The broad concept of an individual's welfare is actually a cluster of related specific concepts that bear a ``family resemblance'' to one another. One might care about how a policy will affect people both in terms of their subjective preferences and also in terms of some notion of their...

This statement outlines the objectives and policies of the new journal, Macroeconomic Dynamics, which is dedicated to the advancement of macroeconomics as a science. This Editorial is to appear at the front of the first issue of that journal and is copyright by Cambridge University Press.

The aim is to characterize optimal growth paths in an OLG economy where capital accumulation is achieved through bequests, without using the assumption of time preference theory on a social level, because such an assumption, that leads to use a discounted infinite horizon sum, introduce...

The paper builds a three sector model of a small open economy having perfect capital mobility among all the sectors and efficiency- wage relation in the low wage sector. The general equilibrium effects of subsidy policies on urban unemployment and domestic factor income are examined.The main...

The paper analyzes the joint evolution of accumulation and distribution of human capital in an OLG framework. Dynamics arises from the interplay between human capital distribution and individual variables - inherited human capital and inborn ability. Such interaction drives individual investment...

In this paper we use growth accounting methodology to study whether human capital explains a part of total factor productivity in transition. The results that are obtained are not in support of the theoretical findings of growth theory that human capital is a major determinant of growth and...

In this paper we tackle the problem of the presence of negative average rate of returns in the computation of the performance of ethical mutual funds. The presence of these negative values raises problems both in the computation of the classical performance indicators and in DEA modeling. In...

This paper investigates the impact of the shifts of labor across sectors on aggregate productivity growth through a decomposition of aggregate productivity growth in Singapore over the period 1965-2002. The static shift-share analysis is utilized to for this purpose. The results show that the...

This manuscript analyzes the fundamental factors that govern the qualitative behavior of discrete dynamical systems. It introduces methods of analysis for stability analysis of discrete dynamical systems. The analysis focuses initially on the derivation of basic propositions about the factors...

In this work, we reflect on some questions about the measurement problem in economics and, especially, their relationship with the scientific method. Statistical sources frequently used by economists contain qualitative information obtained from verbal expressions of individuals by means of...