro tempore Arthur
19
David Davis III President pro tempore of the Senate Independent October 13, 1881 –
March 3, 1883 Elected President pro tempore Arthur
20
George F. Edmunds President pro tempore of the Senate Republican March 3, 1883 –
March 3, 1885 Elected President pro tempore Arthur
Vacant November 25, 1885 –
December 7, 1885 Death of Vice President Thomas A. Hendricks; vacancy in offices of President pro tempore of the Senate and Speaker of the House Cleveland
21
John Sherman President pro tempore of the Senate Republican December 7, 1885 –
January 19, 1886 Elected President pro tempore Cleveland
Under the Presidential Succession Act of 1886[edit]
#
Name
Office Title
Party
Dates
Reason
President
22
Thomas F. Bayard Secretary of State Democratic January 19, 1886 –
March 4, 1889 Change in line of succession Cleveland
23
John Hay Secretary of State Republican November 21, 1899 –
March 4, 1901 Death of Vice President Garret Hobart McKinley
24
John Hay Secretary of State Republican September 14, 1901 –
March 4, 1905 Death of President William McKinley T. Roosevelt
25
Philander C. Knox Secretary of State Republican October 30, 1912 –
March 4, 1913 Death of Vice President James S. Sherman Taft
26
Charles Evans Hughes Secretary of State Republican August 2, 1923 –
March 4, 1925 Death of President Warren G. Harding Coolidge
27
Edward Stettinius, Jr. Secretary of State Democratic April 12, 1945 –
June 27, 1945 Death of President Franklin D. Roosevelt Truman
28
Henry Morgenthau, Jr. Secretary of the Treasury Democratic June 27, 1945 –
July 3, 1945 Resignation of Secretary of State Edward Stettinius, Jr. Truman
29
James F. Byrnes Secretary of State Democratic July 3, 1945 –
January 21, 1947 Appointed Secretary of State Truman
30
George Marshall Secretary of State Democratic January 21, 1947 –
July 17, 1947 Appointed Secretary of State upon the resignation of James F. Byrnes Truman
Under the Presidential Succession Act of 1947[edit]
#
Name
Office Title
Party
Dates
Reason
President
31
Joseph William Martin, Jr. Speaker of the House Republican July 17, 1947 –
January 3, 1949 Change in line of succession Truman
32
Sam Rayburn Speaker of the House Democratic January 3, 1949 –
January 20, 1949 Elected Speaker of the House Truman
33
John William McCormack Speaker of the House Democratic November 22, 1963 –
January 20, 1965 Death of President John F. Kennedy L. Johnson
Invocations of the Twenty-fifth Amendment[edit]
#
Name
Office Title
Party
Dates
Reason
President
Acting President
34
Carl Albert Speaker of the House Democratic October 10, 1973 –
December 6, 1973 Resignation of Vice President Spiro Agnew; Section 2 of the Twenty-fifth Amendment Nixon N/A
35
Carl Albert Speaker of the House Democratic August 9, 1974 –
December 19, 1974 Resignation of President Richard Nixon; Sections 1 and 2 of the Twenty-fifth Amendment Ford N/A
36
Thomas P. O'Neill Jr. Speaker of the House Democratic July 13, 1985 Section 3 of the Twenty-fifth Amendment Ronald Reagan George H. W. Bush
37
Dennis Hastert Speaker of the House Republican June 29, 2002 Section 3 of the Twenty-fifth Amendment George W. Bush Dick Cheney
38
Nancy Pelosi Speaker of the House Democratic July 21, 2007 Section 3 of the Twenty-fifth Amendment George W. Bush Dick Cheney
See also[edit]
Acting Vice President of the United States
United States presidential line of succession
References[edit]
^ Jump up to: a b Pub.L. 80–199, S. 564, 61 Stat. 380, enacted July 18, 1947
^ Jump up to: a b An Act relative to the Election of a President and Vice President of the United States, and declaring the Officer who shall act as President in case of Vacancies in the offices both of President and Vice President, 1 Stat. 239, § 9–10 (March 1, 1792)
Jump up ^ The American Heritage Book of the presidents and Famous Americans, Vol. 4 (American Heritage Publishing Co., 1967), pp.298–299.
Jump up ^ Akhil Reed, Amar; Vikram David Amar (November 1995). "Is the Presidential Succession Law Constitutional?". Stanford Law Review. 48 (1): 113–139. doi:10.2307/1229151. JSTOR 1229151.
Jump up ^ 24 Stat. 1, ch. 4 (1886)
Jump up ^ Arthur S. Link and William M. Leary Jr., "Election of 1916" in Israel, Fred L., Arthur M. Schlesinger, and Gil Troy. 2012. History of American Presidential Elections, 1789-2008. New York: Facts on File, Inc, 2012. eBook Collection (EBSCOhost), EBSCOhost (accessed August 27, 2017), p. 929.
Jump up ^ "Gates is designated successor on Inauguration Day". Bloomberg News. January 20, 2009. Retrieved January 23, 2009.
Jump up ^ "Defense Secretary Robert Gates to be Obama's 'Designated Successor,'" Los Angeles Times, January 19, 2009
Jump up ^ S. 442, February 17, 2005
Jump up ^ § 503 of Pub.L. 109–177
Jump up ^ Ornstein, Norman J. (February 9, 2004). "It's Armageddon". American Enterprise Institute.
