This note argues that the declining interest in the theory of effective protection is not justified, shows how the existence of intermediate goods affects the basic economics of tariffs, gives a simple proof of the symmetry of export subsidies and import duties with intermediate goods, and then...

The two-country Ricardian trade model with discrete goods and uniform transport costs for tradable goods is applied to the decomposition of the real exchange rate into traded and nontraded components. The real exchange rate is driven almost entirely by changes in the productivity differentials...

There are two basic explanations of price discrimination in medicine. The traditional explanation is that the American Medical Association enforces sufficient price discipline to apply the theory of a price-discriminating monopolist. Members of the AMA explain price discrimination by the...