Robert Sugden has advanced various critiques of behavioural welfare economics, offering the notion of opportunity as an alternative. We agree with much of Sugden’s critique but argue that his approach would benefit from a broadening of the informational base beyond opportunities to include...

This paper, in honour of John King, addresses the question raised by him in his A History of Post-Keynesian since 1936, reflected in the title. Initial surveys of post-Keynesian economics defined it in term of the Keynesian, Kaleckian and Sraffian strands. However, subsequently, it has become...

This chapter examines government policy alternatives for protecting the environment. We compare environmentally motivated taxes and various non-tax environmental policy instruments in terms of their efficiency and distributional impacts. Much of the analysis is performed in a second-best setting...

Neoclassical economic theory is often criticized for neglecting some essential elements in models of economic decision making. These criticisms can be categorized into external and internal ones. This paper summarizes a number of incoherence built into the models of neoclassical economic theory....

The International Monetary Fund (IMF) has worked with Sudan since 1997 to implement a managed float exchange rate. The IMF sees exchange rate flexibility as key to safeguard and rebuild foreign exchange reserves and essential to meet the international reserve target in Sudan. However,...

Similar to many sub-Saharan African countries, Sudan has inherited a dual economy in the immediate post-independence era where a large agriculture-based rural traditional sector coexisted with a small non-agricultural modern sector. This functional dualism remained until the first oil shipment...

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...