Money has always been something of an embarrassment to economic theory. Everyone agrees that it is important; indeed, much of macroeconomic policy discussion makes no sense without reference to money. Yet, for the most part, theory fails to provide a good account for it. Indeed in the...

Using only information based on currently-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies,but sharing a common dynamic preference ordering. The correct...

It is well known that no equivalent of the German Betriebswirtschaftslehre (Business Economics) developed in Britain. British economists were relatively uninterested in the internal workings of organisations, and thus did not provide the same theoretical underpinnings to the early development of...

Economics was slow to emerge as a distinct academic and professional discipline in the United Kingdom. In the years around 1900, some British universities began to offer degrees in commerce, including accounting. These degrees were influenced by the contemporary emergence of business economics...