This paper presents an open economy model with tradeable and nontradeable sectors in which households cannot supply labour in both sectors at the same time. In this economy, the Frisch elasticity of labour supply is infinite. I analyse how the infinite labour supply elasticity interacts with the...

The purpose of this paper is to analyze the impact of the adoption of the Euro on trade within the Euro-zone, in particular on how it specifically affects the Iberian Peninsula, more specifically the country of Portugal. The literature on monetary unions has argued that there are benefits and...

This contribution to the Festschrift in memoriam of Karl Brandt and Alfred E. Ott establishes the axiomatic unity of circuit, money, price and distribution theory. From the history of economic methodology and from actual practice follows: one cannot not axiomatize. The crucial question is not...

The concept of resilience has attracted increasing interest in regional economics. In the flourishing literature, however, results are far from being conclusive, even when referring to the same case study. Undoubtedly, this mixed evidence potentially stems also from different operationalization...

A unique dataset of social and economic networks collected in 60 rural Gambian villages is used to study the ways in which households with links outside the village (that are considered as a proxy for market connections) behave in the locally available exchange networks for land, labor, input...

Many carriers, such as airlines and ocean carriers, collaborate through the formation of alliances. The detailed alliance design is clearly important for both the stability of the alliance and profitability of the alliance members. This work is motivated by a real-life liner shipping "resource...

The paper analyses the dynamic interaction between the public sector expenditure and national income in India for the period 1960-61 to 1996-97. It finds a stable long-run relationship between public sector expenditure and national income in India, with the causality running strictly from the...

Productive utilization of youth is of critical importance for variety of reasons. Youth being the new entrants in the labour force offer an opportunity as well as a venue to elevate the employment structure to achieve higher levels of productivity. A prolonged spell of youth unemployment results...

This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...

Recent political transformations in Arab countries suggest that solutions have to be found for the problem of lacking economic prospects and particularly of high youth unemployment. Such solutions have to consist of economic growth that unfolds widespread employment effects. A tourism policy...