Si no hay de todo, para todos, gratis; si más es mejor que menos; y si con los recursos productivos se puede hacer más de una cosa, entonces la eficiencia es importantísima. ¿Por qué, entonces, observamos tanta ineficiencia en la realidad? Respuestas posibles: porque los economistas estamos...

This working paper deals with the claim that the decline of multilateralism is but a logical outcome of the present distribution of international power. In a first part, it analyses a double causal claim, namely that the distribution of international power (unipolarity) determines the nature of...

Most analyses of the U.S. Great Moderation have been based on VAR methods, and have consistently pointed toward good luck as the main explanation for the greater macroeconomic stability of recent years. Using data generated by a New-Keynesian model in which the only source of change is the move...

This paper studies the consequences of certain widespread policies for the quality and sustainability of growth. These policies cause economic inefficiency, environmental destruction and increased poverty. The paper develops a political economy model to show why the existence of such policies is...

We propose a new microeconomic explanation for the divergent experiences of economies in forming human capital. We suggest that the positive effect of a longer life expectancy on human capital formation arises from two separate effects: a life expectancy effect and a prolonged intergenerational...

Foreign direct investment (FDI) has grown far more rapidly than trade during the last two decades. As with the other prominent features of globalisation, FDI is controversial. The impact of FDI on labour markets has been of growing concern, particularly, for source countries. The deterioration...