Economic Journal Issue 5

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11E ! ¨»n¤ ¦³Á «°°­Á ¦Á¨¸¥Â¨³Ã°Á ¸¥Á ¸¥!¤¸ ¦ µ Å ¥Á · µ Šε µ Á¡·É¤ ¹Ê °¥nµ n°Á ºÉ° ´ ´Ê  n e!4294! Á } o ¤µ!à ¥ n° µ ¸É¦ µ ­nª Ä® nÁ · µ Šε µ º°! µ¦Á · µ Šε µ oª¥ Á° ¦´Ê ¦ ! µ¥ oµ ¡µ¨¼ oµ Šε µ !¨³ µ¥ o µ ­n ¨¼ o µ Å f µ ! µ¤¨Î µ ´ !¨³Ä e!

429E! Á } e¦ ¸ÉÁ¦·É¤¤¸ µ¦ ´ ­n ¦ µ Å ¥Å ε µ à ¥ ¦·¬´ ´ ­n ! ¹É Á } µ¦Á¡·É¤ n° µ ° µ¦Á · µ Å Î µ µ Ä ¨»n ¤ ¦³Á « ¸Ê Ä®o ¤¸ ¤µ ¥·É ¹Ê !­Îµ®¦´ 𠵭¨³Â ªÃ o¤ ° ¦ µ Å ¥Ä ¨»n¤ ¦³Á «°°­Á ¦Á¨¸¥Â¨³Ã°Á ¸¥Á ¸¥ ´Ê ! ¦³Á « ·ª ¸Â¨ r!¨³°°­Á ¦Á¨¸¥!Á } ¦³Á « ¸É¤¸Â ªÃ o¤ ¸É ¸ Ä µ¦­ ´ ­ » Ä®o ¤¸ µ¦ ´ ­n ¦ µ Å ¥Å ε µ !Á ºÉ° µ ¨ µ¦Á ¦ µ ªµ¤ ¨ µ¦ oµÁ­¦¸ ¦³®ªnµ ¦³Á «Å ¥ ´ ´Ê ­° ¦³Á «! εĮo µ¦Á oµ Šε µ ´Éª ¦µªÄ ´Ê ­° ¦³Á «­Îµ®¦´ ¦ µ Å ¥¤¸ ªµ¤­³ ª ¤µ ¹Ê !Á n ! µ¦ ¸É ¦´ µ¨ °°­Á ¦Á¨¸ ¥Å o ¥ Á¨· Á ºÉ ° Å µ¦ ­° ¨µ ¦ µ !6+',)-&! N'&O%$! P%Q$(#/7! Ä®o ´ Å ¥Á } µ¦ µª¦! Î µ Ä®o µ¥ o µ Ťn Î µ Á } o ° ¦³ µ«®µ µ o ° ·É n ° ¹ ³­µ¤µ¦ o µ ¦ µ µ Å ¥Å o! ° µ ¸Ê­£µ¡Á«¦¬ · ¨³ µ¦ o µ µ Ä °°­Á ¦Á¨¸ ¥ ¥´ Á°ºÊ ° n ° ð µ­ ° ¦ µ Å ¥Ä ¨»n ¤ °µ ¸ ¡ o µ µ ¦· ® µ¦!°µ ·! ¼o°Îµ ª¥ µ¦­ µ ¡¥µ µ¨! ¼o ´ µ¦ iµ¥ª·«ª ¦¦¤! µ oµ ¼oÁ ¸É¥ª µ !°µ ·! ´ ´ ¸! ¼o­° ´ ¸! ´ ¡ ¥r ! ¨³ µ o µ ¼o n ª ¥ ¼o Á ¸É ¥ ª µ o µ n µ n°­¦oµ ! nµ n°Â¨³ n°¤Á¦º°!¨³ nµ εÁ¢°¦r ·Á °¦r °¸ oª¥!­nª ­µ µ°µ ¸¡ ¸ÉÁ } ð µ­ ° ¦ µ Å ¥ Ä µ¦Á · µ Šε µ ¦³Á « ·ª ¸Â¨ r!Å o n! ¡n° ¦´ª!¤n ¦´ªÅ ¥!­ µ · !¨³¡¥µ µ¨ª· µ ¸¡!

