One major concern of the Third World, with its emotional and moralistic overtones, is the production and distribution of food. Unfortunately, however, the world food situation is very complex and any over-simplification is counter-productive. This article confronts the myths with the facts...

Since the Arab oil embargo and the US-Russian wheat deal of 1973 there has been much talk of "agri-power" implying that the United States which normally accounts for 50% or more of the world's wheat exports could follow the oil producers' example and unleash a food weapon to bring the Third...

In this paper we derive optimal stockpiling policies for an economy that faces an embargo threat with respect to essential resources. The properties of the optimal program depend crucially on the access of this country to a perfect capital market and on the factor allocation in embargo periods....

Research efforts towards new energy sources and towards the efficiency of energy use will be vital to reducing CO2 abatement costs in the long term. Can such efforts be induced by price instruments? Economists often cite induced technological change as a possible consequence of environmental...

Rising wage inequality in the U.S. and Britain (especially in the 1980s) and rising continental European unemployment (with rather stable wage inequality) have led to a popular view in the economics profession that these two phenomena are related to negative relative demand shocks against the...

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm?s equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

This article deals with income advantages derived from owner occupied housing (Imputed Rent, IR) and their impact on the personal income distribution. Following a brief description of different methods with which to calculate IR in household surveys, we conduct a cross-national comparative study...