The relative costs of taking employment or receiving welfare are usually understood through comparisons of a person’s social security entitlements and their wage alternative, known as replacement rates. In some situations it appears that the additional income from working is negligible, and...

The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the interaction of the nominal rate of return on capital with a rule that governs the interest rate at which the Central Bank supplies money, and in which the equality of the...