An objective of this paper is to analyze the economic performance of committees; in particular, the optimal degree of consensus to be required for committee’s decision making (concerning acceptance or rejection of projects), and the optimal size of committee. Our focus is on two basic...

This chapter presents an analysis of pricing (and taxation) of agricultural and industrial goods in LDCs. We identify and explain the central tradeoffs involved in changing prices, in reforming prices, and in setting optimal prices. Our analysis is based on a general equilibrium model of a dual...

We present some new ways of looking at economic systems. The aspect of human behavior which we emphasize is that individuals' judgments entail errors (they sometimes reject good projects and accept bad projects). The aspect of an economic system on which we focus is its architecture; that is, how...

An objective of this paper is to analyze the economic performance of committees; in particular, the optimal degree of consensus to be required for committee’s decision making (concerning acceptance or rejection of projects), and the optimal size of committee. Our focus is two basic trade-offs...

The supply behavior of labor often depends on the demand conditions prevailing in the labor market. If demand is inadequate, households may send additional household members, who otherwise would not have worked, to look for work, for fear the main income earner may lose his job. The authors...