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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,
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 the
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 the
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. In
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 domestic
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 laws
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, complicate
Peer Monitoring and Credit Markets
A major problem for institutional lenders is ensuring that borrowers exercise prudence in the use of the funds so that the likelihood of repayment is enhanced. One partial solution is peer