Jump up ^ Pike, John. "Ensuring the Continuity of the United States Government: The Presidency".
Jump up ^ 48 Stan. L. Rev. 113 (1995)
Jump up ^ "Article I - U.S. Constitution - FindLaw".
Jump up ^ "Presidential Succession Act".
Jump up ^ Second Report of the Continuity of Government Commission, 2009 Archived May 23, 2012, at WebCite
Jump up ^ 48 Stan. L. Rev. 155 (1995)
Jump up ^ Feerick, John (2014). "1". The Twenty-Fifth Amendment (Third ed.). Fordham University Press. pp. 44, fn. ISBN 978-0-8232-5201-5.
External links[edit]
'Presidential and Vice Presidential Succession: Overview and Current Legislation, Congressional Research Service Report for Congress, Order Code RL31761, September 27, 2004
Presidential Succession: An Overview with Analysis of Legislation Proposed in the 109th Congress, Congressional Research Service Report for Congress, Order Code RL32969, June 29, 2005
Amendment25.com
Fools, Drunkards, & Presidential Succession
Testimony of M. Miller Baker
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Scarborough Fair (ballad)
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"Scarborough Fair" is a traditional English ballad about the Yorkshire town of Scarborough.
The song relates the tale of a young man who instructs the listener to tell his former love to perform for him a series of impossible tasks, such as making him a shirt without a seam and then washing it in a dry well, adding that if she completes these tasks he will take her back. Often the song is sung as a duet, with the woman then giving her lover a series of equally impossible tasks, promising to give him his seamless shirt once he has finished.
As the versions of the ballad known under the title "Scarborough Fair" are usually limited to the exchange of these impossible tasks, many suggestions concerning the plot have been proposed, including the hypothesis that it is about the Great Plague of the late Middle Ages. The lyrics of "Scarborough Fair" appear to have something in common with an obscure Scottish ballad, The Elfin Knight (Child Ballad #2),[1] which has been traced at least as far back as 1670 and may well be earlier. In this ballad, an elf threatens to abduct a young woman to be his lover unless she can perform an impossible task ("For thou must shape a sark to me / Without any cut or heme, quoth he"); she responds with a list of tasks that he must first perform ("I have an aiker of good ley-land / Which lyeth low by yon sea-strand").
The melody is in Dorian mode, and is very typical of the middle English period.
As the song spread, it was adapted, modified, and rewritten to the point that dozens of versions existed by the end of the 18th century, although only a few are typically sung nowadays. The references to the traditional English fair, "Scarborough Fair" and the refrain "parsley, sage, rosemary, and thyme" date to 19th century versions, and the refrain may have been borrowed from the ballad Riddles Wisely Expounded, (Child Ballad #1), which has a similar plot. A number of older versions refer to locations other than Scarborough Fair, including Wittingham Fair, Cape Ann, "twixt Berwik and Lyne", etc. Many versions do not mention a place-name, and are often generically titled ("The Lovers' Tasks", "My Father Gave Me an Acre of Land", etc.).
Contents
[hide]
1 Lyrics
1.1 Alternative refrains
2 Commercial versions
2.1 Simon & Garfunkel
2.1.1 Chart performance
2.2 Other recordings
3 References
4 External links
Lyrics[edit]
As a popular and widely distributed song from 1946-1968, there are many versions of the lyrics. The one here, intended as a duet by a man and a woman, includes the place after which it is named:
Male part:
Are you going to Scarborough Fair?
Parsley, sage, rosemary, and thyme;
Remember me to the one who lives there,
For once she was a true love of mine.
Tell her to make me a cambric shirt,
Parsley, sage, rosemary, and thyme;
Without any seam or needlework,
Then she shall be a true love of mine.
Tell her to wash it in yonder well,
Parsley, sage, rosemary, and thyme;
Where never sprung water or rain ever fell,
And she shall be a true lover of mine.
Tell her to dry it on yonder thorn,
Parsley, sage, rosemary, and thyme;
Which never bore blossom since Adam was born,
Then she shall be a true lover of mine.
Female part:
Now he has asked me questions three,
Parsley, sage, rosemary, and thyme;
I hope he'll answer as many for me,
Before he shall be a true lover of mine.
Tell him to buy me an acre of land,
Parsley, sage, rosemary, and thyme;
Between the salt water and the sea sand,
Then he shall be a true lover of mine.
Tell him to plough it with a ram's horn,
Parsley, sage, rosemary, and thyme;
And sow it all over with one peppercorn,
And he shall be a true lover of mine.
Tell him to sheer't with a sickle of leather,
Parsley, sage, rosemary, and thyme;
And bind it up with a peacock's feather,
And he shall be a true lover of mine.
Tell him to thrash it on yonder wall,
Parsley, sage, rosemary, and thyme,
And never let one corn of it fall,
Then he shall be a true lover of mine.
When he has done and finished his work.
Parsley, sage, rosemary, and thyme:
Oh, tell him to come and he'll have his shirt,
And he shall be a true lover of mine.
Alternative refrains[edit]
The oldest versions of "The Elfin Knight" (circa 1650) contain the refrain "my plaid away, my plaid away, the wind shall not blow my plaid away". Slightly more recent versions often contain one of a group of related refrains:
Sober and grave grows merry in time
Every rose grows merry with time
There's never a rose grows fairer with time
Yesterday holds memories in time
These are usually paired with "Once (s)he was a true love of mine" or some variant. "Parsley, sage, rosemary, and thyme" may simply be an alternate rhyming refrain to the original based on a corruption of "grows merry in time" into "rosemary and thyme".
