The paper examines the relevance for economic issues of choice which is not characterized by unlimited substitutability. After showing that hierarchical choice is common in other social sciences like psychology, the paper proceeds with an examination of such choice and of its different categories. Subsequently the implications for hierarchical choice for specific economic issues are analysed. In particular, there is discussion and Iiterature review of demand theory, Engel curves, the theory of the firm and social choice theory. Finally, some suggestions for the application to other economic problems are considered.
In the last 30 years, Greece has experienced a rapid rate of economic growth which has transformed the economy and enabled it to become a member of the EEC. Specifically, Greece transformed itself from an agricultural economy with virtually no industrial base to an economy with a significant industrial sector and consequently a relatively high income per capita. One can explain this on the lines of a Kaldorian framework. In this paper we provide an outline of Kaldor's growth model and test its relevance to the economic experience of Greece during the 1967-1988 period. The empirical results suggest that the model can adequately explain the developments in the economy to a considerable degree.Special thanks are due to C. Lee, S. Dodd and to an anonymous referee.2
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