The need to increase the level of resources channelled to fundamental research and higher education is broadly acknowledged. These two activities have all of the characteristics of collective or public goods: they thus need to be primarily funded with public money. Traditional economic theory...

Fiery economic debates about the effectiveness of devaluations have recently emerged in EMS and in other industrialized countries that maintain more or less officially pegged exchange rates. A rigorous assessment of this issue must pay careful attention to the interactions between real and...