Commercial versions[edit]
The earliest commercial recording of the ballad was by actor/singers Gordon Heath and Lee Payant, Americans who ran a cafe and nightclub, L'Abbaye, on the Rive Gauche in Paris. They recorded the song on the Elektra album Encores From The Abbaye in 1955.[2][3] Their version used the melody from Frank Kidson's collection Traditional Tunes, published in 1891, which reported it as being "as sung in Whitby streets twenty or thirty years ago" – that is, in about the 1860s.[4]
The song was also included on A. L. Lloyd's 1955 album The English And Scottish Popular Ballads, using Kidson's melody. The version using the melody later used by Simon & Garfunkel in "Scarborough Fair/Canticle" was first recorded on a 1956 album, English Folk Songs, by Audrey Coppard.[4][5] It was included by Ewan MacColl on Matching Songs For The British Isles And America (1957), by McColl and Peggy Seeger on The Singing Island (1960), and by Shirley Collins on the album False True Lovers (1959).[3][4][6] It is likely that both Coppard and Collins learned it from MacColl, who claimed to have collected it "in part" from a Scottish miner. According to the Teesdale Mercury and Martin Carthy's daughter, it emerged that researcher-musician MacColl wrote a book of Teesdale folk songs after hearing Mark Anderson sing in the late 1940s. The book included Anderson's rendition of a little-known song called "Scarborough Fair". However, according to Alan Lomax, MacColl's source was probably Cecil Sharp's One Hundred English Folk Songs, published in 1916.[6][7]
In April 1966, Marianne Faithfull recorded and released her own take on "Scarborough Fair" on her album North Country Maid about six months prior to Simon & Garfunkel's release of their single version of the song in October 1966.[8]
Simon & Garfunkel[edit]
"Scarborough Fair/Canticle"
Cover of the 1968 Netherlands single
Single by Simon & Garfunkel
from the album Parsley, Sage, Rosemary and Thyme
B-side
"April Come She Will"
Released
February 1968 (1968-02) (single)
10 October 1966 (1966-10-10) (album)
Format
7"
Recorded
26 July 1966
Genre
Psychedelic folk
baroque pop
progressive folk
Length
3:10 (Single edit)
6:22 (The Graduate soundtrack)
Label
Columbia
Songwriter(s)
"Scarborough Fair": Traditional, "Canticle": Paul Simon, Art Garfunkel
Producer(s)
Bob Johnston
Simon & Garfunkel singles chronology
"Fakin' It"
(1967) "Scarborough Fair/Canticle"
(1968) "Mrs. Robinson"
(1968)
"Fakin' It"
(1967) "Scarborough Fair/Canticle"
(1967) "Mrs. Robinson"
(1968)
Music video
"Scarborough Fair / Canticle" (audio) on YouTube
Paul Simon learned the song in London in 1965 from Martin Carthy, who had picked up the tune from the songbook by Ewan MacColl and Peggy Seeger[9] and included it on his eponymous 1965 album. Simon & Garfunkel set it in counterpoint with "Canticle" – a reworking of the lyrics from Simon's 1963 anti-war song, "The Side of a Hill",[10] set to a new melody composed mainly by Art Garfunkel.[9][11] It was the lead track of the 1966 album Parsley, Sage, Rosemary and Thyme, and was released as a single after being featured on the soundtrack to The Graduate in 1968.[9] The copyright credited only Simon and Garfunkel as the authors, causing ill-feeling on the part of Carthy, who felt the "traditional" source should have been credited.[9] This rift remained until Simon invited Carthy to perform the song with him as a duet at a London concert in 2000.[9] Simon performed this song with The Muppets when he guest starred on The Muppet Show.
Before Simon had learned the song, Bob Dylan had borrowed the melody and several lines from Carthy's arrangement to create his song, "Girl from the North Country", which appeared on The Freewheelin' Bob Dylan (1963), Nashville Skyline (1969) (together with Johnny Cash), Real Live (1984) and The 30th Anniversary Concert Celebration (1993).
The Coolies' first album, dig..?, released in 1986 by DB Records, consisted of nine tongue-in-cheek covers of Simon & Garfunkel classics, including this track. "Scarborough Fair" b/w "The Sound of Silence" was released as a 7" single.
Chart performance[edit]
Chart (1968)
Peak
position
Australian Kent Music Report 49
Irish Singles Chart 5
UK Singles Chart[12] 9
US Billboard Hot 100 11
Other recordings[edit]
Kabir Suman and Ranjan Prasad recorded two different Bengali version of this song respectively their 'Tero' and 'Jhorer Songket' album. Suman's song was sung by Sabina Yasmin.
Andy Williams released a version in 1968 on his album, Honey. Additionally, Simon, Garfunkel and Williams performed the song live, in William's TV show, in 1968.[13]
Sergio Mendes and Brasil '66 made the U.S. top 20 in 1968 with a jazzy version of the song. This recording is prominently featured in the opening sequence of the 2015 German film Sanctuary.
In 1969, Gershon Kingsley recorded a version featuring the Moog synthesiser on the album Music to Moog By.
