The importance of modeling farm households in LDC's as being both producers and consumers of the same good has been recognized for some time. Using a Cobb-Douglas specification for the production function and a linear expenditure system, the paper presents empirical evidence of the linkage...

This article analyzes a three-sector economy with a significant subsistence sector. Previous studies essentially derived first-best conditions based on an optimal subsidy system where technical efficiency is achieved. In our model, technical efficiency cannot exist from within our system. A...

The relevance of the Quantity Theory of Money to Developing economies is questioned. A skeptical examination of the facts upon which the theory is based, as well as of the theory itself , reveals much weakness. Indeed, it is the evidence from the developed economies that suffices to justify...

The relevance of the Quantity Theory of Money to Developing economies is questioned. A skeptical examination of the facts upon which the theory is based, as well as of the theory itself , reveals much weakness. Indeed, it is the evidence from the developed economies that suffices to justify...