This essay attempts to quantify and explain the economic performance of Australia from the first European settlement to the present, and beyond. A general dynamic theory – the ‘dynamic-strategy’ theory – has been employed to provide a new interpretation of ‘dynamics Downunder’. It is...

The currently fashionable theory of self-organisation has its origins in statistical physics. Many believe that the underlying physics model, which is based on inanimate systems, can be employed to explain and predict the emergence of social structures, even of history itself. Some are even...

Once again the economic experts are telling us that the current (October 2008) financial “crisis” will lead to a deep recession or depression. The financial press is even claiming that we are headed for “global meltdown”. Heard it all before? The last time was in 1998 when we were told...

The limited material evidence relating to Neanderthal culture has enabled scholars to give free rein to their imaginations in reconstructing the mind and society of this extinct branch of Homo. Despite their remarkable success, the Neanderthals are often characterised as being incapable of...

Macroeconometric models have proven to be a useful tool in analyzing the economy-wide or sector-specific effects of policy measures. Simulations using these models have enabled planners and policymakers to trace through the effects of proposed policy changes or external shocks as well as...

Cross-sector labor reallocation is associated with costs at the micro level ranging from the costs of geographical relocation and skill change/adaptation to unemployment. We show that monotonous reallocation paths minimize the aggregate reallocation costs in the three-sector framework (relating...

We introduce fertility choice into an R&D-based semi-endogenous growth model so that the economy's long-run growth rate is again fully endogenously determined. The ultimate growth engine is located in the population equation of the model ("people reproduce in proportion to their number"), and...

Macroeconometric models have proven to be a useful tool in analyzing the economy-wide or sector-specific effects of policy measures. Simulations using these models have enabled planners and policymakers to trace through the effects of proposed policy changes or external shocks as well as...

Introducing fertility choice into an R&D-based semi-endogenous growth model makes it possible for the economy's long-run growth rate to be again fully endogenously determined. A positive growth rate along the balanced growth path requires a certain knife-edge assumption, though. In the usual...

This paper investigates two important relationships in Latin American Eurobond markets: the determinants of credit spread changes using structural model and macroeconomic determinants and the underlying equilibrium dynamics when there is a default episode. We find four significant determinants...