In the last few years a new area has emerged in economic theory, which goes under the heading of However, almost since its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, we evaluate some of the criticisms that have been made of the theory, in...

This paper presents a downtown parking model that integrates traffic congestion and saturated on-street parking. We assume that the stock of cars cruising for parking adds to traffic congestion. Two major results come out from the model, one of which is robust. The robust one is that, whether or...

Evolutionary arguments and incentive theory point to the importance of variety and rotation of editorial board members to stimulate innovative research. Using a unique dataset covering more than 100 economics journals over the period 1990-2011, we document trends in the incidence of multiple...

This chapter explores the evolution and contribution of social economics to modern political economic analysis. It reviews the origins and early history of social economics, discusses more fully recent postwar social economics, and then identifies new themes in social economics’ current...

Urban agglomerations arise at least in part out of the interaction between economies of scale in production and market size effects. This paper develops a simple spatial framework to develop illustrative models of the determinants of urban location, of the number and size of cities, and of the...

In a standard two-sector neoclassical model with distortions, capital mobility can render the steady state indeterminate, in the sense that there exist infinitely many convergent paths. In the closed economy with no international capital mobility, the utility function must be linear or close to...

In Regression Discontinuity (RD) designs for evaluating causal effects of interventions, assignment to a treatment is determined at least partly by the value of an observed covariate lying on either side of a fixed threshold. These designs were first introduced in the evaluation literature by...

Many texts which cover money creation regard the reserve requirement (RR) as being at the very centre of the process, and many still regard the process as starting with a bank receiving a new deposit (and placing the required reserves with the central bank, lending out the rest, which is...

Richard Wagner's "Mind, Society, and Human Action" strives to portray the game of life as played out in the fields of economics, politics, and society as a theory of society that eschews close ended choice and single exit theories. In doing so, he emphasizes specific institutional contexts and...