The problem of expectations in economic models is reviewed through the intellectual development of the author. Initial efforts at macroeconomic modeling such as Foley-Sidrauski (Foley and Sidrauski 1971) treated expectations as conditioning variables for representative agent stock demands and...

As is well‐known,“foot‐binding”,regarded as an inefficient institution owing to its great harm to the women’s body and mind, existed and lasted for a very long period in the history of China. Furthermore, we are faced with the general question: why so many inefficient institutions in...

Purpose – The purpose of this paper is to construct an econometric model of the determinants of private investment with a particular focus on the impact of democracy on investment. Design/methodology/approach – The first step was to econometrically derive the long-run elasticities; then to...

The paper criticizes the conception of value on behalf of the conventional economic theory, blaming it for the current economic school’s incapacity to explain the actual economic crisis and to offer an adequate perspective to settle a solution. It proposes an explanation based on the tendency...