This paper demonstrates, contrary to what has been shown recently, that demand pressure, besides differentiated cost-pressure, matters both in the labor market and the market for goods in the determination of wage and price inflation. vVe consider from the theoretical perspective and estimate...

In this paper, we argue that the case for universal compulsory education for sub-Saharan Africa might have been overstated. We capture the African situation through a heterogeneous-agent model, in which high costs of education relative to income and the skill premium cause the economy to...

In this paper, we argue that the condition of education and the economy of the low performing sub-Saharan African countries can be characterized as a stagnant steady state -- a "trap". We present a simple heterogeneous-agent model in which high costs of education relative to income and the skill...

We develop a constrained bivariate switching model to explore empirically the behavior of wage and price Phillips-curves for high- and low-inflation regimes. Using this switching regression technique with a structural simultaneous equations model of Phillips curves, we identify significant lower...

This paper discusses the life and work of Josef Steindl. It examines the development of his thought from his early writings on firm size and industrial concentration to his late work on the post-war problems of capitalist economies. Special attention is given to his seminal work on the Great...

This paper documents the secular decline of average job tenure in Japan based on microdata from two representative government surveys: the household-based Employment Status Survey (ESS) and the establishment-based Basic Survey on Wage Structure (BSWS). Male workers born in 1970 have experienced...

The European integration is the best way for the poor Eastern European societies to follow in order to progress. Gathering contacts with the Occident cannot push the former communist societies to the status of chronically backward peripheries. The theory of "modernization" claims that the mere...

What began as a global financial crisis has truly become a virulent global economic crisis. The credit crunch that has clogged the arteries of the world financial system has now caused an economic meltdown of global proportions. Several financial experts and economists have warned that the world...

Neo-liberalism is revival of liberalism that is radically dismantling the state and sifting power to the private sector. People favour welfare state and oppose any move against it. This paper attempts to gauge the protest in West Bengal against neo-liberalism. The recent protest in West Bengal...