The American Economist, Vol. 64, No. 1 (March 2019), pp. 45-59 (15 pages) Closed-system circular flow models have been ubiquitous in economics for at least half a century. Because these models account ...

The major macro-economic problems of the 1970s and the 1980s were integrally linked to the growing phenomenon of black income generation. The black economy should, therefore, have been a significant ...