Two features of Arrow's social choice theory are critically scrutinized. The first feature is the welfarist-consequentialism, which not only bases social judgements about right or wrong actions on the assessment of their consequences, but also assesses consequences in terms of people's welfare...

Characteristics of business cycles are quite different across developed countries. As Gordon (1982) pointed out, in the United States real wages and the adjustment of working hours are less flexible than in Britain and Japan. Using a business cycle model with a microeconomic foundation, this...

In a general normal regression model, this paper first derives the LUB(least upper bound)for the covariance matrix of a GLSE relative to the applied to the (unrestricted) Zellner estimator in the N-equation SUR model and to the GLSE in a heteroscedastic model.

In this paper, we examine what appropriate formulations for labor exploitation are, in order to explain the emergence of class and exploitation status in capitalist economies. Given the well-known controversy on plausible formulations for labor exploitation in joint production economies, we...

This paper tests the efficiency of insurance markets in the Pakistan Punjab by examining how crop choices are affected by the presence of price and yield risk. We estimate reduced-form and structural models of crop choices. Aithough we cannot reject the hypothesis that village members...

This chapter discusses corporate investment in the Japanese economy over the last few decades and the policy prescriptions that are now required to induce efficient investment. The chapter complements that by Hashimoto and Higuchi, since both discuss the problems at the real side of the Japanese...