The Dutch rock group Brainbox recorded it in 1969.[14]
The Korean duo Toi Et Moi (뚜아에무아) recorded a version in 1970.[15]
The Korean singer Eunhee (은희) recorded a version in 1971.[16]
The Czech folk group Spirituál kvintet recorded a Czech version of the song in 1971.
The King's Singers have recorded "Scarborough Fair" at least twice. One version appears on their LP Original Debut Recording from 1971 (reissued in 1994). Another version appears on their CD Annie Laurie: Folksongs of the British Isles from 1993.
The Korean singer Park Inhee ( 박인희) recorded a version in 1976.[17]
The opening lyrics are recited as part of the long doom-rock track 'Amerika' by YBO2, appearing both on the 1986 'Alienation' and in an extended version on the mini-LP 'Taiyo no Ouji' [太陽の皇子] released the same year.
The Stone Roses used the ballad as the basis of their song "Elizabeth My Dear" (1989).
Justin Hayward recorded this song on Classic Blue (1989).
Progressive rock/metal band Queensrÿche recorded a version, featured on the single Empire (1990).
Canadian guitarist Greg Joy recorded an instrumental version, feature on the album Celtic Secrets (1993).
Gregorian sung this song on their album Master of Chant from 1999.
Spanish folk metal band Mägo de Oz perform the lullaby "Duerme..." based on this melody. It is featured in their 2000 album Finisterra.
Sarah Brightman recorded a version on her 2000 album La Luna. The song was released as a single in the same year.
"Scarborough Fair" was the main subject throughout episode 8, season 2 of Gunslinger Girl (2003), "A Day in the Life of Claes". In the episode, Claes is shown carrying and reading The Elfin Knight. The ending theme, following the melody and lyrics of Simon & Garfunkel's popularized version, was sung by Aoi Tada.
British classical/medieval music ensemble Mediaeval Baebes included their version of the song called Scarborough Fayre on their 2005 album Mirabilis.
Celtic Woman performed the song in 2007 with lead vocals by Hayley Westenra.
The group Omnia recorded a version of the ballad under the title The Elven Lover in their album Alive!
Galician folk band Luar na Lubre recorded a version titled "Romeiro ao Lonxe "in Galician language on their album Ao vivo. This version and the whole album was recorded live in 2009 at Teatro Colón (A Coruña, Galicia).
My Dying Bride performed a doom metal rendition of the song on their 2009 EP Bring Me Victory.
German hard dance band Scooter used the song as the basis for the song "Scarborough Affair" on their twelfth studio album, The Ultimate Aural Orgasm (2007), as well as a remix of said song entitled "Scarborough Reloaded" on the maxi single Ti Sento.
Leaves' Eyes, a Norwegian symphonic metal band, included their version of Scarborough Fair as the fifth track for their third studio album, Njord (2009). An acoustic version of the track has also been included on two EPs, My Destiny and at Heaven's End.
Nicholis Louw performed a rock version of the ballad on his 2009 album Energie.
Angels of Venice, Carol Tatum, harp and Christina Linhardt, soprano performed their version at Le Temp Traveler's Ball at the Monte Cristo Club, Los Angeles in April 2011.
Laura Wright recorded a version, featured on her album The Last Rose (2011).
The Gothard Sisters released a folk version on their 2011 album, Story Girl[18]
Nolwenn Leroy, a French singer-songwriter, included her version of the song on the deluxe edition of her 2011 album Bretonne.
Italian Nu-Jazz artist Nicola Conte released a version of the song on his 2011 album Love & Revolution.
Nox Arcana recorded a gothic version of "Scarborough Fair," with revised lyrics that tell a ghost-story, for their 2012 album Winter's Majesty.
Siobhan Owen recorded a version, featured on her album "Storybook Journey" (2012).
Marina Prior covered the song for her 2012 album Both Sides Now.
The character Kanato Sakamaki (voiced by Yuki Kaji) from the anime Diabolik Lovers (2012) briefly sings "Scarborough Fair" in episode 6.
Celia Pavey performed the song in her audition for The Voice, gaining four turns; she later recorded a studio version.
David Nevue performed the song on solo piano in his 2013 album Open Sky.
The duo Estrange Waters arranged a version for their 2013 EP Songs of the Strange, combining two traditional versions of the melody.[19]
Peter Hollens performed a cappella version in 2014. It will be included on his first album.
The SUNY Geneseo a cappella group Exit 8 recorded a version in 2014 for their album Truth Lion.
The German-based mediaeval folk duo The Violet Moon recorded a version of the song in 2015 for their album "A Walk in Time".
Motoi Sakuraba arranged a version in addition to his score for Phantasy Star Nova which was sung by Saori Hayami.
British jazz folk band Pentangle recorded a version on their album One More Road. Pentangle guitarist John Renbourn had previously recorded an instrumental version of the song on his 1970 solo album The Lady and the Unicorn (album), in a version that also featured Dave Swarbrick on violin.
Japanese singer, Chihiro Yonekura recorded the song on her 20th single Omoide ga Ippai.
An Instrumental version of the song is used in Civilization VI as the theme for the English civilization.
