Economists have moved away from thinking of development in terms of growth of per capita GNP. The most influential alternative conception of development - due to Amartya Sen - involves judging the quality of life in terms of capabilities and viewing development as a 'capability expansion'. This...

Using a simple principal-agent model this article examines the incentive problems that arise when a formal financial institution (such as a rural bank) utilises a member of the rural community to act as an agent in screening potential borrowers and collecting repayment. Optimal compensation...

The current debate regarding the robustness of estimates of export demand and supply elasticities for NIEs is examined by modelling manufactured exports from Korea. The results suggest that normalisation of the export demand function for price rather than quantity is an important issue in...