Published in: D. Salvatore, J. Damijan and M.Svetlicic (editors): Small Countries in a Global Economy. Palgrave/Macmillan, New York, ISBN 0333789849, chapter 4, 2001, p. 133-154. An updated and enlarged version of this paper can be downloaded from Vladimir Benacek’s website under the title: Economics of Alliances and (Dis)Integration: An Alternative Interpretation of Transition Illustrated on C...

Apparent inconsistency in criminal sentencing at District Court level in New Zealand (NZ) might also be expected for health and safety in employment (HSE) offences. We review relevant legislation and the guidelines established in the de Spa appeal case, and estimate a model of HSE sentencing variability distinguishing the de Spa criteria (and a subset similar to those used in the formal U.S. cr...

An exogenous increase in the money supply is typically followed by a temporary fall in nominal interest rates. Flexible price macroeconomic models argue that this liquidity effect arises because asset markets are segmented. That is, only a fraction of the agents are present in the bond market when the central bank conducts an open market operation. However, to be quantitatively successful, segm...

Papaioannou, Theo; Watkins, Andrew; Mugwagwa, Julius and Kale, Dinar (2015). Industry Associations and the Changing Politics of Making Medicines in South Africa. In: Mackintosh, Maureen; Banda, Geoffrey; Tibandebage, Paula and Wamae, Watu eds. Making Medicines in Africa: the Political Economy of Industrializing for Local Health. International Political Economy. Basingstoke: Palgrave Macmillan, ...

Urban production externalities (agglomeration effects) are external effects among producers in areas with a high density of economic activity. Such external effects are the main explanation for why productivity is usually highest in those areas of a country where economic activity is densest. There is some disagreement about the strength of urban production externalities. What is clear however ...

This paper presents the contemporary Fundamental Theorem of Asset Pricing as being equivalent to approaches to pricing that emerged before 1700 in the context of Virtue Ethics. This is done by considering the history of science and mathematics in the thirteenth and seventeenth century. An explanation as to why these approaches to pricing were forgotten between 1700 and 2000 is given, along with...

Complexity and complexity economics are relatively new fields of science, both which started at the beginning 1980s. As it had emerged, questions have been raised regarding complexity’s applicability on human-involved systems its predictive powers. Economics has in spotlight recent years within framework complexity, since is one most well-established social sciences. Within this framework, fiel...

Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we measure, track and describe economic activity. They also can enable novel research designs that allow res...