Arrangements (agreements, contracts, projects, etc.) are widespread economic events and are the fundamental concept of the economic theory. Infringements (breaches, modifications, changes, etc.) of arrangements are common and have a significant importance for the economic theory. For many years...

We analyze the costs of trade restrictions for a small developing economy. Capital goods are only introduced on the market if it is profitable to do so. The economy evolves to a balanced growth path in which income, welfare, and the share of introduced capital goods increase if trade...

This paper explores what a critical commentary on micro principles texts might look like, examining what is to be critiqued and how to do it.

The ability to see past and present simultaneously must be of prime importance in any development scenario. This speaks to the essence of the Janus Development Strategy, whose philosophy is outlined below. .......................Janus was represented with two faces, originally one face was...

A man is a key subject of economics and economic theory. “A man is irrational” - this opinion can be made from Allais paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper solution of these problems and the development of the...

With the increasing political and economic integration that accompanies globalisation, a growing number of international agreements now restrict the national ‘policy space’ of developed and developing countries alike. The paper demonstrates how developing countries’ national policy space...