American Renaissance Faire band Green Man Clan recorded the song on their 2016 Album, "We Go To Elevenses".[20]
Claudine Longet, singer and actress has her own version in her 1969 album "Colours", A&M Records
A cover of the song has been used as an insert in the first and the final episodes of the anime adaptation of Shūmatsu Nani Shitemasu ka? Isogashii Desu ka? Sukutte Moratte Ii Desu ka? sung by Tamaru Yamada
A version of Simon and Garfunkel's recording was translated into Vietnamese and named 'Giàn thiên lý đã xa'. This was done somewhere in the 70s and 80s. The adapter is Phạm Duy.[citation needed]
References[edit]
Jump up ^ Child, Francis James (1894). The English and Scottish Popular Ballads, Part 9. 9. Boston / Cambridge: Houghton, Mifflin and Company / The Riverside Press. p. 206.
Jump up ^ "Gordon Heath & Lee Payant Discography". Wirz.de. Retrieved 2016-09-29. [self-published source?]
^ Jump up to: a b Rosemont, Dick. "The Originals Project". OriginalsProject.us. Retrieved 2016-09-29. [self-published source?]
^ Jump up to: a b c Rypens, Arnold. "The Originals". Originals.be. Archived from the original on 2015-08-04. Retrieved 2017-05-27. [self-published source?]
Jump up ^ {{cite web |url= http://www.folkways.si.edu/TrackDetails.aspx?itemid=16548 |title=Smithsonian Folkways |website=Folkways.SI.edu |publisher=[[Smithsonian Institution |location=Washington DC |date=20 March 2013 |accessdate=2016-09-29}}
^ Jump up to: a b Grant, Stewart (15 September 2009). "Even More Roots of Bob & Notes About Some Other Kind of Songs". Humming a Diff'rent Tune. Archived from the original on 2012-02-28. Retrieved 2017-05-27. Originally published November 2006 at MoreRootsOfBob.com.[self-published source?]
Jump up ^ Sharp, Cecil J. (1616). "One Hundred English Folksongs". Oliver Ditson Company. Retrieved 2016-09-29 – via Archive.org.
Jump up ^ Richie Unterberger. "North Country Maid - Marianne Faithfull | Songs, Reviews, Credits". AllMusic. Retrieved 2016-09-29. [user-generated source?]
^ Jump up to: a b c d e Humphries, Patrick (2003). "Scarborough Fair". Sold on Song. BBC. Retrieved 16 April 2012.
Jump up ^ "Song and Lyrics, Scarborough Fair/Canticle". PaulSimon.com. Sony Music Entertainment. Retrieved 10 July 2016.
Jump up ^ Bennighof, James (2007). The Words and Music of Paul Simon. Greenwood Publishing Group. pp. 21–24. ISBN 9780275991630. Retrieved 19 June 2015.
Jump up ^ "ChartArchive - Simon And Garfunkel". Archive.is. 2012-07-21. Archived from the original on 2012-07-21. Retrieved 2016-09-29.
Jump up ^ "Andy Williams with Simon & Garfunkel - Scarborough Fair / Canticle". YouTube. Retrieved 2016-09-29.
Jump up ^ "Brainbox - Brainbox 1969 [Full Album". YouTube. 2013-03-04. Retrieved 2016-09-29.
Jump up ^ "뚜아에무아 1집 - 뚜와 에 무와 히트앨범 第1集 (1970)". Maniadb.com. Retrieved 2016-09-29.
Jump up ^ 작사:은희 작곡:은희. "은희 - 전속기념 제1집 : 꽃반지 끼고 (1971)". Maniadb.com. Retrieved 2016-09-29.
Jump up ^ 작사:박인환 작곡:이진섭 (1999-02-22). "이상열 - 파도야 말해다오 (1976)". Maniadb.com. Retrieved 2016-09-29.
Jump up ^ [1]
Jump up ^ https://estrangewaters.bandcamp.com/album/songs-of-the-strange
Jump up ^ http://www.cdbaby.com/cd/GreenManClan
External links[edit]
"...Tell Her To Make Me A Cambric Shirt": From The "Elfin Knight" to "Scarborough Fair". History of the song at justanothertune.com
The Elfin Knight Several variants, as collected by Child
About the song Scarborough Fair Simple fan page with lots of information and interpretations
Explanation of Connection to the Plague
"Parsley, Sage, Rosemary, and Thyme: A Historical Examination of Birth Control Methods from the Medieval and Renaissance Periods" by THLady Maimuna al-Bukhariyya.
Scarborough Town Information
Scarborough Fair on YouTube:
guitar solo, Per-Olov Kindgren
Corinna Herden with accompaniment
guitar solo, Peter Vail
a cappella, 8 part, Humber College students
Bill Bailey cover live at Sonisphere 2011
VOCALOID3 Oliver
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Live from New York City, 1967
Old Friends: Live on Stage
Live 1969
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Economic equilibrium
From Wikipedia, the free encyclopedia
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A supply and demand diagram, illustrating
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In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard textbook model of perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal.[1] Market equilibrium in this case refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and the quantity is called "competitive quantity" or market clearing quantity. However, the concept of equilibrium in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium.
Contents
[hide]
1 Properties of equilibrium
1.1 Example: The competitive equilibrium
1.2 Example: Nash equilibrium
2 Normative evaluation
3 Interpretations
4 Solving for the competitive equilibrium price
4.1 Influences changing price
5 Dynamic equilibrium
6 Disequilibrium
6.1 Credit markets
6.2 Labour markets
6.3 Spillovers between markets
7 See also
8 References
9 External links
Properties of equilibrium[edit]
Three basic properties of equilibrium in general have been proposed by Huw Dixon.[2] These are:
Equilibrium property P1: The behavior of agents is consistent.
