When future income is uncertain, the standard model of stochastic life cycle behavior does not provide an operatio nal basis for consumer choice because it is too complex to be solved either analytically or intuitively by the human brain (even if computer-assisted). This paper proposes an...

This paper criticizes the main existing models of the trade union for assuming that union objectives are coterminous with those of union me mbers, thus neglecting the role of the union leadership. The discussi on is related to traditional controversies about whether unions shoul d be seen as...

Inflation (non)neutrality can only be properly considered in a complete macro model, but most existing treatments use partial equilibrium approaches. This paper develops an open economy macro model incorporating labor markets and the government budget constraint, as well as the product and...

Social security policies within individual countries are determined independently by national governments but the resulting outcome is inefficient compared with what would result from the international coordination of policies. This is because national social security policies produce...