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Studies of non-linear cobweb models have failed to address a fundamental issue: whether the complex dynamical behavior displayed by such models is consistent with the survival of producers. This paper shows that where borrowing is unconstrained, as is implicitly assumed in standard cobweb models, borrowing results in financial crises. Incorporating constraints on borrowing is needed to salvage cobweb models. Industry performance (in terms both of profitability and of the incidence of bankruptcies) is highly sensitive to the nature of such credit restrictions.

Consumers base market choices on beliefs about the properties of commodities. Invoking Lancaster's characteristics approach, we explore the implications for consumer well‐being of such beliefs being incorrect. Following an examination of the welfare cost of inaccurate beliefs, we address the question: do more accurate beliefs necessarily result in greater well‐being? The impacts of changes in prices and income on well‐being are then explored and some implications are drawn for the use of compensating variation. Finally, we contrast alternative perspectives on what constitutes the appropriate measurement of welfare where consumers' beliefs about what they are actually consuming are mistaken.

The democratic ideal in poetry.--Piers the plowman.--From Langland to Gray.--Goldsmith and Cowper.--George Crabbe.--Robert Burns.--William Wordsworth.--The Corn Law Rhymers.--Walt Whitman.--J. Russell Lowell.--Edward Carpenter.--John Masefield.--W. W. Gibson.--George Meredith.--Sir Rabindranath Tagore.--Colonial democratic poets. ; Mode of access: Internet.