Equilibrium property P2: No agent has an incentive to change its behavior.
Equilibrium Property P3: Equilibrium is the outcome of some dynamic process (stability).
Example: The competitive equilibrium[edit]
Competitive Equilibrium: Price equates supply and demand. −
P – price
Q – quantity demanded and supplied
S – supply curve
D – demand curve
P0 – equilibrium price
A – excess demand – when P<P0
B – excess supply – when P>P0
In a competitive equilibrium, supply equals demand. Property P1 is satisfied, because at the equilibrium price the amount supplied is equal to the amount demanded. Property P2 is also satisfied. Demand is chosen to maximize utility given the market price: no one on the demand side has any incentive to demand more or less at the prevailing price. Likewise supply is determined by firms maximizing their profits at the market price: no firm will want to supply any more or less at the equilibrium price. Hence, agents on neither the demand side nor the supply side will have any incentive to alter their actions.
To see whether Property P3 is satisfied, consider what happens when the price is above the equilibrium. In this case there is an excess supply, with the quantity supplied exceeding that demanded. This will tend to put downward pressure on the price to make it return to equilibrium. Likewise where the price is below the equilibrium point there is a shortage in supply leading to an increase in prices back to equilibrium. Not all equilibria are "stable" in the sense of Equilibrium property P3. It is possible to have competitive equilibria that are unstable. However, if an equilibrium is unstable, it raises the question of how you might get there. Even if it satisfies properties P1 and P2, the absence of P3 means that the market can only be in the unstable equilibrium if it starts off there.
In most simple microeconomic stories of supply and demand a static equilibrium is observed in a market; however, economic equilibrium can be also dynamic. Equilibrium may also be economy-wide or general, as opposed to the partial equilibrium of a single market. Equilibrium can change if there is a change in demand or supply conditions. For example, an increase in supply will disrupt the equilibrium, leading to lower prices. Eventually, a new equilibrium will be attained in most markets. Then, there will be no change in price or the amount of output bought and sold — until there is an exogenous shift in supply or demand (such as changes in technology or tastes). That is, there are no endogenous forces leading to the price or the quantity.
Example: Nash equilibrium[edit]
For more details on this topic, see Nash equilibrium and Cournot model.
Equilibrium quantities as a solution to two reaction functions in Cournot duopoly. Firm 1's reaction function q1=R1(q2) gives its optimal output q1 to a given output q2 of firm 2. Likewise, firm 2's reaction function q2=R2(q1). The Cournot-Nash equilibrium occurs where the two reaction functions intersect and both firms are choosing the optimal output given the output of the other firm.
The Nash equilibrium is widely used in economics as the main alternative to competitive equilibrium. It is used whenever there is a strategic element to the behavior of agents and the "price taking" assumption of competitive equilibrium is inappropriate. The first use of the Nash equilibrium was in the Cournot duopoly as developed by Antoine Augustin Cournot in his 1838 book.[3] Both firms produce a homogenous product: given the total amount supplied by the two firms, the (single) industry price is determined using the demand curve. This determines the revenues of each firm (the industry price times the quantity supplied by the firm). The profit of each firm is then this revenue minus the cost of producing the output. Clearly, there is a strategic interdependence between the two firms. If one firm varies its output, this will in turn affect the market price and so the revenue and profits of the other firm. We can define the payoff function which gives the profit of each firm as a function of the two outputs chosen by the firms. Cournot assumed that each firm chooses its own output to maximize its profits given the output of the other firm. The Nash equilibrium occurs when both firms are producing the outputs which maximize their own profit given the output of the other firm.
In terms of the equilibrium properties, we can see that P2 is satisfied: in a Nash equilibrium, neither firm has an incentive to deviate from the Nash equilibrium given the output of the other firm. P1 is satisfied since the payoff function ensures that the market price is consistent with the outputs supplied and that each firms profits equal revenue minus cost at this output.
Is the equilibrium stable as required by P3? Cournot himself argued that it was stable using the stability concept implied by best response dynamics. The reaction function for each firm gives the output which maximizes profits (best response) in terms of output for a firm in terms of a given output of the other firm. In the standard Cournot model this is downward sloping: if the other firm produces a higher output, your best response involves producing less. Best response dynamics involves firms starting from some arbitrary position and then adjusting output to their best-response to the previous output of the other firm. So long as the reaction functions have a slope of less than -1, this will converge to the Nash equilibrium. However, this stability story is open to much criticism. As Dixon argues: "The crucial weakness is that, at each step, the firms behave myopically: they choose their output to maximize their current profits given the output of the other firm, but ignore the fact that the process specifies that the other firm will adjust its output...".[4] There are other concepts of stability that have been put forward for the Nash equilibrium, evolutionary stability for example.
