In a well-known paper Friedman and Savage (1948) advocated a utility function in which the marginal utility of wealth is increasing in wealth above some critical level of wealth. In order to win a reception for this novel conception of the utility function Friedman and Savage took some pains in...

The key problem of economics in Australia and New Zealand is its marginality. The history of its economics will, then, be at bottom an account of the confrontation of that marginality. Thus any story of economic thought in Australia and New Zealand will necessarily tell of the attempt to plant...

The paper advances an answer to a puzzle: Why is any lending or borrowing done in terms of money, when such money debt exposes the lenders’ wealth to inflation risk? The ‘received’ answer to this question is that money bonds are just proxies for real bonds, proxies born of insufficient...