Singapore has been able to achieve full employment, and her actual rate of unemployment is often quite close to her natural unemployment rate (Groenewold and Tang, 2004). The island country has been able to achieve this because her wage costs are fully flexible. During periods of growth, the...

Where there are alternative roads to the same destination, competition between profit maximizing road operators is possible. Tolls on such roads could perform two welfare enhancing functions; discouraging excessive driving and allocating drivers between roads. The second of these functions will...

In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater details. We discover that, technical innovation carried out by a monopolist could...