Some economists think that there is no free lunch. Fore this reason they close their eyes to the free lunch that presently exists in the inefficient labour market. It can be shown that the economy is full of free lunches. The major example is economic growth by innovation. When the possibility...

World developments in the 1990s show a worrysome parallel to the 1930s with the Great Depression. Present- day Russia reminds of the pre-war Weimar republic, where a devastated economy and weak democracy allowed Hitler to take power. Western nations in the 1990s hinder trade with Russia and the...

Krugman, Phelps, ormerod and Heilbroner have produced forceful analyses on the current state of the economy, society and economic theory itself, and allwith a distinct attention for unemployment. These authors agree on many points, but disagree on major points too. Interestingly where these...

The economic record of this century may be judged with mixed feelings. Much has been achieved, but much has gone wrong too. The bad part in the record has not not been caused by economic science but by economic policy making. The structure of economic policy making gives too much room for...

Asia and the Eastern European nations are in a state of economic turmoil. An important element for improvement is that Western nations open their markets to more trade. This is in fact what the West could have done after the fall of the Berlin Wall. But petty shortsightedness of the governing...

There is a general misconception on the impact of marginal tax rates. Following the hypothesis of optimising economic agents, it is proper that marginal rates enter the discussion. The only issue is that the margin mu= st be computed correctly. In dynamics, one must take account of the fact tha=...

Arrow's Theorem holds that no constitution can satisfy certain properties. In annex to that theorem, Arrow claims that those properties are reasonable and morally desirable. In his view there thus is the difficulty that people desire a constitution that cannot exist. While the Theorem stands as...

Some sectors of the economy are exposed to and some are sheltered from foreign competition. These sectors are likely to have a different composition of their labour force, notably regarding to the dependency on the minimum wage. If a national incomes policy does not respect these differences, a...

Since the early 1970s Western economies have been plagued by mass unemployment and the threat of inflation. Over the years since then various economists have proposed various possible solutions, but never quite convincing w onses ones. Now there is a novel analysis that means a breakthrough in...

Last decades show a Productivity Slowdown at the macro level, but at the micro level we have seen a huge attention for business economics and operations management and we now have a decade of booming stock markets. This paper tries to tackle that paradox by singling out the issue of Efficient...