METROECONOMICA INTERNATIONAL REVIEW OF ECONOMICS. Volume 53 November 2002 Number 4

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1 Volume 53 November 2002 Number 4 METROECONOMICA INTERNATIONAL REVIEW OF ECONOMICS ARTICLES All That I Have to Say Has Already Crossed Your Mind Roger Koppl and J. Barkley Rosser Jr 339 Public Policy for Efficient Education Walter H. Fisher and Christian Keuschnigg 361 Critical Realism and Econometrics: Constructive Dialogue with Post Keynesian Economics Paul Downward and Andrew Mearman 391 Duality Theory and Long-period Price Systems Arrigo Opocher 416 Strategic Interactions in a Growth Model with Infrastructure Capital Akihisa Shibata 434 Announcement Annual Index 463

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3 METROECONOMICA Managing Editor: Editors: Assistant Editor: EDITORIAL BOARD Heinz D. Kurz (University of Graz) Amit Bhaduri (Universities of New Delhi and Calcutta) Adriano Birolo (University of Padua) Amitava Krishna Dutt (University of Notre Dame, IN) Duncan K. Foley (New School University, New York) Reiner Franke (University of Bremen) Werner Güth (Humboldt University, Berlin) Eiji Hosoda (Keio University, Tokyo) Stanley Metcalfe (University of Manchester) Sergio Parrinello (University of Rome La Sapienza ) Neri Salvadori (University of Pisa) Bertram Schefold (J. W. Goethe University, Frankfurt) Ian Steedman (Manchester Metropolitan University) Christian Gehrke (University of Graz) ADVISORY BOARD Richard Arena (University of Nice), Lorenzo Bianchi (University of Venice), Robert Boyer (CEPREMAP, Paris), Graciela Chichilnisky (Columbia University, New York), Victoria Chick (University College, London), Rod Cross (University of Strathclyde), Marco Dardi (University of Florence), Herbert M. Gintis (University of Massachusetts), Harvey Gram (Queens College, New York), Lynn Mainwaring (University of Swansea), Takashi Negishi (Aoyama Gakuin University, Tokyo), Tsuyoshi Tsuru (Hitotsubashi University, Tokyo) Manuscripts should be prepared in accordance with our instructions for authors, printed on the inside back cover, and should be submitted in quadruplicate and on diskette to: Professor Heinz D. Kurz Department of Economics University of Graz RESOWI-Zentrum, F4 A-8010 Graz, Austria Tel: þ (3440) Fax: þ heinz.kurz@kfunigraz.ac.at Secretary: Manuela Haas, manuela.haas@uni-graz.at All correspondence should be sent to the above address. For information on recent issues, forthcoming articles, instructions for authors etc. please log on to:

