A fallacy of composition

Article Abstract:

The representative-agent model increases the difficulty of differentiating between statements that are true at the individual level and statements that are valid at the aggregate level. The nature of fallacies of composition depends on the fact that microeconomics does not take the restrictions of probability theory into consideration. Probability theory imposes restrictions on the joint behavior of multiple units that are not totally synchronized.

Models, Economic aspects, Microeconomics, Probabilities, Probability theory, Fallacies (Logic)

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The future of the IMF

Article Abstract:

The debt crisis of the early 1980's and the Mexican crisis of the 1990's has led to innumerable calls for deep reforms of the International Monetary Fund (IMF). Experts are of the view that the role of the IMF should be much more focused, transparent, predictable, and quick in its interventions, and its role limited to surveillance and lender-of-last-resort/bankruptcy-court activities.

Mexico, International Monetary Fund, Powers and duties

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Redistributive promises and the adoption of economic reforms

Article Abstract:

A study analyzing the positive effects of absorption of economic reforms is presented. The relationship between the economic reforms and the democratic process of their acceptance is also examined.

Virginia, Massachusetts

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