This article reexamines the problem of labor exploitation in advanced capitalist economies, especially the United States. The article specifies the concept of labor exploitation by using both the Marxian and marginalist notions and measures. The implicit neoclassical presumption of no or little labor exploitation in a capitalist economy is rejected by the results. The alternative heterodox argu...

Benhabib and Rustichini [Optimal taxes without commitment, J. Econ. Theory 77 (1997) 231–259] study the properties of optimal capital taxes in economies without commitment and no government debt. They find that capital taxes may be different from zero at steady state. This note shows that, once governments have the possibility of issuing debt and smoothing taxes over time, optimal steady state ...

This paper examines convergence of real GDP per capita in the selected East Asian countries and this relationship with selected Middle East countries during the period 1950-2009. The reason behind this refers to the fact that East Asia countries (including China, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Japan and South Korea) have been involved in achieving success arising from regi...

In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual’s preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same fram...

For the case of smooth concave exchange economies, we provide a characterization of the inner core as the set of feasible allocations such that no coalition can improve on it, even if coalitions are allowed to use some random plans. For the case of compactly generated games, we discuss Myerson’s definition of the inner core, and we characterize it using lexicographic utility weight systems.  2...

I show that the “consumption variation” approach, commonly used in infinitely lived agent models to measure the welfare impact of a policy, is not accurate in overlapping generations environments. While in an infinitely lived agent environment the consumption variation can be shown to be equivalent to a measure based on the Hicks compensation principle, this is not true in overlapping generatio...

We show that for generic economies, every equilibrium admits Pareto improving monetary policy, even with multiple commodities per state. The main assumption is that asset incompleteness be intermediate, in that household heterogeneity does not exceed the number of assets present and absent. We argue this as a special case of the general framework in Turner (2003b) for proving the generic existe...

We use a stock-market game and predictions of examination marks to examine differences between overconfidence and biased self-attribution (BSA) of British and Asian students. Although different overconfidence measures show little correlation, Asians are consistently more overconfident than the British. All are equally prone to BSA. © 2007 Elsevier Inc. All rights reserved. JEL classification: G...

The High Performing Asian Economies have been the fastest growing economies anywhere, anytime. This phenomenal growth experience has stimulated extensive research on its determinants. What is less known however, is dynamics of the distribution of income. This paper considers a statistical model to describe convergence of cross-country incomes across the High Performing Asian Economies. The empi...

The seminal contribution of Debreu-Scarf [4] connects the two concepts of core and competitive equilibrium in exchange economies. In effect, their core-equilibrium equivalence result states that, when the set of economic agents is replicated, the set of core allocations of the replica economy shrinks to the set of competitive allocations. Florenzano [6] defines the fuzzy core as the set of allo...