HE MOST comprehensive indicator of economic performance in the nation in a given year is gross national product (CNP). Changes in CNP reflect both changes in prices and changes in the physical volume of output. CNP adjusted for price level changes is generally accepted as a reliable indicator of growth in the nation’s total production and is used by economic analysts to indicate whether the eco...

The assumptions of declining fertility with rising income and rising per-capita output with rising population imply the existence of a stable demographic equilibrium with a high standard of living and relatively low total population. This Smithian equilibrium differs from the well-known Malthusian equilibrium in its comparative statics: technical progress lowers the Smithian equilibrium populat...

A STRIKING change in empirical macroeconomics in the 1980s has been the development of an alternative way to think about aggregate trends and cycles. Traditionally, aggregate series such as gross national product have been modeled as stationary processes about a deterministic trend. All aggregate fluctuations were thus short-run phenomena with no bearing on the long-run behavior of the economy....

HE MOST comprehensive indicator of economic performance in the nation in a given year is gross national product (CNP). Changes in CNP reflect both changes in prices and changes in the physical volume of output. CNP adjusted for price level changes is generally accepted as a reliable indicator of growth in the nation’s total production and is used by economic analysts to indicate whether the eco...

The relationship among payment style of subsidies, economic growth and poverty is a matter of challenge among economists and policy makers. Neoliberal Institutional Structure in framework of what is called “Washington Consensus” and “structural adjustment policies and economic stabilization” argues on economic advantages of removing food general subsidies so necessity of replacing a most libera...

In a genetic-historical view of the fundamental revolution in outlook which represents the real beginning of modem natural science was the discovery that the inert objects of nature are not like men, i.e., subject to persuasion, exhortation, coercion, deception, etc., but are “inexorable.” The position which we have to combat seems to rest upon an inference, characteristically drawn by the “bes...

This paper is an empirical analysis of the likelihood of failure of inflation stabilization programs. Logit models are estimated on a dataset of 39 programs implemented in 10 countries since the late 1950s, in order to determine which economic and political variables affect the probability of failure of stabilizations. Besides the well-known effects of real exchange rate appreciation, decreasin...

Alan Auerbach has given us a valuable paper loaded with new empirical research on the macroeconomics of fiscal policy. I agree with his basic conclusion that there is “little evidence that (the effects of discretionary fiscal policy) have provided a significant contribution to economic stabilization, if, in fact, they have worked in the right direction at all.” I, therefore, concur with his sup...