11D

8"#­¦» ¨³ o°Á­ °Â ³# ! ¤oªnµÂ ªÃ o¤Ä £µ¡¦ª¤ ³ εĮo µ¦ ´ ­n ¦ µ Å ¥Å ε µ Ä nµ ¦³Á «¥´ ¤¸Ã° µ­Ä µ¦ ¥µ¥ ´ªÁ¡·É¤ ¹Ê ! n®µ Á ¦¸¥ Á ¸¥ ´ ¦³Á «°ºÉ ¸É¤¸ µ¦ ´ ­n ¦ µ Šε µ nµ ¦³Á «!Á n !¢d¨· d ­r! °· à ¸ Á ¸ ¥!¨³Áª¸ ¥ µ¤!à ¥Á ¡µ³¢d ¨· d ­r ¸É ¦ µ ¤¸ µ¦«¹ ¬µ ¸É ¸ ªnµ!­µ¤µ¦ ¡¼ £µ¬µ°´ §¬Å o! ¨³¤¸ µ¦ ´ µ¦ ° ° r ¦£µ ¦´ ¸É ¸ ªnµ!°¸ ´Ê ¥´ ¤¸ ° r ¦Á° oµ µ¦¥oµ¥ ·É Ä ¦³Á «¢d¨· d ­r ¹É ¤¸ Á ¦º° nµ¥Ä nµ ¦³Á «Ä®o ¦· µ¦Â¨³­ ´ ­ » ¼o¥oµ¥ ·É ! ¦ª¤ ´Ê ­ ´ ­ » ­· · ° ¼o ¥o µ¥ ·É °¸ o ª¥! ´ Á } °» ­¦¦ ° µ¦ ´ ­n ¦ µ Å ¥Å Î µ µ Ä nµ ¦³Á «Å o ¦³ µ¦® ¹É !! ´ ´Ê ! o°Á­ °Â ³Ä Á · Ã¥ µ¥ ¸É ª¦­ ´ ­ » Ä Á · ¦» ! º°! µ¦¡´ µ¥» «µ­ ¦r µ oµ ¦ µ ! ¹É ª¦¤¸ µ¦­n Á­¦·¤!!¡´ µ!! ¨³¥ ¦³ ´ » £µ¡Â¦ µ !Ä ¦³Á È ´ n°Å ¸Ê!! !

617!!Á ¦¸¥¤ ªµ¤¡¦o°¤Â¨³¡´ µ oµ ´ ¬³ e¤º°Ä®o ´ ¦ µ ! ´Ê Ä nª n° Á · µ ¨³¦³®ªnµ µ¦ ε µ Ä nµ ¦³Á «! !

647!Á ¦¸¥¤ ªµ¤¡¦o°¤ oµ £µ¬µ°´ §¬Â¨³ £µ¬µ o ° ·É ´Ê ¡ºÊ µ Ä®o ´ ¦ µ ¸É Á · µ Šε µ nµ ¦³Á «!Á¡ºÉ°¨ n° ªnµ ªµ¤Á­¸¥Á ¦¸¥ ´ ¦³Á « ¼n n oµ ¦ µ ! !

687!Á ¦¸¥¤ ªµ¤¡¦o°¤ µ¦Ä®o o°¤¼¨ ªµ¤¦¼o ´Ê Ä o µ ¦¦¤Á ¸ ¥¤! ¦³Á¡ ¸ !ª´ ¦¦¤!¨³ ¦³Á ¸¥ ° ¦³Á « ¸É ³Á · µ Šε µ ! !

697!¥ ¦³ ´ » £µ¡Â¦ µ ¸É¤¸ e¤º°Ä µ¦ Î µ µ Å o ®¨µ ®¨µ¥¦¼  Įo ¤¸ ´ ¬³Â¨³ ªµ¤ Î µ µ Ä®o ­¼ ¹Ê !Á¡ºÉ °Ä®o Á } o °Å o Á ¦¸ ¥ Ä ¨µ ! ¦ µ nµ ¦³Á «!à ¥Á ¡µ³Â¦ µ nµ e¤º°! !

627! ¦³ »o ¨³­n Á­¦·¤°µ ¸¡Ä®¤nÇ! ¸ÉÁ } ¸É o° µ¦Ä ¨µ nµ ¦³Á « { » ´ ! ´Ê Ä £µ » ¦ · ! µ¦Á · !¨³ ¦· µ¦!

ªµ¦­µ¦Á«¦¬ «µ­ ¦r«¦¸ ¦· ¦ª·Ã¦ ! !

