Many economists dismiss the role of positive supply shocks as a cause of Japan’s deflation. Indeed, they sometimes attribute the long delay in Japan’s recovery to the mistaken view that Japan’s deflation reflects an acceleration of technological progress. Whatever the current situation in...

Many economists dismiss the role of positive supply shocks as a cause of Japan’s deflation. Indeed, they sometimes attribute the long delay in Japan’s recovery to the mistaken view that Japan’s deflation reflects an acceleration of technological progress. Whatever the current situation in...

This paper has two themes. First, diversity of relevant attributes driving the dynamics of socioeconomic systems, including industrial systems' is often needed to increase their likelihood of transiting to a superior state. However systems left to their own devices do not always evolve to states...

Economic development requires the use of natural resources. Increasing population makes increasing demand on such resources thereby leading to the degradation of the environment. Excessive use of resources can lead to a situation where declining supply can no longer satisfy the demand. Hence,...

Chang seems to suggest that developing closer relations between Transaction Cost Economics (TCE) and the Resource-Based View (RBV) is not yet needed. However, we are unmoved in our belief that this development is compelling and remain committed to our approach to pluralism. We disagree with...

In the last few years, transaction cost economics has become a popular theory within the construction research community. This approach has been singularly applied as a means to explain and predict phenomena concerning the construction firm, including its vertical boundaries. However, this is at...

In an earlier note, Collins and Tisdell (2002b) explored the possibility of a long-run relationship between Australian business returns and international business travel. Using annual data they found that such a relationship exists. The purpose of this study is to further examine this...

This paper highlights the special nature of Schumpeter's distinction between statics and dynamics suggesting that the latter is closely connected by Schumpeter with uncertainty and the central role of innovation in economic development under capitalism. I discuss the relationship between...

Chang seems to suggest that developing closer relations between Transaction Cost Economics (TCE) and the Resource-Based View (RBV) is not yet needed. However, we are unmoved in our belief that this development is compelling and remain committed to our approach to pluralism. We disagree with...

In the last few years, transaction cost economics has become a popular theory within the construction research community. This approach has been singularly applied as a means to explain and predict phenomena concerning the construction firm, including its vertical boundaries. However, this is at...