Standard economics starts with behavioral axioms and arrives at conclusions about the equilibrium properties of the economy as a whole at point t. The present paper employs objective structural axioms and random changes in order to determine the conditions for market clearing and budget...

Monetarists maintain that changes in the price level are attributable to the level of the money supply. Hence, price stability has been the rationale for the money supply rule derived from the Quantity Theory of Money. Consequently, to curb inflation, the general price level index is the lever...

This paper develops a model to investigate the private enforcement of non-monetary inter-firm payments in Russia during the 1990s. Since acceptability of means of payment can have a self-reinforcing nature, the dominance of non-monetary means of payment over money in Russia might have been a...

The claims that the Islamic gold dinar will avoid inflation and other ills of current economic crises are examined by studying how coinage systems actually functioned in history.The article shows that not only these claims are baseless but also that coinage would increase the prevailing interest...

The main purpose of this paper is to remark that any definable continuous path linking two regular equilibria in a regular O-minimal equilibrium manifold intersects a finite number of definable connected components locally determined. We apply the cell decomposition theorem to decompose the...

In this paper I try to analyse the impact of environmental policies in the presence of eco-labelling on the wage level and production levels. For this I start with a general equilibrium framework where a country produces two traded goods using labour and capital, one of which pollutes when...

For several decades, the international community has aspired to integrate the social, economic and environmental dimensions of sustainability. Yet, no country has achieved the patterns of consumption and production that could sustain global prosperity in the coming decades. Thus, with the...

The main purpose of this paper is to outline that the definable Debreu map is a local definable diffeomorphism. It implies the equilibrium is locally determined in each connected component partitioning a regular O-minimal equilibrium manifold. It complements the result in Theorem 5 of Arias-R....

Traditionally, the task of monetary management is usually performed by the monetary authority on behalf of government. However, a key challenge in monetary management is how to deal with uncertainty. Thus, the relevant policy questions must include how best the available instruments of monetary...

In this paper we introduce basic notions of new economic model where preference relations on commodities set are represented by a group action on Euclidean space instead of utility function. Conditions that ensure the existence of individual demand functions and a general equilibrium in the...