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....

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...

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...

We study the technological pre-conditions for a cost-minimizing choice of technique in the presence of government emission targets on by- products of production. Whether a by-product is a desirable commodity or an undesirable pollutant is determined endogeneously as part of the price-quantity...

The current population in the World has grown beyond the Break-even level of the food supplies, water, clothing and shelter. Techno- commercial systems are also within the utility of developed nations, but beyond the infrastructure and mental orientation of the Developing and Under Developed...

The present paper develops a basic framework for evaluating and optimizing profits in a business operation. In developing a business we are often faced with an infinity of choices ranging from what products or services to sell and what customers to target to how to structure and manage the...

Investment decision-making is modeled by means of a Kohonen neural net, where neurons represent firms. This is done in order to model investments in novel fields of economic activity, that according to this model are carried out when firms recognize the emergence of a new technological pattern....

El objetivo de este artículo, que hace parte de un estudio más extenso, es analizar el tema de las fluctuaciones del producto en un escenario de competencia imperfecta a la luz de los hechos estilizados. Se conclue que estas se pueden originar por shocks de oferta o demanda, o simplemente por...

We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian Model Averaging (BMA). We find that the posterior probability is very spread among many models suggesting the superiority of BMA over choosing any single model. Out-of-sample predictive results...

This paper develops a simple and practical framework for characterizing (long-run) economic growth and fluid capital accumulation under shifting technological change. The framework specifies a technological change that depends on exogenous and endogenous factors as well as the interaction...