Primary needs of human development are not met in poor development countries.Although ambitious goals have been set by the international community to meet specific human development targets by 2015, Official Development Aid is lagging and excessive external debt continues to drain much needed...

Presidential address for the Twelfth World Congress of the International Economic Association, summarising semi-formally the author’s recent work and concerns. Uncertainty and incomplete markets breed demand volatility as well as price and wage rigidities. The conjunction of these leads to...

The paper defines a simple tatonnement process of adjustments in prices and quantities, where excess demand results in nominal price increases and excess supply results in quantity rationing of supply at unchanged prices. Under reasonable assumptions, the process converges to a...

The paper studies equilibria for economies with imperfect competition and non-convex technologies. Following Negishi, firms maximise profits under downward-sloping perceived demand functions. Negishi's assumptions, in particular the assumption of a single monopolistic competitor in each market,...

This paper, prepared for an lEA Conference in honour of James Meade on The Economics of Partnership, analyses the rationale and prospects for using cyclical variations in Social Insurance Contributions (SIC) as a means to reconcile wage flexibility with efficient risk-sharing between capital and...

The introduction of banks that issue money and supply balances and pay out their profis as dividends is the natural modification of the model of general competitive equilibrium that encompasses monetary economies with an operative transactions technology. Monetary policy sets nominal rates of...

This paper examines a model of multi-jurisdictional formation considered by Alesina and Spolaore (1997) and Le Breton and Weber (2003), where the distribution of individuals is given by Lebesgue measure over the (finite or infinite) interval. Every jurisdiction chooses a location of a public...