We present a new detailed data set of high-frequency observations on inventory investment by a U.S. steel wholesaler. Our analysis of the data leads to six main conclusions: orders and sales are made infrequently; orders are more volatile than sales; order sizes vary considerably; there is...

Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his advocacy of the “employer of last resort” as part of his “big government” intervention to help...

We investigate the effect of institutions on efficiency of training markets. After setting up a theoretical institutional framework that shows how institutions affect efficiency, we apply this framework to the real world. An empirical analysis of institutions affecting training markets will...

The article proposes Erection, Adjustment, and Death mechanisms for governmental units, giving autonomy to each citizen as in a direct democracy. Rather than focusing on a narrow model with restrictive and specialized assumptions, and subsequent solutions, as has been common in the literature,...

Abstract : Abuse and neglect of older adults (« elder abuse ») has a significant impact on the lives of the individuals involved. At the same time, it has a broader social and economic cost. Many of these are « hidden costs » in the sense that the cause of the underlying problem is not...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

The purpose of this paper is to examine the modalities of the organization of R&D activities between the main institutional sectors (higher-education, government, industry) within the field of space communications in the Triad countries. The analysis of these modalities is complex since the...

La réduction de la croissance économique pendant ces dernières années a provoqué un renouveau d'intérêt en ce qui concerne le poids de la présence de l'État, surtout dans les économie européennes. Il ne suffit pas d'insister sur le poids excessive de l'Etat. Il faut le prouver et dire...

We provide an empirical analysis of the Social Security disability application, award, and appeal process using the Health and Retirement Survey. We show that the appeal option increases the award probability from 46\% to 73\%. However, this comes at the cost of significant delays: the duration...

The ‘Cuban safety-valve theory’ explains sustained survival of Cuban socialism in part through the high levels of emigration, following Hirschman’s model of ‘exit’ undermining ‘voice’. The article argues that this remains insufficient in two important ways. Taking a closer look at...