distribution of risks inside society, the Liberal system wins if the inequality of income is low, and the Beveridgean system wins … if the inequality of income is high. Using a utilitarian criterion, the Beveridgean system always dominates and the …

The fiscal theory of the price level says that the price level can be made determinate if the government uses fiscal … are specific to the "Ricardian" models that have been used to develop the theory. By moving to "non Ricardian" models we …