James Duesenberry's (1949) relative income hypothesis holds substantial empirical credibility, as well as a rich set of implications. Although present in the pages of leading economics journals, the hypothesis has become all but foreign to the blackboards of economics classrooms. To help reintegrate the concept into the undergraduate economics…

A classic article by Gary Becker (1965) showed that when it takes time to consume, the first order conditions for optimal consumption require the marginal rate of substitution between any two goods to equal their relative full costs. These include the direct money price and the money value of the time needed to consume each good. This important…

What is the business of business? How can planners and investors anticipate the true chances of failure and success of a business idea? This article describes a rationale for developing successful new business on the basis of a simple, sensible idea: the business of any business is to make its clients successful enough to continue purchasing and…

The study of labor supply is directed to a theoretical methodology under which the choice of the general functional form of the income-leisure preference structure may be regarded as an empirical question. The author has reviewed the common functional forms employed in empirical labor supply models and has characterized the inherent preference…

The relationship between size of farm and the welfare of farm and nonfarm society was examined in terms of total income in the farm sector, the number and size of farms, income per farm, secondary income generation, and consumer food costs using four alternative farm structures: large farm (gross farm sales of at least $40,000); medium farm (gross…