The main objective of the paper is to extend the basic model of Keynes's General Theory to explain medium and long-run economic performance in developed capitalist economies. In this way we seek to deepen our understanding of the macro economic processes that account for differences in macro...

This paper presents a dynamic model of forestry in which the planner chooses the rates of harvest and planting at each instant.

The joint behavior of investment and the current account is derived as a triangular simultaneous equations model. To estimate this model for the G7 countries, we propose a full-information GLS estimator for panel data that extends Zellner-Theil three-stage least squares estimator and allows for...

This paper models the use of community sanctions to restrict effort in a simple Gordon-Shaefer style model of the fishery with heterogeneous fishing costs.

The estimates of productivity growth reported here show the contribution of various components of aggregate demand, including the positive role of low unemployment. The estimated equation was based on a model of growth and transformation, and was estimated using the longest period for which...

This paper explores conflicts between two groups, "the industry" and "the environmentalists", over whether an indivisible resource (e.g., an ancient tree) should be harvested or preserved. The problem is first analysed as a complete information "war of attrition". Under the "rationalizability",...