This paper articulates and applies frameworks for examining whether consumption is excessive. We consider two criteria for the possible excessiveness (or insufficiency) of current consumption. One is an intertemporal utility-maximization criterion: actual current consumption is deemed excessive...

This paper addresses the nature of competition in an industry in which firms experience learning-by-doing. It identifies conditions under which competition leads to an emergence of monopoly and conditi ons under which competition persists. Certain distinguished industria l and trade policies are...