The article presents two other applications of the standard neoclassical model of consumption-leisure choice, which forms the individual labour supply. The first one is decision making concerning time allocation with regard to household production; the second one is focused on labour supply over...

The efficiency of macroeconomic policies depends on adequate business cycle approximation. Given that potential output and the output gap (the difference between actual and potential output) are not directly observable, their values need to be estimated using alternative statistical, structural,...

Paper deals with the European Monetary Union from perspective of Post Keynesian school of economic thought. It discusses separately arguments often proposed by mainstream economists. After the brief introduction, which highlights main differences between mainstream and Post Keynesian economic...