The commonly used method for representing macroeconomics as a social system is by assuming the existence of a number of agencies (or entities) and of their various connecting links. In practice this is achieved and illustrated by the use of a block-and-flow diagram. For the case being considered...

A good Professor achieves a three part mission of research, teaching and service. After elaborating on this mission, I provide some broad strategies for accomplishing it: know when to say no; don't try to win the measurement game; don't be a jerk (in the technical sense); “think otherwise”,...

Educational resources distributed via the Internet are rapidly proliferating. One prominent concern associated with these potentially transformative developments is that, as many of the leading technologies of the last several decades have been, these new sweeping technological changes will be...

The literature on adaptive learning suggests that it can provide significant improvements to the educational process and numerous studies have found a necessity for personalised learning, which is one of the strong suits of adaptive learning. Adaptive learning platforms require that content be...

The education and application of skills in it is an essential prerequisite for the growth and development of each national economy in the future. Investing in education and skills development are essential incentive for raising the growth and competitiveness of each country and its participation...

Over the last decade a new consensus model has emerged in monetary macroeconomics, labelled New Keynesian macroeconomics (Clarida et al., 1999). It consists of three simple building blocs: a forward-looking IS-equation that is derived from the optimization problem of a representative household,...

While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching it has been criticised by several economists. The model is unable to deal with a monetary policy that uses the interest rate as its operating target ( Romer [2000]). Walsh [2002] has criticised that it is not suited...

Media markets recently have been identified as multisided markets. The application of the theory of multisided markets provides a better understanding of such markets. It enriched the hitherto economic approach and led to new insights and perspectives especially for the antitrust authorities...

This review paper articulates the relationship between prediction market data and event studies, with a special focus on applications in political economy. Event studies have been used to address a variety of political economy questions - from the economic effects of party control of government...

An economy's production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the...