This paper studies the welfare properties of distortionary transfers in a life-cycle growth model where natural capital is private property. The main result is that, under credible pre-commitment, each newborn generation prefers positive taxes-subsidies to laissez-faire conditions when the...

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry. Contrary to other instances of major technological innovations, the delay in the adoption of the diesel locomotive was not associated with an initial...

Data on physical capital are an indispensable part of economic growth and efficiency studies. In the case of China, economy-wide fixed asset series are usually derived by aggregating gross fixed capital formation (net of depreciation) over time, and sectoral/ownership-specific series by...

The paper analyzes investment behavior of industrial enterprises in the period immediately following price and foreign trade liberalization in the Czech Republic. It also focuses on the effect of Asoft@ macroeconomic environment on the microeconomic decisions. A dynamic investment function with...

The new millennium economics has evolved out of neoclassical economics over the last hundred years. The pace of change has increased over time and in the first half of the 21st century, the economics profession will change as much, or more, than it did in the last half of the 20th century. These...

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...

Este es un curso de economía política enfocado desde el punto de vista del administrador, pretendiendo mostrar los conceptos básicos del tema que son relevantes para la administración de la empresa. De esta manera, se utiliza la grafica y las matemáticas solo como una manera de aclarar los...

Cet essai traite de ce qu’on appelle habituellement les PME ( Petites et Moyennes entreprises, incluant donc les TPE, très petites entreprises). Mais il pose en préambule la question de la pertinence, d’un point de vue économique, de cette catégorie statistique, définie, par exemple,...

POWERED BY THE DEVELOPMENTS IN NEW TECHNOLOGY APPLICATIONS, THE WORLD IS MOVING RAPIDLY TOWARDS KNOWLEDGE-BASED ECONOMIC STRUCTURES AND INFORMATION SOCIETIES THAT COMPRISE NETWORKS OF INDIVIDUALS, FIRMS AND COUNTRIES THAT ARE LINKED ELECTRONICALLY AND IN INTERDEPENDENT RELATIONSHIPS. KNOWLEDGE,...

We apply Maslow’s hierarchy of needs to the concept of utility and then go on to a new model where individual’s behavior is aimed at reaching optimal level of arousal of neural system and optimal level of domination in social ranking.