The theory of inferential expectations states that “economic agents hold beliefs that are subject to falsification by new information, in much the same way that they are in conventional statistical hypothesis testing.” We outline the role expectations play in current monetary economic theory by ∗Corresponding author. Contact details: Crawford School of Economics and Government, Australian Natio...

Economics and energy aspects of food irradiation were also discussed. Disinfestation of bulk grain, of bagged flour, preservation (radunzation) of packaged beef cuis and salmonella elimination from (radicidation of) poultry with electron accelerators, using electron beams or X-rays, were computed to be economically feasible and competitive. Deiailed analyses of the energy requirements of food p...

A conventional wisdom in economics is that a model dealing frictionless markets with a large number of agents always yields a Walrasian outcome. In this paper we assess the above argument in a dynamic framework by modeling centralized auction markets, and show that in such markets the outcomes are not necessarily Walrasian; the set of stationary equilibria in our model is a continuum which incl...

The concept of Nash equilibriumhas become central to the theory and practice of economics. In these remarks I would like to reflect a bit on why this has come to happen. Interestingly enough the founding treatise of the theory of games (The Theory of Games and Economic Behaviour, published in 1944 and authored by a mathematician J. von Neumann and an economist O. Morgernstern) had, for practica...

Economic development is now increasingly rapid along with the times, there are many records that say Islamic economy existed long before conventional emerged. Based on content in verses of Qur'an, especially about stories Prophets and Apostles, it can be seen economic practices have since time Prophet Adam. While thought itself began revelation Qur'an lifetime at end 6th century AD to beginning...

To date, little research has documented the international diffusion of financial economics. Financial economics was supposedly “introduced” in France 1970s. Some analysts have argued that it is an American author — Leonard J. Savage who allowed French authors to rediscover Louis Bachelier’s work, indicating “a prophet not without honor, save his own country.” The present article challenges this...

Author: Stephen D. Williamson1 Affiliations: Department of Economics, Washington University in St. Louis; Richmond Federal Reserve Bank; St. Louis Federal Reserve Bank Correspondence: Department of Economics, Washington University in St. Louis, Campus Box 1208, St. Louis, MO 63130; [email protected]; Phone 314-935-9283; Fax 314-935-4156 Abstract:A segmented markets model is constructed ...

The digitalization of the Islamic economy can penetrate various aspects economy, both microeconomics and macroeconomics. Right now, role digital is extraordinary; almost all economies use information communication technology or digitization, in packaging products marketing products, making it easier faster distribution used to make economic growth without limits with support technology. Informa...