We show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally...

The paper focuses on misconceptions about the compensation principle of neo-Paretian welfare economics, and argues that the efficiency interpretation often atteched to it is a dubious one. Applied welfare analists should realize the real significance of 'potential Pareto improvement' and take it...

Posner adopted the economic principle of wealth maximization as a guiding principle for the dispensation of justice. This resulted in his endorsing the Kaldor-Hicks principle (also known as the potential Paretian improvement principle) as a basis for just laws. This article explores whether this...

This article exposes key aspects for the theoretical analysis of the political reality in Colombia in moments of severe derived social uncertainty of the conflict and the fork of serious dilemmas on the institutional order that comes from political campaigns influenced decisively by the...

A basic worldview of economic theory is the notion that humans have unlimited material wants and limited means to satisfy these wants. In this framework the task of economists is to design policy instruments to meet human preferences for material commodities as efficiently as possible, that is,...

The neoclassical economic approach portends much to the resolution of gender conflict. Within the Pigovian market failure perspective, the focus is on "economic valuation" as a basis of correcting existing prices and establishing the optimum level of economic activity. The thrust of this paper...

Concerning theories of justice, law and economics seem to advance along divergent lines: whereas the jurist does not argue any longer for what is “just” nor does he cares about the aim of the law, the economist again gives attention to questions of justice, which is one important subject of...