Each of the fifteen contributions to this volume explores a particular area of economic theory, presenting fresh insights and analyses. The first three chapters, on macroeconomics and policy, study the effects of wage-cuts, administered prices, deficit financing and other monetary measurestaken by the government. Part II discusses the economics of equilibrium and welfare, analysing the implications for decentralization in growth models with non-equilibrium prices. In Part III on economic growth, the question of decentralization is addressed from a different perspective. Part IVexamines industrial organization - the effect of innovation incentives; the pros and cons of restrictions on firms entering an industry; and the question of competitive reward schemes within organizations. Finally, there are three studies in international economics: on the relationship between theterms of trade and the real income of an LDC which is trading with a developed country; the problems with traditional theories of devaluation when applied to LDCs; and the effects of free trade on unemployment.