Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price...

We consider the response of both nominal and real commodity prices on world markets to real and nominal shocks by hypothesizing that nominal shocks can permanently affect nominal commodity prices, but can have only temporary effect on real commodity prices. Real shocks, in contrast, can have...

We follow Schumpeter's approach to analyzing price movements as set out in Business Cycles. While Schumpeter emphasizes movements in prices of finished manufactured goods, our focus is on the real prices of primary commodities, which are measured by the price of particular commodities or an...

In the evaluation of research quality conducted under ERA 2010 the sub-disciplines of econometrics and theory were rated more highly than the sub-disciplines of applied economics and other economics. The rating in each sub-discipline was benchmarked against a world standard, so the results...

This study investigates the source of productivity growth in the Indonesian banking sector during 19 years from 1993 to 2011. The industry had been through several periods of reforms, starting from the radical deregulation in the late 1980s, the restructuring period following the 1997 Asian...

Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change that induces business cycles. Schumpeter argues that with development prices are generally in motion....

In the modern era, the extent and character of technical change features prominently in discussions of productivity growth and movements in the competitiveness of manufacturing. While technical change is pervasive in modern manufacturing, it occurs unevenly. In this study, technical change is...

On December 2nd 2009, the Australian Competition and Consumer Commission (ACCC) announced its intention to oppose the acquisition of Mobil's retail assets by Caltex, based in part on an assessment of adverse competition effects in some local markets. Their assessment was based upon the...

The structure of a gasoline market can be an important element in the pricing choices of its participants. However, structure is often measured only indirectly by, for example, the number of independent sellers, or by seller density. Here we present a more direct and literal way of exploring...

Evolutionary economists have tended to assess firms and industries separately, neglecting the role of their interaction in the process of economic growth and development. We trace the separation of firms and industries to Marshall, whose industrial analysis by means of the representative firm...