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Credit Rationing in Markets with Imperfect Information
According to basic economics, if demand exceeds supply, prices will rise, thus decreasing demand or increasing supply until demand and supply are in equilibrium; thus if prices do their job,Expand
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Monopolistic competition and optimum product diversity
Pettengill tests whether there is an excessive number of firms in a monopolistically competitive equilibrium by a device of considerable expository merit. He removes one firm, and redistributes theExpand
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The Great Transformation: The Political and Economic Origins of Our Time
But the fount and matrix of the system was the self-regulating market. It was this innovation which gave rise to a specific civilization. The gold standard was merely an attempt to extend theExpand
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Equilibrium Unemployment as a Worker Discipline Device
Involuntary unemployment appears to be a persistent feature of many modern labor markets. The presence of such unemployment raises the question of why wages do not fall to clear labor markets. InExpand
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Report by the commission on the measurement of economic performance and social progress
As GDP is a measure of market capacity and not economic well-being, this report has been commissioned to more accurately understand the social progress indicators of any given state. Gross domesticExpand
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Globalization and Its Discontents
The promise of global institutions broken promises freedom to choose? the East Asia crisis - how IMF policies brought the world to the verge of a global meltdown who lost Russia? unfair trade lawsExpand
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The design of tax structure: Direct versus indirect taxation
The recent literature on optimal taxation may be seen as attempting to clarify the structure of the arguments advanced to support changes in the tax system, tracing the implications of taxes andExpand
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Increasing risk: I. A definition
This paper attempts to answer the question: When is a random variable Y “more variable” than another random variable X?
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Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
Economic theorists traditionally banish discussions of information to footnotes. Serious consideration of costs of communication, imperfect knowledge, and the like would, it is believed, complicateExpand
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Making Globalization Work
From Nobel Prize winner Joseph Stiglitz, "Making Globalization Work" gives real, concrete ways to deal with third world debt, make trade fair and tackle global warming. In "Globalization and itsExpand
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