In a recent article in "Challenge" magazine, Andrew Farrant and Edward McPhail argue that the central message of F. A. Hayek's "The Road to Serfdom" is that any attempt to create a welfare state must lead inevitably to totalitarianism. I argue in my paper that this was not the central argument;...

This paper mainly focuses on finding optimal strategies for the development of microfinance in Korea and on predicting the impact of microfinance in the future.First, this paper reviews and assesses the impact of microfinance in Korea. I suggested that recent phenomena of income polarization and...

Much controversy exists over whether F. A. Hayek posited an inevitability thesis – interventionist policy would supposedly mutate into full-blown command planning – in The Road to Serfdom. This paper argues that much of the confusion over Hayek’s alleged inevitability thesis is generated...

This paper provides a bargaining aspect into the analysis of intellectual property protection across borders. We investigate the conditions under which a mutually accepted level of intellectual property enforcement can be agreed upon between two negotiating governments. We also explore the...

The Tiebout competition model is often criticized for its unrealistic assumptions. We develop an imperfect Tiebout competition model in which households have no information about other jurisdictions (moving decisions are blind), and local jurisdictions operate as revenue-maximizing Leviathans....

The choice of Microfinance (MF) by the Millennium Development Goals (MDG) as the primary means of poverty alleviation should have brought clarity to the role and functioning of MF, but instead it seems to have generated a fog. It is desirable to take a fresh look and start from first principles...

Developing economies share both microeconomic and macroeconomic characteristics which are often unique relative to their more developed counterparts. Indeed, many authors (e.g. Parente and Prescott 2000) have emphasized the role of institutional frictions within developing nations as a major...

The purpose of this dissertation is to describe and test competing hypotheses regarding Korean industrialization. Has Korea followed the neoclassical path of static comparative advantage or did Korea anticipate comparative advantage? We will attempt to answer this question through three essays.

The purpose of this Thesis is to extend the recent literature on economic growth and to provide some elements for an integrated approach to the analysis of growth and fluctuations.

The objectives of this dissertation is to provide a theory of innovation and technological change incorporating the following aspects; (i) the impact of the existence of substitutes and complements on the innovation incentives in presence of technological externalities, in a Cournot Nash game...