The speed at which transformations have occurred in levels of knowledge--especially scientific and technical knowledge--obliges countries in the Latin American and Caribbean region to undergo a rapid process of modernization. An educational project of UNESCO was established with this goal in mind. This bulletin presents three articles concerning…

An information society is one in which the expression "to earn one's daily bread by the sweat of one's brow" appears decidedly anachronistic. People have been seduced by the rhetoric of novelty and confused by the surface significance of terms which have become accepted parts of everyday speech. What do rubrics such as information society,…

Discusses real business cycle analysis, growth theory, and other economic concepts in the context of the rational expectations revolution in macroeconomics. Focuses on post-1982 research. Concludes that the rejuvenation of growth analysis is an encouraging development because it could lead to changes in welfare policy. (CFR)

Reconsiders Uriel Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve. Extends this to include similar utility functions that yield inferiority. Discusses the earlier work of related theorists including Liebhafsky, Vandermeulen, and Wold and Jureen. (MJP)

Reexamines Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve and incorporates Christian Weber's criticism into the model. Disagrees with Weber on some points but agrees that as income decreases the likelihood of the Giffen product decreases. (MJP)

Shows how the Cournot-Nash and Stackelberg equilibria can be represented in the familiar supply-demand graphical framework, allowing a direct comparison with the monopoly, competitive, and industrial organization models. This graphical analysis is represented throughout the article. (MJP)

Explores the consequences of textbook authors' failure to recognize that producers can acquire the good in which they lack a comparative advantage through either trade or internal production. Examines variations in the construction and graphical depiction of consumption possibility frontiers in principles of economics textbooks. (MJP)

Utilizes two-dimensional price and output graphs to demonstrate the way that the price-level elasticity of aggregate demand affects alternative monetary policy rules designed to cope with random aggregate supply shocks. Includes graphs illustrating price-level, real Gross Domestic Product (GDP), nominal GDP, and nominal money supply targeting.…

Maintains that most graduate-level economics textbooks rarely mention the need for consumers to be above their minimum wealth position as a condition for market equilibrium. Argues that this omission leaves students with a mistaken sense about the range of circumstances under which market equilibria can exist. (MJP)

Surveys 600 Russian college students regarding their hopes for the future, economic and social advancement, and personal information. Argues that, although students generally are optimistic about their future, many fail to exhibit the self-discipline necessary to be successful. Skepticism about the government is endemic. (MJP)

The different ways that colleges and universities can assume expanded responsibilities in national renewal are considered. After reviewing federal policy toward higher education, the American economy and competition from other countries are considered. The need for social and political renewal is also addressed, including the imperative for civic…