Abstract In this article, we examine the methodological writings of James M. Buchanan and relate them to those moral philosopher, Martin Buber. We analyze Buchanan’s views, both explicit implicit in his writings, on morality exchange relationship between individuals. imagine a hypothetical meeting Buber conclude that would have agreed with Buber’s dialogical philosophy human interaction as foun...

The paper investigates the role of real exchange rate misalignment on long-run growth for a set of ninety countries using time series data from 1980 to 2004. We first estimate a panel data model (using fixed and random effects) for the real exchange rate, with different model specification, in order to produce estimates of the equilibrium real exchange rate and this is then used to construct ou...

We consider mechanisms that provide traders the opportunity to exchange commodity i for commodity j, for certain ordered pairs ij. Given any connected graph G of opportunities, we show that there is a unique mechanism MG that satisfies some natural conditions of “fairness” and “convenience”. Let M(m) denote the class of mechanisms MG obtained by varying G on the commodity set {1, . . . , m}. We...

We consider abstract exchange mechanisms wherein individuals submit “diversified” offers in m commodities, which are then redistributed to them. Our first result is that if the mechanism satisfies certain natural conditions embodying “fairness”and “convenience”then it admits unique prices, in the sense of consistent exchange-rates across commodity pairs ij that equalize the valuation of offers ...

A large literature in exchange rate economics has investigated the forecasting performance of empirical exchange rate models using conventional point forecast accuracy criteria. However, in the context of managing exchange rate risk, interest centers on more than just point forecasts. This paper provides a formal evaluation of recent exchange rate models based on the term structure of forward e...

Abstract T he relationship between public sector deficits and inflation is one of the important and controversial issues in the academic literature as well as in economic policy field. On the other hand, a major objective of macroeconomic policies is to foster economic growth and to keep inflation on a low level. So keeping the price stability plays an important role in de...

We develop a classification scheme of systems of exchange using concepts from network analysis, economics, and cultural sociology. This classification illustrates that the “free market” is but one possible type of economy and that other types are not best understood as imperfections. This classification helps to distinguish analytically among qualitatively different types of exchange arrangemen...