Two experiments were conducted to test the common hypothesis that groups make decisions more slowly than individuals. One of these experiments imitates real-life monetary policy decisions. In both cases, the hypothesis is found wanting: groups are not slower than individuals. In both...

Keynesian economics came under much criticism in the 1970s. This paper argues that the decline in Keynesian economics and the rise in, notably, new classical economics in this period is related to their respective theoretical appeal rather than their ability to explain developments in the...

Recent empirical and theoretical research on business inventories is surveyed and critically evaluated. While most inventory research has had macroeconomic motivations, the authors focus on its microtheoretic basis and on potential conflicts between theory and evidence. The paper asks two...