Normative evaluation[edit]
Most economists e.g., Paul Samuelson[5]:Ch.3,p.52 caution against attaching a normative meaning (value judgement) to the equilibrium price. For example, food markets may be in equilibrium at the same time that people are starving (because they cannot afford to pay the high equilibrium price). Indeed, this occurred during the Great Famine in Ireland in 1845–52, where food was exported though people were starving, due to the greater profits in selling to the English – the equilibrium price of the Irish-British market for potatoes was above the price that Irish farmers could afford, and thus (among other reasons) they starved.[6]
Interpretations[edit]
In most interpretations, classical economists such as Adam Smith maintained that the free market would tend towards economic equilibrium through the price mechanism. That is, any excess supply (market surplus or glut) would lead to price cuts, which decrease the quantity supplied (by reducing the incentive to produce and sell the product) and increase the quantity demanded (by offering consumers bargains), automatically abolishing the glut. Similarly, in an unfettered market, any excess demand (or shortage) would lead to price increases, reducing the quantity demanded (as customers are priced out of the market) and increasing in the quantity supplied (as the incentive to produce and sell a product rises). As before, the disequilibrium (here, the shortage) disappears. This automatic abolition of non-market-clearing situations distinguishes markets from central planning schemes, which often have a difficult time getting prices right and suffer from persistent shortages of goods and services.[7]
This view came under attack from at least two viewpoints. Modern mainstream economics points to cases where equilibrium does not correspond to market clearing (but instead to unemployment), as with the efficiency wage hypothesis in labor economics. In some ways parallel is the phenomenon of credit rationing, in which banks hold interest rates low to create an excess demand for loans, so they can pick and choose whom to lend to. Further, economic equilibrium can correspond with monopoly, where the monopolistic firm maintains an artificial shortage to prop up prices and to maximize profits. Finally, Keynesian macroeconomics points to underemployment equilibrium, where a surplus of labor (i.e., cyclical unemployment) co-exists for a long time with a shortage of aggregate demand.
Solving for the competitive equilibrium price[edit]
To solve for the equilibrium price, one must either plot the supply and demand curves, or solve for their equations being equal.
An example may be:
Q s = 125 + 1.5 ⋅ P Q d = 189 − 2.25 ⋅ P Q s = Q d 125 + 1.5 ⋅ P = 189 − 2.25 ⋅ P ( 1.5 + 2.25 ) ⋅ P = ( 189 − 125 ) P = 189 − 125 1.5 + 2.25 P = 64 3.75 P = 17.067 {\displaystyle {\begin{alignedat}{2}Q_{s}&=125+1.5\cdot P\\Q_{d}&=189-2.25\cdot P\\\\Q_{s}&=Q_{d}\\\\125+1.5\cdot P&=189-2.25\cdot P\\(1.5+2.25)\cdot P&=(189-125)\\P&={\frac {189-125}{1.5+2.25}}\\P&={\frac {64}{3.75}}\\P&=17.067\\\end{alignedat}}}
In the diagram, depicting simple set of supply and demand curves, the quantity demanded and supplied at price P are equal.
At any price above P supply exceeds demand, while at a price below P the quantity demanded exceeds that supplied. In other words, prices where demand and supply are out of balance are termed points of disequilibrium, creating shortages and oversupply. Changes in the conditions of demand or supply will shift the demand or supply curves. This will cause changes in the equilibrium price and quantity in the market.
Consider the following demand and supply schedule:
Price ($)
Demand
Supply
8.00 6,000 18,000
7.00 8,000 16,000
6.00 10,000 14,000
5.00 12,000 12,000
4.00 14,000 10,000
3.00 16,000 8,000
2.00 18,000 6,000
1.00 20,000 4,000
The equilibrium price in the market is $5.00 where demand and supply are equal at 12,000 units
If the current market price was $3.00 – there would be excess demand for 8,000 units, creating a shortage.
If the current market price was $8.00 – there would be excess supply of 12,000 units.
When there is a shortage in the market we see that, to correct this disequilibrium, the price of the good will be increased back to a price of $5.00, thus lessening the quantity demanded and increasing the quantity supplied thus that the market is in balance.
When there is an oversupply of a good, such as when price is above $6.00, then we see that producers will decrease the price to increase the quantity demanded for the good, thus eliminating the excess and taking the market back to equilibrium.
Influences changing price[edit]
A change in equilibrium price may occur through a change in either the supply or demand schedules. For instance, starting from the above supply-demand configuration, an increased level of disposable income may produce a new demand schedule, such as the following:
Price ($)
Demand
Supply
8.00 10,000 18,000
7.00 12,000 16,000
6.00 14,000 14,000
5.00 16,000 12,000
4.00 18,000 10,000
3.00 20,000 8,000
2.00 22,000 6,000
1.00 24,000 4,000
Here we see that an increase in disposable income would increase the quantity demanded of the good by 2,000 units at each price. This increase in demand would have the effect of shifting the demand curve rightward. The result is a change in the price at which quantity supplied equals quantity demanded. In this case we see that the two now equal each other at an increased price of $6.00. Note that a decrease in disposable income would have the exact opposite effect on the market equilibrium.
We will also see similar behaviour in price when there is a change in the supply schedule, occurring through technological changes, or through changes in business costs. An increase in technological usage or know-how or a decrease in costs would have the effect of increasing the quantity supplied at each price, thus reducing the equilibrium price. On the other hand, a decrease in technology or increase in business costs will decrease the quantity supplied at each price, thus increasing equilibrium price.
The process of comparing two static equilibria to each other, as in the above example, is known as comparative statics. For example, since a rise in consumers' income leads to a higher price (and a decline in consumers' income leads to a fall in the price — in each case the two things change in the same direction), we say that the comparative static effect of consumer income on the price is positive. This is another way of saying that the total derivative of price with respect to consumer income is greater than zero.
