On markets and clubs: economic and political integration of regions with unequal productivity

Article Abstract:

Western Europe is faced with the challenge of integrating Eastern European economies into a larger free-market system. A simple model helps to illustrate the interaction between markets, or groups of traders that exchange private goods, and 'clubs,' or institutions that deal with public goods. The model provides a starting point for deciding between entry into the market and entry into the club. The model shows the advantages of explicit treatment of the relationship between clubs and markets.

International aspects, Economic policy, Political aspects, Western Europe, Trade policy, Commercial policy, International economic integration, Economic integration, Europe, Western

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Participation in a currency union

Article Abstract:

Western European nations that are considering monetary union are concerned about how a currency union will affect national autonomy. A general-equilibrium model illustrates the relationship between the influence of a country within the union and its economic size. The model shows that a small economy does not participate in the cooperative agreement unless its influence is greater than its size would indicate. This provides the economy with a favorable transfer of seigniorage revenues.

Models, Monetary unions, Equilibrium (Economics)

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Why personal ties cannot be bought

Article Abstract:

Impact of personal network costs on reliable information transfer in labor market is presented.

United States, Public affairs, Social aspects, Labor market, Social networks, Information management, Information accessibility, Labour market

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