In his pathbreaking article, Ronald H. Coase postulated that the structure of production was determined by the comparative advantage between contracting and hierarchy in securing and coordinating complementary resources (human or material) when the efforts of more than one person were required...

Since airlines were deregulated, shareholders, management and workers, already well organized, have suffered severe, sometimes catastrophic losses, while the benefits have been spread among unorganized consumers and the investors and managers of new entrant airlines, which themselves have had a...

This is a transcript of a panel discussion titled, “The Future of Fannie and Freddie.” The panelists were Dr. Mark Calabria from the Cato Institute; Professor David Reiss from Brooklyn Law School; Professor Lawrence White from NYU Stern School of Business; and Dr. Mark Willis from NYU's...

Some airports experience significant congestion at least some of the time, where "congestion" means that use of the airport by one aircraft delays or prevents use of the airport in that time slot by another. Another way to say this is that airport access can be "scarce." Virtually all economists...

Politicians, regulators and antitrust analysts have often used the presence of price discrimination as an indicator of market power. They are often motivated by political pressure from buyers facing the higher of the discriminatory prices to regulate or to pursue antitrust remedies in...