Simon Grant and John Quiggin argue that taking the equity premium seriously—-the well-known fact that the average annual historical return of stocks is seven times that of government bonds and other debt-—has many implications, the most robust of which is that recessions are extremely costly...

Summary The theoretical consistency and practical applicability of traditional welfare economics has long been subject to controversy. More recently the challenge has been added from evolutionary approaches that the individual preferences on which the welfare calculus is based are themselves...

Abstract What did Coase teach about “The Social Cost Controversy” in the classroom? In 1972, an important year in the development of the economic approach to law, Coase taught “The Problem of Social Cost” and some important critiques of it, making his classroom a model of the market for...

Purpose The purpose of this paper is to evaluate the welfare cost resulted from an increase in food prices in the three most populous countries of south Asia (Pakistan, India and Bangladesh). Design/methodology/approach The effect of rising food prices on consumer welfare is analyzed by using...

Purpose The purpose of this paper is to ascertain whether weather variables can explain the stock return reaction on the Dow Jones Sustainability Europe Index by employing a number of macroeconomic indicators as control variables. Design/methodology/approach The authors incorporate the...

Purpose – Emerging evidence revealed a high rate of dependence of marginal people on forest resources in developing countries for both subsistence use and cash income. The purpose of this paper is to examine the rural livelihoods welfare dimensions of community forest income in south-western...

Purpose Sen has recently acknowledged his “immense” debts to the liberal tradition of J.S. Mill and, to much lesser extent, to T.H. Green. This essay explores how identifying himself so enthusiastically with Mill sheds light on one’s understanding of Sen’s defense of the capabilities...

Purpose – The purpose of this paper is to investigate factors affecting consumers’ willingness to pay (WTP) a premium for organics. Design/methodology/approach – A self-administered questionnaire was used to collect data at five retail stores in metropolitan Bangkok. Exploratory factor...