Incomplete financial markets and differential information

We provide a model of an incomplete markets economy where private restrictions on consumption are interpreted as lack of information. We prove existence of an equilibrium where agents are unable to infer any additional information from prices. When assets are nominal, these non-enlightening equilibrium prices result in a reduction of the degree of real indeterminacy.     

Smith and Living Wages: Arguments in Support of a Mandated Living Wage

Adam Smith was a proponent of living wages for labor for reasons of growth and for reasons of equity. There is ample evidence in the body of Smith's work to support the thesis that Smith would support public policies that might ensure the achievement of a living wage. The argument rests, in part, on the conclusion that Smith had reservations concerning the ability of the economy to experience sufficient growth and the ability of growth, if achieved, to secure living wages. This article argues that, given Smith's views about justice and given Smith's ideas, as part of the Scottish Enlightenment, of how the rules of justice evolve, a living wage law could be one of the general rules of which Smith could approve.     

2003年服装市场:波澜起伏

今年以来,我国服装市场起伏变化比较大,这在近几年来是比较少见的.由于″SARS″的影响,2003年4月份以后,国内各地商业服装的销售都有不同程度的下降,春季和初夏的服装销售影响较大,疫区服装产品的销售影响较大,疫区服装产品的销售下降60%以上,5月初销售达到谷底.随着疫情的消退,服装销售逐步回复.从全国重点大型百货商场服装的销售情况看,受″非典″影响所积压的购买力,在7月份得到进一步释放.为促进在″非典″过后服装销售的复苏,各地商业和企业专卖店也在大力开展一系列的促销活动,力争得到″非典″过后的商机. 　　……     

Desperately seeking capitalism: Solidarity and Polish industrial relations in the 1990s

This article examines the contradictory and complex role played by Solidarity in the transformation of Poland since 1989. The organisational and ideological development of Solidarity is traced from 1980 through to 1994 in an attempt to explain an approach best described as ‘desperately seeking Polish capitalism’.     

Linear exchange economies with a continuum of agents

The purpose of this paper is to study how the equilibrium prices vary with respect to the initial endowments in a linear exchange economy with a continuum of agents. We first state the model and give conditions of an increasing strength for existence, uniqueness and continuity of equilibrium prices. Then, if we restrict ourselves to economies with essentially bounded initial endowments and if we assume that there is, from the point of view of preferences, only a finite number of types of agents, we show that, on an open dense subset of the space of initial endowments, the equilibrium price vector is an infinitely differentiable function of the initial endowments. The proof of this claim is based on a formula allowing to compute the equilibrium price vector around a so-called “regular” endowment where it is known.