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Grossman, Herschel I. - 2002

A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving disputes among the constituent groups of the polity. This paper is concerned with discovering the conditions under which it is possible to design such a self-enforcing...

Persistent link: https://www.econbiz.de/10012469982

Marshall's Economies

Henderson, Vernon - 1999

This paper estimates the nature and magnitude of the local externalities from own industry scale, as envisioned by Marshall. Census panel data on individual plants in high-tech and machinery industries across up to 487 countries are utilized, to quantify the direct effects of local external...

Persistent link: https://www.econbiz.de/10012471426

Can Capital Mobility be Destabilizing?

Meng, Qinglai - 1999

In a standard two-sector neoclassical model with distortions, capital mobility can render the steady state indeterminate, in the sense that there exist infinitely many convergent paths. In the closed economy with no international capital mobility, the utility function must be linear or close to...

Persistent link: https://www.econbiz.de/10012471527

A Rent-Protection Theory of Corporate Ownership and Control

Bebchuk, Lucian Arye - 1999

This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company's initial owner whether to maintain a lock on control when the...

Persistent link: https://www.econbiz.de/10012471585

Is Optimism Good in a Keynesian Economy?

Persson, Torsten - 1983

Assume that an economy is in a state of Keynesian unemployment. Since production is demand-determined there are bootstraps (multiple) equilibria. Then, the more optimist agents are about the future the higher will be theur demand today and hence current production. In that limited sense optimism...

Persistent link: https://www.econbiz.de/10012478032

The Theory of Local Public Goods Twenty-Five Years After Tiebout : A Perspective

Stiglitz, Joseph E. - 1982

This paper asks, under what conditions can the Fundamental Theorem of Welfare Economics be extended to economies with … redistributions) . Just as the Fundamental Theorem of Welfare Economics does not adequately reflect the vices and virtues of …

Persistent link: https://www.econbiz.de/10012478151

On Money as a Medium of Exchange in Near-Cashless Credit Economies

Lagos, Ricardo - 2019

that--in contrast to current conventional wisdom in policy-oriented research in monetary economics--the role of money in …

Persistent link: https://www.econbiz.de/10012479753

What Can Economics Say About Alzheimer's Disease?

Chandra, Amitabh - 2020

States. We describe the central economic questions raised by AD. While there is overlap with the economics of aging, the … defining features of the 'economics of Alzheimer's Disease' is an emphasis on cognitive decline, choice by cognitively impaired … public programs for AD. These topics overlap with many areas of economics -- labor economics, health economics, public …

Persistent link: https://www.econbiz.de/10012481308

Understanding Booms and Busts in Housing Markets

Burnside, Craig - 2011

Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations...

Persistent link: https://www.econbiz.de/10012461924

Economics, History, and Causation

Morck, Randall - 2011

Economics and history both strive to understand causation: economics using instrumental variables econometrics and …

Persistent link: https://www.econbiz.de/10012461979