This paper presents a critique of the commonly-cited post-Keynesian "demand for credit" model, which tests the hypothesis that bank lending to business is driven by the working capital needs of firms, and which has appeared to support the contention that the money supply is endogenously...

The evolution of income distribution is studied in a dynamic model of education choice. In this model, both public and private education are available. Public education is financed using a tax rate determined by majority voting. The analysis focuses on neoclassical growth in order to ensure...

Like many countries keen to maintain a rapid pace of development, China has undertaken an ambitious programme of development of its telecommunications infrastructure. Unlike most it has chosen to do while keeping the sector free from foreign direct investment except in well defined roles such as...

Many service industries, including the medical and legal professions in some countries, display a gated structure. Rather than approaching a final producer directly, a consumer will first seek a referral from an intermediary. In this paper, we provide one possible explanation for such an...

This paper studies optimal managerial contracts applying both complete and incomplete contracting approaches. In a complete contracting environment where contracts can be based on earnings, an optimal contract is interpreted as a combination of base salary, golden parachute and bonus. When...

Natural resources are essential for production and consumption, maintenance of life-support systems, as well as having intrinsic value in existence for intergenerational and other reasons. It can be argued that natural capital should be treated in a similar manner to man-made capital in...