Describing the nature of the trade-off between inflation and output or unemployment has long been difficult and controversial. The Friedman-Phelps hypothesis, that there is no long-run Phillips curve trade-off between inflation and unemployment, has clearly won over most macro-. economists, but the debate has continued over what, if any, trade-off remains. The subtle notion that an uncertain sh...

Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price system. However, the price theory which Schumpeter proposes for economic development is only partial...

AVERAGE INCOMES in the world's richest countries are more than ten times as high as in the world's poorest countries. It is apparent to anyone who travels the world that these large differences in income lead to large differences in the quality of life. Less apparent are the reasons for these differences. What is it about the United States, Japan, and Germany that makes these countries so much ...

Increase in the share of youth population due to demographic ‘dividend’ or the ‘youth bulge’ seems to be one of the sources of future economic growth in India. Although with increase in school and college enrolment rates, the proportion of youth in the labour force has been declining, their high proportions in the labour force indicate that the problem of youth unemployment and underemployment ...

The current constraints on the university sector brought about by competing pressures being placed respectively by governments, through financial restrictions and reductions or flat-lining of support funding, by the belief that the sector may act as a vehicle for economic growth, the expectation from industry to deliver relevant research with limited investment in the sector; and the demand fro...

Kabul, the capital and largest city in Afghanistan has been experiencing a massive population expansion and fast economic development in last decade, in which urban land has increasingly expanded and formed a high informal development territory in the city. This paper investigates the urban land development direction based on the integrated urbanization trends in Kabul city since the last and t...

In the light of challenges associated with sustainable development in the developing world, the mining industry, as is the case with other industries, has been compelled to relook issues pertinent to sustainable development and the role it can play in it. This arises due to various reasons, including but not limited to globalisation and heightened stakeholder awareness and expectations. The out...

The task of this paper is to explore the interplay between fashion, consumer lifestyles and economic growth in the context of a world of technological change in which the menu of possibilities that consumers face is constantly changing and tending to increase in length. Our working definition of ‘fashion’ is simple, namely the tendency or behavioral norm of actors to adopt certain types or styl...

Total factor productivity—a measure of the efficiency with which labor and capital are used—has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, such productivity has risen strongly over the past two years. These growth-accounting measures suggest that efficiency gains have continued during the recession, boding well for long-term economic g...

ONE EAST ASIAN country after another has taken off from a stagnant state to achieve an annual economic growth rate of 10 percent or more. The fact that such high economic growth rates are being sustained, along with observation based on growth convergence regressions that prior economic and social conditions do not seem to have warranted such rapid growth, has led many to call the East Asian gr...