6F7!­n Á­¦·¤Â¨³­¦oµ ªµ¤¦nª¤¤º° oµ ¦ µ Ä ¦³ ´ ª·£µ ¸Â¨³¡®»£µ ¸! ´Ê Ä oµ µ¦ »o¤ ¦° ­· · µ¤ ®¤µ¥! µ¦¡´ µÂ¨³­n Á­¦·¤ oµ ­ª´­ · µ¦! µ¦ ­¦o µ ®¨´ ¦³ ´ µ ­´ ¤Â¨³ » £µ¡ ¸ ª· ! µ¦ »o¤ ¦° ¦ µ oµ ªµ¤ ¨° £´¥!°µ ¸ª° µ¤´¥!¨³ ­£µ¡Âª ¨o°¤Ä µ¦ ε µ !! !

6E7!¡´ µ ° » Á¡ºÉ° nª¥Á®¨º° ®µ µ Šε µ Ä nµ ¦³Á «Ä®oÁ · ¦³Ã¥ r n¦ µ °¥nµ ¦· ´ !à ¥ ¥µ¥ª Á · Ä µ¦Ä®o­· · ¦³Ã¥ rÁ¡·É¤ ¹Ê µ¤­£µ¡ ªµ¤Á­¸¥®µ¥ ¸ÉÁ · ¹Ê ! !

6D7! · µ¤Â¨³Ä®o ε ³ 뵀 µ¦ εÁ · ¸ÉÅ o µ µ¦Å ε µ Å nµ ¦³Á «Å Ä oÄ®oÁ · ¦³Ã¥ r ­¼ ­» ! !

6H7! ´ ° ¦¤¦³¥³­´Ê Á¡ºÉ°Ä®o ªµ¤¦¼o µ oµ µ¦°°¤Á ·  n ¦° ¦´ª ° ¦ µ ¸ÉÁ · µ Šε µ Ä nµ ¦³Á «!! ! °¥nµ Ŧ È µ¤! µ¦­n Á­¦·¤Â¦ µ Å ¥Å ε µ Ä nµ ¦³Á «Å o°¥nµ ¤¸ ¦³­· ·£µ¡°µ Á · ¹Ê Å o¥µ ®µ Ťn¤¸ ªµ¤¦nª¤¤º° µ » £µ ­n ª !Ťn ªn µ ³Á } Ä ­n ª ° ¦ µ Á° ´Ê µ oµ ¡´ µ ´ ¬³ e¤º°Â¨³£µ¬µ nµ ¦³Á «! µ¦­n Á­¦·¤ µ £µ ¦´ ¸ÉÁ ¸É¥ª o° ! ¨° £µ »¦ · Á° ¨³ µ¥ o µ ¸É ª¦¤¸ ªµ¤Á } ¦¦¤ ¨³Å¤nÁ°µÁ ¦¸¥ ¦ µ !"!

 ªÃ o¤ ¨µ ¦ µ Å ¥Ä nµ ¦³Á «!

¦¦ µ » ¦¤# ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ Î µ e #$776! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

4221;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ Î µ e #$78<! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

4225;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$78;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

429H;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$78:! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

429D;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$789! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

429E;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$787! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

429F;! !

11H ! ! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$788! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

4292;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e#$785# ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

4299;! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤I! ¦¤ µ¦ ´ ®µ µ ;! ­¦» ­ µ µ¦ r µ¦Å ε µ nµ ¦³Á « ° ¦ µ Å ¥# ¦³ ε e #$78$! ¦³ ¦ª ¦ µ ¨³­ª´­ · µ¦­´ ¤G! ¦» Á ¡²;!

4298! ­ µ ´ ª· ´ ¥ Ã¥ µ¥ µ¦Á«¦¬ · µ¦ ¨´ ;!¦µ¥ µ ´ ­¤ ¼¦ r#à ¦ µ¦«¹ ¬µ¥» «µ­ ¦r µ¦ ε#%3=# ° Å ¥"!Á­ ° n°­Îµ ´ ¨´ ¦³ ¦ª ¡µ · ¥r ! ¦³ ¦ª ¡µ · ¥r ;!

429D;! ° r µ¦Â¦ µ ¦³®ªnµ ¦³Á «;! Ã¥ µ¥Â¨³ µ¦ ´ µ¦Â¦ µ ¥oµ¥ ·É "!4225;!!

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145

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R$$AGCCSSS;T)'#%SQ;X)=C$R'(C'&XR(T%C455EJ51C455EJ ¦³ ¦ª ¡µ · ¥r;!4221!

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