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...

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...

Presents a complete and detailed constitutional framework applying the rational self-interest model and market mechanisms to intra and inter- governmental behaviour and collective decisions. In particular, the paper presents an enabling mechanism for the creation, adjustment and dissolution of...

This paper examines the impact of congressional representation of a university through district representation or an alma mater affiliation on the distribution of research funding to research and doctoral universities in the United States. Because appropriations are allocated to agencies on an...

In an endogenous-growth model, we consider alternative ways of providing public capital using distortionary taxes. We show that if the government provides the good, the resulting growth rate and welfare may or may not be higher than under laissez-faire. By contrast, if the government subsidizes...

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...

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,...