This paper presents a critique of the traditional textbook representation of fiscal policy, and highlights the misleading policy implications perpetuated by this analysis. In particular, the conclusion that fiscal deficits are likely to be associated with higher interest rates is disputed, as is...

This paper presents a critique of the traditional textbook representation of fiscal policy, and highlights the misleading policy implications perpetuated by this analysis. In particular, the conclusion that fiscal deficits are likely to be associated with higher interest rates is disputed, as is...

Universities represent a highly complex organizational structure that is beset with serious informational problems. A simplistic allocation rule based on university rankings is sometimes applied to fund disciplines/departments in order to promote efficiency. This study shows the pitfalls of...

Potential customers in customer markets are typically dichotomised into actual and prospective customers. If the firm holds its price firm, the actual customers hold their reserves/reservation price firm and repeat their purchases. On the other hand, prospective customers? reserves may be...

The representative firm has been a much-criticized concept, subject to conflicting interpretations with respect to both its configuration and its intended role in Marshall's Principles (the Principles).2 The concept found itself a focal point of much of the debate during the significant cost...