Instability in the export proceeds of developing countries has been discussed and lamented for many years in the general literature on economic development. It is relatively recently, however, that detailed empirical research has been undertaken to illuminate the causes and effects of export...

Growing dissatisfaction with the record of discretionary monetary policy in the United States in the past decade has led to interest in alternative monetary arrangements to restore price level and real output stability, and to allow the economy to grow to its potential, unfettered by macro...

Many texts display circular indifference curves. The rationale for such curves typically requires that goods become bads — that is, their marginal utilities become negative — over some range (e.g., Baumol [1], p. 199). In this note we develop what seems to be a far more general and...

“Velocity of money is a ‘purely statistical concept’ of no causal significance, which varies automatically with changes in the quantity of money in relation to total expenditure,” as concluded in the late 1950s by the well‐known Radcliffe Committee in Great Britain (Kaldor, p. 19)....

There are currently two identical bills pending in Congress (House Resolution 4730 and Senate Bill 2148) which this research will examine. Title I of these bills would establish a reforestation and conservation program entitled the Conservation Reserve Program. The Secretary of Agriculture would...

In the conventional positive neoclassical economics, the underlying behavioral assumptions concerning government activity clearly contrast with those usually admitted for other economic agents. While the latter are assumed to seek their own private interest, although accomplishing in that way a...

When E. F. Schumacher first wrote Small Is Beautiful: Economics as if People Mattered, the initial reaction was mixed. For the first year or so, the book sold slowly. Then in 1974, the sales exploded. In a very short time, E. F. Schumacher became widely acclaimed as his book sold more than a...