It is shown that in an economy with non-marginal set-up costs on the capital side, which imply a minimum requirement of capital, production may be carried out by capitalist firms only, irrespective of the fact that workers can exchange work for capital so that labour-managed production seems...

The technological transformations of the past decade and the emergence of the global marketplace have raised the stakes for all countries to become technologically connected-to be able to create, adapt and use global technological innovations. Yet the challenges of competing in the...

Books reviewed: P. Aghion and J. Williamson, Growth, Inequality and Globalization: Theory, History and Policy Russell W. Cooper, Coordination Games: Complementarities and Macroeconomics Walter Eltis, Britain, Europe and EMU Daniel F. Spulber, Market Microstructure: Intermediaries and the Theory...

Peter Bauer (Lord Bauer) was an economist of considerable influence, particularly on the prevailing wisdom about the value of foreign aid ('government-to-government transfers', as he preferred to call it). Shortly before his death in May 2002, he received the prestigious first award of the...