Provides empirical evidence of significant lack of relevant knowledge of some public goods and experiential commodities. It also analyses whether information provision about the attributes or characteristics of commodities is likely to result in individuals’ finding their ‘true’...

Relationships between bounded rationality and transaction cost theories are discussed and their connections with stochastic theories of industrial evolution are considered. While these theories have their limitations, they are useful but have been ignored in many public policy prescriptions,...

Growing economic globalisation (a means of market extension) may increase the economic vulnerability of firms in modern industries, especially those in which firms experience substantial economies of scale. The possibility is explored that globalisation activates competitive pressures that...

In Arthasastra, Kautilya shows a knowledge of basic economics that had no parallels in Western economic thought until the publication of Adam Smith’s Wealth of Nations in 1776. Although the king was at the centre of the body politic in Kautilya’s time, Kautilya makes it clear that the king...

After briefly reviewing recent economic theories about the economic welfare consequences of public provision of private commodities, this article examines the cost efficient supply of publicly provided commodities. In the light of the presence of transaction costs and bounded rationality, and...

Small countries, such as Pacific islands countries (PICs), vary considerably in the extent and in the ways in which they are linked to the global economy. Particularly within PICs, households and families, and different social groups also differ in their dependence on markets, cash and foreign...

This is a draft of the introductory chapter for The Economics of Leisure which is being published by Edward Elgar Publishing Pty Ltd, Cheltenham, UK, and Northampton, Massachusetts, by whom all rights are reserved. It will appear in The International Library of Critical Writings in Economics...