This paper presents a North-South model on the interaction between foreign
trade and foreign-exchange constrained growth, a model in which patterns of specialization
associated to production structures of the economies play a crucial role. Economic growth is
conditioned by sector dynamics of innovation and imitation, as well as by income-elasticities
and price-elasticities.

JEL Classification: F12; F60.

This work examines the debate about the Brazilian entrepreneur, aiming at challenging
the widely accepted vision that the Paulista and Carioca experiences, in what concerns
the formation of the entrepreneurial class, can be extended to other parts of Brazil.
The work compares the social background and the sources of capital of Mineiro, Paulista
and Carioca entrepreneurs in the XIXth century. The analysis reveals that Mineiro entrepreneurs
came from the local elite constituted basically by Brazilians and that the sources of
capital (mainly, agriculture and trade) used by Mineiro entrepreneurs were distinct in their
nature, with coffee and the import-export trade having a less relevant role.

JEL Classification: N86; N96.

It has been recently discussed the similitude between new-classical business cycle
theory and Hayek’s works on economic fluctuations. In this article, we aim at rejecting
the thesis of similitude. Firstly, we present the new-classical theory with emphasis both on
Lucas’s works and on microeconomics foundations. After that, we discuss the difficulty to
characterize Hayek’s thought and we present a reconstruction of this project on the theory
of cycles. We intend to demonstrate that Hayek and new-classical theories have different
conceptions on the modus operandi of capitalistic economies.

JEL Classification: B25; B22; B31.

This paper compares the profits share, the capital output ratio and the rate of
profits of five industrialized and five Latin America countries. Using data from the U.N. National
Accounts Statistics and the Penn World Table (Mark 5.6) in American dollars and PPP
(purchasing power parity), the paper also discusses the level of gross capital formation and
the relationship between rate of profits, productivity and wages.

JEL Classification: E22; E11.

In this paper, I suggest the use of non-conventional models of choice and production,
to underlie the construction and employment of index numbers. I recommend the
use of the model of production proposed by Georgescu-Roegen and a model of choice, that
acknowledges the existence of irreducible criteria. Also stressed, are the distinction between
flow and stock and between funds’ services and flows of goods, that are produced or consumed
in transformation activities. Flows can frequently be associated to production activities.
Therefore, one can apply principles derived from Production Theory. The corresponding
implications, with respect to the choice of index numbers, are discussed. Another conclusion
of this paper, is the necessity of considering index numbers, associated to the satisfaction of
basic needs, in the design of social programs. Poverty indices are also discussed to illustrate
some of the points raised in the paper.

JEL Classification: B41; O10.

The main purpose of this text is to analyse some aspects related to the implementation
of an industrial policy in Brazil coherent with both, actual internal and external
environments. A medium and long run perspective is adopted, and macro and micro- economic
aspects of Brazilian economy is emphasized.

JEL classification: O25; F63.

This paper discusses the possible privatization of Petrobrás. It is argued that, despite the economic reasons that recommend its sale, probably the prerequisites for it will not exist in the short term. The purpose of the paper is to contribute to the discussion of this proposal, through the organization of the arguments related to the privatization - the “YPF model”. The alternative is the “PDVSA model”, opening up the oil sector, with Petrobrás remaining a State-owned company. Finally, some issues for reflection are suggested and some data associated with the company’s actual value are presented.

JEL Classification : L33; L71.

Este trabalho foi escrito em junho de 1996, pelo então diretor de Assuntos Iternacionais do Banco Central do Brasil. , Circulou, em parte, pelos jornais, tendo sido objeto de ampla discussão. Em agosto de 1997, Gustavo Franco tornou-se presidente do Banco Central. A Revista de Economia Política entendeu prestar um serviço a seus leitores publicando a íntegra do artigo como Documento.