In this paper we analyse the role of financial resources in a process of competition interpreted as a continuous restructuring of productive capacities. Financial constraints appear an essential means of co-ordination. Co-ordination with the environment where this process of restructuring takes...

Cet article est destiné à montrer quelques aspects importants de processus de changement hors de l’équilibre ; en particulier la distorsion de la capacité productive associée à un changement structurel et ses effets au cours du temps. Il est mis en évidence, à titre d’exemple, qu'un...

Dans les approches traditionnelles (keynésienne et monétariste), toute rupture d'une situation d'équilibre pré-existante est interprétée comme un problème d'instabilité et la politique économique est conçue, en conséquence, comme une politique de stabilisation. L'idée sous-jacente,...

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This paper models the organization of the firm as a type of artificial neural network in a duopoly setting. The firm plays a repeated Prisoner’s Dilemma type game, and must also learn to map environmental signals to demand parameters and to its rival’s willingness to cooperate. We study the...

This paper reviews the arguments for and against the “Stability and Growth Pact.” We find the theoretical debate to be inconclusive, as both externality and credibility arguments can be used to yield opposite and plausible conclusions. Empirical evidence in favor of a Pact-like rule is also...

The debate on public finances’ sustainability has long focused on the conditions for the accumulation of debt. This implied that, empirically, the analyses revolved around estimations of dynamic versions of the debt accumulation equation, through unit root tests and cointegration tests between...