A nonstandard counterpart to the results of Allen and Hellwig (1986) on the convergence of a Bertrand-Edgeworth equilibrium arising out of price setting by firms operating under capacity constraint into a Walrasian (or competitive) equilibrium is presented and analyzed

After coronavirus spread beyond China, many predicted that the virus would wreak havoc on low-income countries, especially those with overcrowded slums. And yet, nine months after the outbreak, the COVID-19 death toll in several of the world’s biggest slums is very low. This paper asks the...

There are good indicators of the nature of the economy underlying the famous Hindu epic love story of Rama and Sita, the Ramayana. This paper attempts to extract the main features of this economy and present them succinctly

Adam Smith’s economic system followed his philosophical convictions. The policy conclusions came before the analysis. To support his policy of Free Trade, or rather, the ‘system of liberty’, Adam Smith gradually built up his economic system , from the Lectures on Jurisprudence to the...

Developing economies share both microeconomic and macroeconomic characteristics which are often unique relative to their more developed counterparts. Indeed, many authors (e.g. Parente and Prescott 2000) have emphasized the role of institutional frictions within developing nations as a major...

1. Introduction -- 2. Christian Faith and Economics -- 3. Biblical Stewardship and Economic Progress -- 4. Rationality and Alienation: Themes from Ghandi -- 5. Consumerism in Contemporary China -- 6. Anglican Christians and Modern Political Economy -- 7. Islamic Finance, Consumer Protection and...

This paper uses annual US data to examine the causal relationship between immigration and real GDP. Despite its implications for policy, a statistically robust relationship between these two series has been difficult to pin down. Our tests reveal that both the series are break-stationary....

James Anderson was a contemporary of Adam Smith who is known primarily for having developed what subsequently came to be known as the Ricardian theory of rent. Anderson’s primary concern however was the economic development of Scotland and he had a say in the policy measures undertaken in the...