Abstract: This paper discusses the fiscal policy reactions and economic policies of European countries and the United States during the Great Depression. Economic as well as economic history literature has tended to overlook the fiscal policy aspects of the Great Depression, in particular in...

Low aggregate investment in Finland has been argued to merely reflect structural change to an innovation economy, with high R&D levels adequately compensating for reduced physical investment. This paper briefly reviews the issues and discusses the severity and persistence of the shortage....

This paper reviews the macroeconomic performance of the so called Nordic welfare states, especially in terms of growth and employment. In the post-war years the Nordic economies enjoyed rapid growth and full employment. At the same time, under the rule of Social Democratic governments they also...

Consider a public project which produces a consumption good and which benefits future generations. Let a conventional cost-benefit analysis find that it gives higher benelits than projects it would displace in the private sector. Voters may nevertheless oppose the public project. The cause of...

The economic effects of an ageing population are preoccupying policy-makers in most industrial countries. In this paper, we study the economic impact of the demographic shock in Finland, a country for which the post-war fertility shock was particularly large. The framework for our analysis is an...

This paper looks at the role of network effects in telecommunications markets. Network effects are said to exist when an existing user of a network benefits from any new user to the network. Even the expectation of a large network will positively influence users' willingness to pay. After the...

The fast development in communications and information based industries as well as in other network related industries gives rise to new constellations in competition and innovation. These are strongly dependent on strategic decisions which can be analysed by the concepts of network...

This study reviews the key economic features of the telecommunications industry and outlines two benchmark models that have been developed in previous literature for introducing competition into local telecommunications. One possibility is services based competition, where entrant telephone...