This paper compares the fundamental postulates of neoclassic paradigm and Keynesian model withthe modern capitalism. It shows that neoclassic paradigm, which underlies economic structure ofmajor countries, is inadequate to the essence of market economy. The research concludes that thecurrent...

The banking and currency crises of the last two decades inflictedsubstantial financial, economic, and social damage on thecountries in which they originated. In this work, the efficiencyof early warning indicators for these disastrous economic eventsis evaluated. An analysis of the traditional...

This paper reviews stylised facts on the Asian growth miracle generated using the growth accounting framework. It reviews rival models that purport to explain an economic crisis in terms of deteriorating macroeconomic fundamentals, time-inconsistent policies and rational self-fulfilling panic...

The purpose of this study is to explore the accuracy issue of the Input-Output model in quantifying the impacts of the 2007 economic crisis on a local tourism industry and economy. Though the model has been extensively used in the tourism impact analysis, its estimation accuracy is rarely...