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It is noted that Heckscher-Ohlin general-equilibrium theory isbased on three little discussed assumptions (representative agents, costlessreallocation of productive factors, and the existence of autarkicequilibria) and it is argued that the theory is highly sensitive tothe relaxation of any one...
Recent happiness studies show that income explains only 2% of thevariance in happiness. Quality-of-life indicators also correlate lesswith income but more with advances in knowledge at the worldlevel. Individuals and nations still engage in the rat race for higherincomes due to the competition...
This paper examines the monetary approach to the balance of paymentsin Barbados, a small open economy with a fixed exchange ratesystem. We use an error correction mechanism (ECM) approach whichshows that the monetary approach applies to Barbados. Such an ECMapproach has not been previously...
A haze from forest fires in Indonesia affected not only that country,but also most of Malaysia, Singapore and Southern Thailand, for threemonths in 1997. Studies estimating the cost of the haze to theaffected economies have since appeared. This note shows that"typical" empirical estimates of...
This paper provides an overview of the venture capital industry andits development in Asia and Singapore. Venture capital plays animportant role in innovation and economic growth. Indeed, theresurgence of the United States as a technology leader is intimatelylinked to the success of Silicon...
This paper intends to show that increasing a non-preferential importquota is always superior to joining a customs union, assumingthat the customs union is small. However, increasing a non-preferentialinput quota is not necessarily superior to joining a customs union ifthe customs union is large...
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