Amongst the major development problems facing many of the developing countries is the increasing levels of poverty and income inequality. Economic growth in the 1950s, 1960s and 1970s was seen as a panacea for reducing poverty. While the key to development progress is still achieving economic...

In this article, first, we show how equity considerations, in the guise of inequality of income, enters into a social welfare function. In this connection the important properties of a social welfare function are also discussed. Second, contrary to the popular belief, we contend that the degree...

Environmental policies are rarely set by environmentalists, whatever they may think to the contrary. Macro‐level policies relating to land, water, atmosphere and other prime environmental resources are generally set by departments of agriculture, industry, settlement and the like, and...

As pointed out previously by economists, the implicit demand for cost‐saving information by potential buyers generates a derived demand for advertising by sellers. This study adds to the body of evidence that reveals the positive role of advertising in the market process. The evidence...

This paper examines Hayek’s version of methodological individualism in relation to individual economic actions and economic effectiveness (social actions). According to this approach, economic and social order is determined by the myriad atomistic actions that are the result of individual...