This paper examines in a dynamic game-theoretic framework framework, the role of social institution of money and markets in facilitating exchange. It reveals how, depending on the level of transaction costs associated with a market setup (synonymously, trading posts) appropriate monetary trade...

The paper constructs a model of endogenous growth where infrastructure is an accumulable stock generating a nonrival input service. A typical market economy cannot attain the socially optimum steady state path, since nonrivalry precludes competitive pricing of infrastructure. However, there...

The book deals with Growth Theory, one of the most interesting as well as important subjects universities across the world teach at the Master's level. It is based on lectures delivered to Master's level students and Research Scholars at the Indian Statistical Institute, the Jawaharlal Nehru...