The economic debate about European monetary is often condusted as if the problem were one of choosing between a fixed or a flexible exchange rate syatem (for example, see Sirc (1977)). This approach has been largly unsatisfactory, because it fails to get to grips with the main characteristic of...

This paper is an attempt to assess the implications, for the theory of markets and the firm, of a body of information culled from the first forty six Reports published by the United Kingdom Proce Commission since its reconstitution in August 1977.

The basic theorem of welfare economics tells us that, under standard assumptions, the first best can be achieved as a competitative equilibrium with zero taxes on commodities and the appropriate lump sum tax for each individual. the calculation of the appropriate set of lump sum taxes requires...

The three former High Commission Territories of Botswana, Lesotho and Swaziland (BLS) retain a special significance on the African scene by virtue of their peculiar relationship with South Africa. While their geographical positions force them into a high degree of economic and political...