We show that the character and the morality of citizens are important ingredients of economic growth because they go hand in hand with the great institutions of private property, democ-racy, and free markets. Our approach enables us to establish this result by reference to the structure and...

Our objective in this paper is threefold. First, to identify the major common shocks that hit these countries upon entry into the EMU. Second, taking Greece as our case study, to construct a simple macroeconomic model of the policies Greek governments pursued in the presence of these shocks, and...

The European Union (EU) failed repeatedly to hold Greece accountable for violations of the Treaties it signed over the past five decades. In particular, the EU not only did not express reservations in the face of these violations, but on two crucial occasions, in 1979 and again in 2000, it even...

The real estate bubble which burst in 2008 in the USA was not exclusively the result of “animal spirits”, “crowed madness” or “irrational exuberance”. It resulted primarily because of the specific policies that the government, the Federal Reserve Board, and the regulators pursued....

The economic and social progress Greece achieved in the early post war decades decelerated after 1974 because all institutions sustaining the effi-cient operation of democracy and free markets were deliberately and gravely eroded. Under the impetus of hard core socialists provisions introduced...

Our objective here is to establish the proposition that creative entrepreneurship gives rise to a market order which is optimally adjusted to facilitate the introduction and the diffusion of innovations, particularly those that take the form of new markets, new organizational schemes, new...

The received theory of aggregation has been erected on certain fundamental hypotheses. One of them is that producer durables deteriorate exponentially, which implies that their replace-ment is proportional to the corresponding capital stocks. However the proportionality hypothesis conflicts with...

This paper investigates the effects of uncertainty emanating from technological im-provements on the optimal lifetime of assets. In does so in a dynamic model in which: a) technological change increases continuously the productivity of producers’ durables, b) po-tential competition induces...

This paper analyzes and compares two alternative policies of determining the service life and replacement demand for vintage equipment under embodied technological change. The policies are the infinite-horizon replacement and the transitory replacement ending with scrapping. The corresponding...

In countries with relatively small firms, entrepreneurial morality is determined by the influences that shape the values, the personality and the character of entrepreneurs as owners and managers of their enterprises. To shed some light on the processes involved we estimate an ordered probit...