People tend, in many ways, to behave like the others they see around them. This note´shows that such reference group behavior tends to reinforce incentives (economic or other) that influence individuals directly only marginally. The workings or such incentives is augmented what might be called...

A Ricardian Growth theory is developed along the lines indicated by Kaldor . The dynamics of the model as well as the role of manufacture is considered. It is hoped that the proposed formulation sheds some additional light on how the formation of wages, rents, and profits has been conceived by...

Marshall's notion of the representative firm can be read as a macro notion with some resemblance to Keynes' aggregative concepts. Keynes' notions of aggregate demand and aggregate supply are fashioned after Marshall's definitions of demand and supply. Keynes starts with the Marshallian...

The aim of this paper is to develop a model-based seasonal adjustment method which will yield the same decomposition formulas as the descriptive seasonal adjustment procedures proposed in Schlicht/Pauly (1984) and Schlicht (1981). Hence the duality between the descriptive and the model-based...

Labour managed firms face some serious problems with regard to the provision of capital, especially of risk-bearing capital. These difficulties are discussed in the first part of the paper. Subsequently it is argued that these problems are rooted in the fact that the workers are insufficiently...

The linear savings function in Stiglitz' model of wealth distribution is replaced by the assumption that the average savings propensity of each individual is determined by its relative income position and the marginal propensity to save is an increasing function of individual income. It is shown...