Dynamic equilibrium[edit]
Whereas in a static equilibrium all quantities have unchanging values, in a dynamic equilibrium various quantities may all be growing at the same rate, leaving their ratios unchanging. For example, in the neoclassical growth model, the working population is growing at a rate which is exogenous (determined outside the model, by non-economic forces). In dynamic equilibrium, output and the physical capital stock also grow at that same rate, with output per worker and the capital stock per worker unchanging. Similarly, in models of inflation a dynamic equilibrium would involve the price level, the nominal money supply, nominal wage rates, and all other nominal values growing at a single common rate, while all real values are unchanging, as is the inflation rate.[8]
The process of comparing two dynamic equilibria to each other is known as comparative dynamics. For example, in the neoclassical growth model, starting from one dynamic equilibrium based in part on one particular saving rate, a permanent increase in the saving rate leads to a new dynamic equilibrium in which there are permanently higher capital per worker and productivity per worker, but an unchanged growth rate of output; so it is said that in this model the comparative dynamic effect of the saving rate on capital per worker is positive but the comparative dynamic effect of the saving rate on the output growth rate is zero.
Disequilibrium[edit]
Disequilibrium characterizes a market that is not in equilibrium.[9] Disequilibrium can occur extremely briefly or over an extended period of time. Typically in financial markets it either never occurs or only momentarily occurs, because trading takes place continuously and the prices of financial assets can adjust instantaneously with each trade to equilibrate supply and demand. At the other extreme, many economists view labor markets as being in a state of disequilibrium—specifically one of excess supply—over extended periods of time. Goods markets are somewhere in between: prices of some goods, while sluggish in adjusting due to menu costs, long term contracts, and other impediments, do not stay at disequilibrium levels indefinitely, and many goods markets such as commodity markets are highly organised and liquid and have essentially instantaneous adjustment of their prices to equilibrium levels.
Credit markets[edit]
Main article: Credit rationing
Disequilibrium credit rationing can occur for one of two reasons. In the presence of usury laws, if the equilibrium interest rate on loans is above the legally allowable rate, the market cannot clear and at the maximum allowable rate the quantity of credit demanded will exceed the quantity of credit supplied.
A more subtle source of credit rationing is that higher interest rates can increase the risk of default by the borrower, making the potential lender reluctant to lend at otherwise attractively high interest rates.
Labour markets[edit]
Main article: Labour shortage
Main article: Unemployment
Labour markets are prone to particular sources of price rigidity because the item being transacted is people, and laws or social constraints designed to protect those people may hinder market adjustments. Such constraints include restrictions on who or how many people can be laid off and when (which can affect both the number of layoffs and the number of people hired by firms that are concerned by the restrictions), restrictions on the lowering of wages when a firm experiences a decline in the demand for its product, and long-term labor contracts that pre-specify wages.
Spillovers between markets[edit]
Main article: Effective demand
Disequilibrium in one market can affect demand or supply in other markets. Specifically, if an economic agent is constrained in one market, his supply or demand in another market may be changed from its unconstrained form, termed the notional demand, into a modified form known as effective demand. If this occurs systematically for a large number of market participants, market outcomes in the latter market for prices and quantities transacted (themselves either equilibrium or disequilibrium outcomes) will be affected.
Examples include:
If the supply of mortgage credit to potential homebuyers is rationed, this will decrease the demand for newly built houses.
If labourers cannot supply all the labor they wish to, they will have constrained income and their demand in the goods market will be lower.
If employers cannot hire all the labor they wish to, they cannot produce as much output as they wish to, and supply in the market for their good will be diminished.
See also[edit]
Exchange value
Labor theory of value
Law of value
Prices of production
Real prices and ideal prices
References[edit]
Jump up ^ Varian, Hal R. (1992). Microeconomic Analysis (Third ed.). New York: Norton. ISBN 0-393-95735-7.
Jump up ^ Dixon, H. (1990). "Equilibrium and Explanation". In Creedy. The Foundations of Economic Thought. Blackwells. pp. 356–394. ISBN 0-631-15642-9. (reprinted in Surfing Economics).
Jump up ^ Augustin Cournot (1838), Theorie mathematique de la richesse sociale and of recherches sur les principles mathematiques de la theorie des richesses, Paris
Jump up ^ Dixon (1990), page 369.
Jump up ^ Paul A. Samuelson (1947; Expanded ed. 1983), Foundations of Economic Analysis, Harvard University Press. ISBN 0-674-31301-1
Jump up ^ See citations at Great Famine (Ireland): Food exports to England, including Cecil Woodham-Smith The Great Hunger; Ireland 1845–1849, and Christine Kinealy, 'Irish Famine: This Great Calamity and A Death-Dealing Famine'
Jump up ^ Smith, Adam (1776), Wealth of Nations, Penn State Electronic Classics edition, republished 2005, Chapter 7: p.51-58
Jump up ^ Turnovsky, Stephen J. (2000). Methods of Macroeconomic Dynamics. MIT Press. ISBN 0-262-20123-2.
Jump up ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 550. ISBN 0-13-063085-3.
External links[edit]
Equilibrium and Explanation, chapter 2 of Surfing Economics by Huw Dixon
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