A ban on pricing below cost was implemented under the 1987 Groceries Order based on the premise that loss leading used in multi-product retail pricing distorts competition and exploits consumers in the short run, while driving a more concentrated structure and reducing welfare in the long run. Loss leading is examined for multi-product retailers selling in imperfectly competitive market niches ...

This paper examines several policy regimes to deal with the problem that households suffer from environmental damage by firms in the same region. Taxation gives firms and households an incentive to stay away from each other. Laissez faire (compensation) only gives households (firms) an incentive to stay away from firms (households). We employ an evolutionary framework to analyze migration movem...

We use a stochastic frontier approach to study the effects of political and regulatory institutions on aggregate productivity in 39 countries from 1975 to 1990. We show that technical efficiency is positively related to policies supporting laissez-faire and political structures that promote policy stability. Moreover, models of technical efficiency incorporating both measures perform better tha...

We characterize optimal redistributive taxation when individuals are heterogeneous in their skills and their values of non-market activities. Search-matching frictions on the labor markets create unemployment. Wages, labor demand and participation are endogenous. Average tax rates are increasing at the optimum. This shifts wages below their laissez faire value and distorts labor demand upwards....

Salim Rashid (1990) purports to have established some facts about Adam Smith's scholarship, significant among which are (a) Smith's plagiarism, (b) the poor quality of Smith's arguments or ideas compared with those of his predecessors or contemporaries, and (c) Smith's inconsistent arguments regarding laissez faire. Alas, Rashid's case is faulty, as well as often misleading and vexatious. This ...

Abstract The Indian construction industry is the second-largest job-providing sector in country, which comprises many investments. According to International Labour Organization (ILO) report, India a significant contributor site accidents and fatalities among world nations. poor Safety Leadership (SL) style diminished leader’s commitment quality safety outcomes have caused misfortunes sites. Th...