This paper investigates the roles played by a macro-focused union in the stabilization of the employment level and wages during periods of demand shocks. A macro focused union sets the wage at the level which maximizes employment and provides union benefits to union members to counter free...

This paper attempts to test whether there is econometric evidence in support of the efficiency wage theory in Singapore's manufacturing sector. Two of the possible ways to account for efficiency wages are to show that higher wages have resulted in reduced shirking by workers, and to show that...

Dr Goh Keng Swee has been credited as being the social and economic architect of Singapore. In his 25 years of government service, he served in a wide range of ministerial appointments, including Deputy Prime Minister, Minister of Finance, Minister of Defence and Minister of Education. This...

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...

We consider the relationship between the length of life of individuals and the assets they own and their influence on trustless trade. In particular in some structures a role for government or an outside bank may be called for to support an equilibrium. An example of an OLG model with production...

In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and decentralized social learning. It predicts that social sequential experiments with efficient as well as inefficient network patterns of...

Classical trade theory is based on exogenous comparative advantage. The existence of equilibrium is derived under the assumption that the output sets are (weakly) convex. In general, however, in the presence of transaction costs or in the case of production techniques with increasing returns to...