Of recent, there has been growing global concerns over energy and food prices. A combination of record high oil and food prices are destabilizing element for the global economy because of their potential severe growth, inflation and distributional effects. In terms of their impact on income...

The extant literature on market failure clearly dismisses the neoclassical economists’ argument that government intervention in economic activities is necessarily distortionary. Indeed, the Keynesian economists have shown that in the short run the government can implement effective fiscal...