In contrast to the existing literature, which explains the recurrent cost problem as largely the result of institutional impediments to LDC welfare maximization, this paper analyzes the problem by constructing a series of scenarios in which the less developed country would be led to reduce the...

A review essay on Avner Greif, Institutions and the Path to the Modern Economy: Lessons from Medieval Trade, Cambridge, Cambridge University Press, 2006, xx+503.

Knowledge is the most important commodity and resource human beings can have. Having these qualities allows knowledge to be at the forefront of economics, as it should be. Knowledge economics demonstrates the power of knowledge theory into investment decision making policy by individuals and...

90 Classical problems in economics are concerned with the solutions of several simultaneous nonlinear optimization problems, one for each consumer or producer, all facing constraints posed by the scarcity of resources. Often their interests conflict, and it is generally impossible to find a...