Individual rationality is a model of personal choice behaviour, whoever he or she may be. It sets out from a perspective on life as a decision between action or no action, i.e.

The COVID-19 pandemic is accelerating changes underway since the global financial crisis (GFC) in 2008. It is ushering in a new era of deglobalisation and protectionism — a new mercantilist world order.

Market failures represent the inability of the market to allocate resources optimally. In the absence of transaction costs optimal allocation would be at the Pareto optimum, that is, where supply and demand meet.

The issues, which Uzawa (1961, 1963) examined, emerged as an extension of the seminal Solow-Swan neoclassical growth model.

Price discrimination is a practice used by firms with monopoly power, monopolies or oligopolies. This is because consumers in monopolistic markets have no choice but to buy from the monopolist.

The idea of market efficiency is used to describe a market in which relevant information is rapidly incorporated into the asset prices so that investors cannot expect to earn abnormal profits from their investment strategies.

Many people use the word 'productivity' because it is a household word. However, for different people it means different things. The definition of productivity is complex and it has been defined in a number of ways, but all have in common the feature of relating an output measure to an

Behavioral finance studies the effect of psychological factors on human behavior, which further affects asset price movements. Standard financial models assume that individuals are rational and risk-averse.