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...

The operationalization of a marginal cost pricing scheme must account for conventions consonant with basic welfare economic theory. The welfare gains associated with adopting alternative tariffs must outweigh the costs of implementation. An in-depth ...

A monthly consumer price index traces changes in the monthly cost of a year’s consumption using a sample of prices. But in some months the prices that can be sampled will temporarily exclude some of the products that were bought in the base year, Christmas trees providing a textbook...

There is a high degree of symmetry between economic goods and economic bads. Snow, litter and street mud are cited as examples. Economic growth obviously results in an increase in the supply of bads as well as goods. In addition, however, because it raises the value of time it can turn goods...

Every year the Institute of Economic Affairs and the London Business School publish a volume of essays about Britain's system of utility regulation, with additional discussion of regulation in other countries. The book is a must for those interested in regulation, because it is an up-to-date...