In recent years, there has been much interest in the use of auctions in utility service industries in the UK and in other countries. The most publicised examples have been franchise auctions eg. auctions for 3G mobile telecom spectrum, the UK auctions of railways operating franchises, etc....

Consider the problem of financing and providing an incentive for an infrastructure provider to enhance the infrastructure. Much of the theoretical literature on access pricing is not applicable for two reasons, Firstly, it ignores the difference between two cost concepts. One, which determines...

This paper explores the following hypotheses on the appropriate education for innovating entrepreneurship: a) breakthrough inventions are contributed disproportionately by independent inventors and entrepreneurs, while large firms focus on cumulative, incremental (and often invaluable)...

Part of a Symposium entitled, "Say's Law Revisited," this note is dedicated to showing that both Say's and Ricardo's concerns about unemployment were deeper than even the Kates article (in this symposium) suggests, that this concern even led Say to advocate a clear Keynesian remedy for...

How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies...

Privatization outside Eastern Europe has encountered more difficulties than are generally recognized. The firms sold by government are often endowed with market power in part because when nationalized they had been protected from competition. Consequently they are often subjected to tight...