The concept of equilibrium: A key theoretical element in Keynes' revolution

This paper presents Keynes' concept of equilibrium, which was one key theoretical element that constituted the theoretical core of the General Theory and was critical in his attack on the classical model. Keynes' concept of equilibrium differed in structure, content, and purpose from that of the neoclassical orthodoxy. There were four unique features of Keynes' equilibrium and these features all reflect his overriding focus on involuntary unemployment. First, Keynes' equilibrium reflected a purposive function that differed in its maximand and normative content from his predecessors. Second, Keynes' equilibrium reflected the fact that the composition of national income determined the level of aggregate demand, which in turn determined of the equilibrium level of national income and employment. Third, his notion of equilibrium was based on use of the ex ante-ex post analysis. Finally, Keynes' equilibrium presented an alternative view of market-clearing.     

Factors Influencing the Early Internationalization of High Technology Start-ups: US and UK Evidence

The paper examines factors influencing the early internationalization of small high technology international start-ups in the US and UK in order to understand why small high technology start-ups are increasingly international in nature at or near inception. The study qualitatively identifies influential factors and quantitatively measures the level of importance of 25 leading factors to the firms. The study found that the principal factors influencing the early internationalization of international start-ups are the international vision of the founders, their desire to be international market leaders, the identification of specific international opportunities, and the possession of international contacts and sales leads.     

Consumer similarity judgments: A test of the contrast model

A general model is described that views similarity judgment as a contrasting of product features. The relative influence of common and distinctive features on perceived similarity is considered a function of the context or task environment. A memory probe is used to measure the common and distinctive features consumers associate with various products. The feature measures are then used to estimate the model under three different task environments: similarity, dissimilarity, and subject/referent similarity. The results support the model and the effect of the task environment on judgments of interproduct similarity.     

Supply-side economics: The rise to prominence

Conclusions At this point, I would like to summarize the main arguments presented in this article. I will then briefly comment on what I feel are the main implications of these arguments.     

Exchange Market for Complex Goods: Theory and Experiments

The modern economy includes a variety of markets, and the Internet has opened opportunities for efficient on-line trading. Researchers have developed algorithms for various auctions, which have become a popular means of on-line sales. They have also designed algorithms for exchange markets, which support fast-paced trading of standardized goods. On the other hand, they have done little work on exchanges for complex nonstandard goods, such as used cars. We propose a formal model for trading complex goods, and present an exchange system that allows traders to describe desirable purchases and sales by multiple attributes; for example, a car buyer can specify a model, options, color, and other properties of a desirable vehicle. Furthermore, a trader can enter complex constraints on the acceptable items; for instance, a buyer can specify a set of desirable vehicles and their features. The system supports markets with up to 260,000 orders, and generates hundreds of trades per second.     

Employment in tourism: a review

Employment in tourism has grown substantially in recent years and has been the subject of considerable policy interest. This article reviews some of the key issues in estimating tourism employment and provides clarification of the relationship between various estimates which have been presented in different studies.