A number of advances in the analysis of durability have appeared recently. There remain, however, some areas of misperception and inaccuracy with regard to the implications of durability. The purpose of this paper is to clarify two related issues. The first is the issue of which is most...

How does ownership of units of home capital affect time use? What are the determinants of ownership of home capital? The objective of this paper is to inquire into the nature of these relationships.

The existence of a stable relation between the demand for real cash balances and some few variables relating it to real economic activity is one of the cornerstones of the monetarist approach. Such a relation permits us not only to analyze the impact of monetary change on economic activity but,...

Within the vertical integration literature, it is a long standing proposition that the market level price of a downstream product is invariant with respect to the vertical integration and subsequent monopolization of that downstream industry by a lone input monopolist, given that the downstream...

The main aims of this paper include a revision of the essentials of the monetary approach to the balance of payments by constructing a monetary model, an extension of the model to explain the importation of inflation in an open economy and an application of the formulated model to the two small...

Recently, theoretical economics has recognized something which the business person has known for a long time, that is “the world of single product firms with U‐shaped average cost curves is simply not the world of reality.” Key to this newly emerging multiproduct framework is the concept...

Recent years have been marked by an extensive empirical testing of profit, cost, expenditure, and demand equations based on duality theory and the development of specific functional forms as approximations compatible with any neoclassical production or utility function. In estimating systems of...

The past two decades of economic activity in the U.S. have been characterized by both high inflation and interest rates in comparison to previous periods of stability. The importance of these two variables to our economic welfare and to the effectiveness of economic policy have led to renewed...