This paper describes a nonlinear dynamic model of the convergence of market prices to natural prices in a multisector 'simple production' economy under conditions of a constant technique and composition of demand. Prices and quantities adjust in real time according to the classical principle of...

The purpose of this paper is to examine the Kyoto Protocol in the light of three theoretical perspectives: international political economy (IPE), Nozick's entitlement theory of justice and Rawls's defence of justice as fairness. The IPE perspective highlights the difficulty of curtailing the...

The contribution to the social theory of consumption of the late Pierre Bourdieu has been widely recognized, but not fully absorbed by the economics discipline. To address this lacuna, an agent-based model of Bourdieu's social theory is developed by extending Axelrod's cultural diffusion model....

Drawing on the three key relations in the capabilities approach (Sen, 1985) to welfare economics and using panel data from the English Longitudinal Survey of Aging, this paper illustrates how the capabilities approach to welfare economics can be used to understand wellbeing in older age....

This paper examines four models which might be used to account for variations in the number of producers who operate in a particular market over the lifetime of that market. Two of these are standard economics textbook models, one is a non-standard model and one is a textbook model derived from...

This empirical paper investigates the impact of different sources of increasing returns on firm innovative behaviour in different regions of the UK. Of the different sources of increasing returns, the impact of intermediation and the emergence of specialised markets on the probability of...