A small interview survey was undertaken to see how actual wage-setters would react to the central ideas of several economic theories of wage stickiness. Wage cuts were surprisingly prevalent in recent years, despite the booming economy. The strongest finding was that managers believe that...

Keynesian economics came under much criticism in the 1970s. This paper argues that the decline in Keynesian economics and the rise in, notably, new classical economics in this period is related to their respective theoretical appeal rather than their ability to explain developments in the...

Two experiments were conducted to test the common hypothesis that groups make decisions more slowly than individuals. One of these experiments imitates real-life monetary policy decisions. In both cases, the hypothesis is found wanting: groups are not slower than individuals. In both...