This paper presents a variant of the traditional Diamond modeling of public debt and economic growth; a variant leading to debt's neutrality even in the absence of the assumptions under which the neutrality result usually holds. The model incorporates explicitly the impact of socioeconomic...

[eng] The fact that underground transactions do influence growth and that they are carried out mostly in cash, raises questions concerning the impact of the nexus " money-underground economy " on growth and welfare. The present paper stu­dies this issue by introducing analytically underground...

Post-war Chicago School advanced a blend of pre-war Chicago and non-Chicago quantity theory, termed Monetarism. The preponderance of the non-Chicago element in this blend has been documented well by the relevant literature. This note maintains that monetarism’s only contribution to pre-war...

This note makes the following two points based on Cournot utility functions of the legislators and on the government budget constraint viewed from the perspective of the equation of exchange. Without logrolling, i.e. with different perceptions of the budget constraint, there can be such a...

The idea is that the three Abrahamic religions, Judaism-Christianity-Islam, all predispose microeconomics-wise for a social-welfare liberal state safeguarding against the violation of efficiency (not to waste resources and goods), equity (fair wealth distribution), and envy-freeness prefer own...

Put in terms of the two fundamental theorems of welfare economics, social or welfare liberalism is being defined as the tenet criticizing classical liberalism for neglecting the second theorem, having nothing to say about the “liberalism” of macroeconomic policymaking. This note claims that...