This book comprises selected papers of an international conference at Monash University sparked by the first Australian visit by Professor Kenneth J. Arrow, Nobel laureate in economics. Part 1 extends recently emerged new classical economics which uses inframarginal analysis to examine classical economic problems of specialization with insights on trade, growth, and many other issues. Part 2 analyses the implications of increasing returns and the associated non-perfect competition on some macro problems like the effects of nominal aggregate demand on output and the price level. Part 3 analyses the relationships of information, returns to scale, and issues of resources and trade.
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