After 1984 the New Zealand economy underwent a radical transformation, moving from, arguably, the most regulated economy in the western world to the world’s freest market economy (Passow, 1992). One aspect of this economic ...

Increases in national income are usually treated as economic growth. If large enough to produce increases in per capita income, they are generally considered as welfare enhancing. Yet, at the same time, these increases in ...

This paper presents a model of inflation that is generated by an excess supply of credit-money without any money base impulse from government. Instead, inflation turns out to depend on just three variables: the marginal ...