4 INSTRUCTIONS FOR AUTHORS 1. Papers must be in English. 2. Hard copies of the manuscript should be submitted together with one copy of the Abstract, References, and full address supplied either by or on disk using common software. Disks will not be returned to the author after publication of the paper or in case of the paper being rejected. Upon acceptance of an article, author(s) will be asked to send a copy of the article on disk following the guidelines for submission on disk provided by the editor. 3. Submission of a paper will be held to imply that it contains original unpublished work and is not being submitted for publication elsewhere. The editor does not accept responsibility for damage or loss of papers submitted. Upon acceptance of an article, the author(s) will be asked to transfer copyright of the article to the publisher. This transfer will ensure the widest possible dissemination of information. 4. Manuscripts (in triplicate) should be typewritten on one side of the paper only, double spaced with wide margins. All pages should be numbered consecutively. Titles and subtitles should be short. References, tables and legends for figures should be typed on separate pages. The legends and titles on tables and figures must be sufficiently descriptive such that they are understandable without reference to the text. The dimensions of figures, axes and the body of tables must be clearly labelled in English. 5. The first page of the manuscript should contain the following information: (i) the title; (ii) the name(s) and institutional affiliation(s) of the author(s); (iii) an abstract of not more than 100 words. A footnote on the same sheet should give the name and present address of the author to whom proofs and reprint order form should be addressed. 6. Acknowledgements and information on grants received can be given in a first footnote, which should not be included in the consecutive numbering of footnotes. 7. Important formulae (displayed) should be numbered consecutively throughout the manuscript as (1), (2), etc. on the right-hand side of the page. Where the derivation of formulae has been abbreviated, it is of great help to referees if the full derivation can be presented on a separate sheet (not to be published). 8. Footnotes should be kept to a minimum and be numbered consecutively throughout the text with superscript arabic numerals. 9. The References should include only the most relevant papers. In the text, references to publications should appear as follows: Smith (1969) reported that... or This problem has been a subject in literature before (e.g. Smith (1969, p. 102)). The author should make sure that there is a strict one-to-one correspondence between the names (years) in the text and those on the list. At the end of the manuscript (after any appendices) the complete references should be listed as: For monographs Friedman M. (1975): A Theory of the Consumption Function, Princeton University Press, Princeton. For contributions to collective works Ichimura S. (1955): Towards a general non-linear macrodynamic theory of economic fluctuations, in Kurihara K.K. (ed.): Post-Keynesian Economics, Rutgers University Press, New Brunswick. For periodicals Levinson N., Smith O.K. (1942): A general equation for relaxation oscillations, Duke Mathematical Journal, 9, pp Note that the journal title should not be abbreviated. 10. Illustrations should be provided in quadruplicate (1 original drawn in black ink on white paper or computer-generated and laser-printed + 3 photocopies). Care should be taken that lettering and symbols are of a comparable size. The drawings should not be inserted in the text and should be marked on the back with figure numbers, title of paper, and name of author. All graphs and diagrams should be referred to as figures and should be numbered consecutively in the text in arabic numerals. 11. All unessential tables should be eliminated from the manuscript. Tables should be numbered consecutively in the text in arabic numerals and typed on separate sheets. The author is required to correct the proofs with all due speed and to make only absolutely necessary changes to the original text. For each article published the first-named author will receive six copies of the relevant journal issue free of charge. An order form for offprints will accompany the proofs. Neither the editors nor the publisher take any responsibility for opinions or facts stated by contributors and for the manuscripts sent to them.

5 Metroeconomica is a journal of analytical economics providing an international forum for debate among competing theories and research programs, going beyond the traditional emphasis on market equilibrium/disequilibrium by focusing on economic processes in real time, addressing the role of social institutions, technical change and income distribution, emphasizing the behavioural foundations of economics, exploring methodological innovations in economics and from other disciplines. The journal is open to empirical contributions related to the above themes. Founded by Eraldo Fossati and first published in 1949.

6 Metroeconomica 53:4 (2002) CALL FOR PAPERS Symposium dedicated to the work of Josef Steindl Metroeconomica in collaboration with the Austrian Institute of Economic Research, Vienna, is organizing a symposium dedicated to Josef Steindl s work and the developments it triggered. The symposium is planned to take place in Vienna, Austria, in the first week of September 2003 (ten years after Josef Steindl passed away). The symposium will deal with the following themes which played a major role in Steindl s work: d Maturity and stagnation d Imperfect competition d The birth, growth and survival of firms as a stochastic process d Stagnation theory and stagnation policy d The economics of technical change d Steindl and Kalecki From the papers submitted to the conference, and after their proper refereeing, it is planned to publish a selection in a special issue of Metroeconomica. Scholars who would like to attend and present a paper are asked to send a proposal, an abstract of not more than 500 words and full details of their affiliation. These should be sent by 30 November 2002, preferably using , to the secretary of Metroeconomica: Manuela.Haas@kfunigraz.ac.at The postal address for submission is: Metroeconomica, Professor Heinz # Blackwell Publishers Ltd 2002, 108 Cowley Road, Oxford OX4 1JF, UK and 350 Main Street, Malden, MA 02148, USA.

7 462 Call for Papers D. Kurz, Steindl Symposium, Department of Economics, University of Graz, Resowi F4, A-8010 Graz, Austria (Europe). A scientific committee consisting of the members of the Editorial Board of Metroeconomica, Alois Guger (Vienna) and Christian Lager (Graz) will screen the proposals. Notice of acceptance will be sent by 31 December The deadline for the submission of full papers is 31 July Information about board, lodging, conference venue, precise dates and the final programme will be distributed in due course. # Blackwell Publishers Ltd 2002