This paper develops a model of international competition in an oligopoly characterized by strong learning effects. The model is quantified by calibrating its parameters to reproduce the US-Japanese rivalry in 16K R.A.Ms from 1978-1983. We then ask the following question: how much did the...

In 1996, President Bill Clinton hailed the 'end of welfare as we know it' when he signed the Personal Responsibility and Work Opportunity Act. The law effectively transformed the nation's welfare system from an entitlement to a work-based one, instituting new time limits on welfare payments and...