We develop a method for eco-efficiency analysis of consumer durables by utilizing Data Envelopment Analysis (DEA). In contrast to previous product efficiency studies, we consider the measurement problem from the perspective of a policy maker. The novel innovation of the paper is to measure...

Market clearing is the central issue in macroeconomics. Two centuries of debate on Say’s Law indicates that the issue is not yet settled. This essay proposes that double coincidence is a necessary condition for market clearing, in addition to the equality of demand and supply at equilibrium...

AFRICAN ECONOMIC PERFORMANCE HAS BEEN MARKEDLY WORSE THAN THAT OF OTHER REGIONS. THUS, THE GOVERNMENTS OF AFRICAN COUNTRIES HAVE ASSUMED MAJOR RESPONSIBILITIES FOR ECONOMIC REFORMS AND GROWTH. ALONG WITH THESE RESPONSIBILITIES HAS COME AN INCREASED AWARENESS OF THE INTERRELATEDNESS OF DIFFERENT...

In the Domain of Development Economics, Productivity is represented by Output to Input Ratio & Management Decisions related to the Inputs and Outputs ensures to keep this ratio in a favourable condition. When this is integrated with a Broad-Scope of Socio-Economic Development (SED). Qualitative...

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...

In spite of elaborate descriptive and correlational studies, the most ubiquitous phenomenon in economics, namely inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a mechanism of "sticky wages and prices". Hitherto, such theories...

An analytical innovation enhances microeconomics, enabling it to answer all questions of macroeconomics. It combines the production and consumption decisions of the individual in one model. For each individual, it identifies the customers of what he sells, and the suppliers of what he buys. It...

The investment acceleration principle is a heuristic for modeling investment time series out of consumption time series. The model presented herein develops a disaggregated accelerator equation whose coefficients are the weights of a Kohonen neural net that represents firms' decision-making....

The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...

Various methods were proposed to understand the linkages in an input- output system; however many focused only on the identification of key sectors in the economy. An alternative approach, identifying analytically importance of elements and combinations of elements was proposed as a field of...