Purpose – This paper aims to evaluate critically the validity of rival theorisations of the hidden economy that variously read this sphere as a leftover from a previous era, a by-product of a new emergent form of capitalism, a complement to formal employment or an alternative to the formal...

Purpose – To explain a fiscal rule that functions in a different way from a constitutional ideal of a welfare state, as Japan's case, and to give a literary examination of that kind of thoughts in modern economics and theory of public finance. Design/methodology/approach – Compares...

The legacy of the last 50 years of development economics is not very inspiring. In the 1960s and 1970s, instead of looking at the real causes and viable solutions to poverty and underdevelopment, development economics was preoccupied with the politically-charged debate over the superiority of...

The theme of micro-foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro-foundation of macro-economics. The great missing link in economic theory, both of micro-economics and macro-economics, is the inability to...

Sketches the history of economic thought regarding the self-expanding growth of investments through the accrual of compound interest. Exercises that calculate such growth in terms of “doubling times” have already been found in Babylonian textbooks from c. 2000?BC. Although compound interest...