Fluctuations in GDP are more synchronized internationally than ßuctuations in Consumption, and they remain so even between Þnancially integrated economies, where the ranking should in theory be the reverse. This paper shows that consumption patterns are more correlated between Þnancially integrated economies. Thus the quantity puzzle must arise from the tendency of Þnancially integrated economi...

We construct experimental economies for the purpose of studying market equilibration. The economies are the most complex laboratory economies studied to date and are “international” in economic structure. The economies have twenty-one markets and due to the fact that they have on the order of 50 agents, the economies are characterized by several hundred equations. In spite of the complexity and...

For many years the economies of South East Asia were regarded as models for economic development. The four tigers, Hong Kong, South Korea, Singapore and Taiwan, grew from low levels of income per head to among the highest in the world in a few decades. The newly industrializing economies of Indonesia, Malaysia and Thailand had also started to grow at an extremely rapid rate. The Philippines had...

Economies of Scale in European Manufacturing Revisited* We test for internal and external economies of scale in European manufacturing, employing a more disaggregated data set than has been used in earlier analyses. We aim to separate externalities from common business cycle effects. Fifteen European manufacturing industries in France, Germany, Italy and the UK are analysed. We focus on economi...

Abstract Many of air cargo companies adapt the hub-and-spokes system where economies of scale exist in the transportation cost. In this paper, we formulate economies of scale using nonlinear cost function of distances and demands, and analyze how the change of the transportation cost affects single hub location of air cargo using the generalized Weber problem on the regular demand points of one...

In the traditional treatment, economies of scale are attributed to a hodgepodge of sources. A typical list might include Adam Smith's famous "division of labour," economies of large machines, the integration of processes, massed reserves, and standardization. The list can be partly systematized because, when considered in detail, these various economies are themselves the result of various othe...