This paper shows that implicit assumptions about the numeraire good in the Kaldor–Hicks efficiency–equity analysis involve a “same-yardstick” fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the...

Evolutionary economics often focuses on the comparison between economic competition and the process of natural selection to select the fitter members of a given population. But that neglects the other “half” of an evolutionary process, the mechanism for the generation of new possibilities...

Gradual, not shock, therapy is the right route to development in transition countries, argues the author. We have two natural experiments to learn from.

Aid and conditionalities are the"carrots and sticks"of the conventional, direct approach to fostering economic development. The economic theory of agency is the most sophisticated treatment of the direct carrots-and-sticks approach to influencing human behavior. Considering the outcomes of the...

This is a survey and analysis-with commentary-of migration issues and the related development policies for the sending countries."Migration and development"is considered an unsettled and unresolved area for good reason. The policy issues are surprisingly deep and run to basic issues such as the...

Tis only as the shades of night are falling that the Owl of Minerva spreads her mighty wings and takes to flight. (Hegel) The paper “Whence Reform?” by the Polish economists Marek Dabrowski, Stanislaw Gomulka, and Jacek Rostowski (DGR) is a welcome and revealing commentary on what is called...