The two Cambridge controversy have marked a milestone in economic thinking. By their demonstration neo-Ricardian and post-Keynesian seemed to have proven the impossibility of defining the notion of Capital and, moreover, of being able to aggregate heterogeneous Capital. It is not so.By reasoning...

Rising income and wealth inequality across the developed world has prompted a renewed focus on the mechanisms driving inequality. This paper contributes to the existing literature by studying the impact from life-cycle savings, intergenerational transfers, and fertility differences between the...

The notion of Wealth is not well defined. It has been the subject of famous treaties, such as those of Anne-Marie Turgot, Auguste Léon Walras and then Adam Smith, but it has not been defined. It is very simple to check. Who's the richest? A person with a patrimony of 300 000 dollars and...

The paper discusses the influence of the global economic crisis on the Latvian economy. Using the system dynamics approach and models produced beforehand, various development scenarios of tax policy, householder crediting, and the job market are analyzed. Produced models allow to obtain...

This paper is a revision of Rensselaer Polytechnic Institute’s Working Papers in Economics Series, No. 803, entitled “How Falling Exchange Rates 2000 – 2007 Have Affected the U.S. Economy and Trade Deficit (Evaluated Using the Federal Reserve’s Real Broad Exchange Rate)”. It expands...

ASEAN Economic Community is active in Blueprint on 20 November 2007. One activity is exports with free movement of goods and services, investment, skill labors and free flow of capital. It implies that number of outputs will be crated relating to use more workers. Once country produces many...

The currencies of nations, in their utility as a medium of exchange and store of value, behave variously according to the integrated dynamics of free enterprise, the central bank and government policy. As such, foreign exchange rates fluctuate constantly with consequences for the growth of...

Development of an economic situation last 20 years has passed in Latvia through various stages. Including - Post-Soviet re-structuring of demand and closing of industrial giants; development of the economy based on transit; development of craft manufacture, small enterprises and branch of...

The paper presents in the first part theoretical aspects regarding merchandise imports on one’s own account, on short term trade credit. In the second part it approaches a practical application of accounts related to merchandise imports on one’s own account, on short term trade credit....

Separate macroeconomic consumption demand functions are developed and tested for (1) durable goods, (2) nondurable goods and (3) services. These are compared for consistency with econometric studies of total consumer demand. Key factors determining demand for these goods are tested using U.S....