Elasticity of substitution was introduced into economics during the early 1930s. It was discovered independently by Hicks in The Theory of Wages and by Joan Robinson in The Economics of Imperfect Competition, and then was the centre of a polemic involving Kahn and Sraffa, among others. The...

Spanish Abstract: Se presentan los modelos de expectativas racionales y cómo resolverlos mediante el método de coeficientes indeterminados. El nivel de complejidad es el de un curso de macroeconomía intermedia

Spanish Abstract: La incertidumbre en sentido radical no es probabilística, pero como no hay una noción de probabilidad única esta definición general es insuficiente. El artículo presenta en forma histórica las definiciones equiprobabilista, frecuentista y bayesiana de la probabilidad y...

Spanish Abstract: Los artículos en este número tienen en común que abordan viejos problemas de la teoría del desarrollo, pero los tratan con herramientas modernas. Se trata de una tendencia que puede ser de utilidad, ya que las principales cuestiones relativas al (sub)desarrollo distan...

Goodwin's predator prey model predicts cycles in the employment distribution space. After the Cambridge capital controversies this particular model can not be seen as theoretically consistent. However, evidence is provided in favour of non-linear dynamic behaviour for a sample of 67 countries,...

The article characterises the link between the foreign sector and growth in Colombia 1952-2000. Thirlwall's law was tested and found to be valid for this period. There was a long-term relationship between GDP and export growth, income and price elasticity of demand for imports and the real...

This article presents a unified model of the two main demand-based explanations of economic growth: Thirlwall's law and the two-gaps model. It is shown that, with certain specifications, the external gap is equivalent to Thirlwall's law with capital movements. The unified model is expressed in...

The efficacy of tax reforms is estimated for the period 1973-2000 using three ARIMAX models for the real revenue and the revenue/GDP ratio. The analysis, including only those reforms changing tax bases and/or tariffs, or that aim to increase revenue or reduce evasion, shows that only two out of...

Based on literary sources and following Marshall Berman and Benedict Anderson's theory, this article outlines some key tendencies of English society prior to World War I. Economic modernization and political imperialism emerged while the cultural avant garde (i.e., modernism) was pushed into the...