Ever since the time of Adam Smith, the attribution to foreign trade of the abilityto affect the wholesale transformation of the productive powers of an economy hasremained a very powerful concept in both economics and economic history. At theheart of this interpretation is the observation that...

Under the international economic order which prevailed between the end of mercantilism and decolonisation (referred to in this essay as liberal imperialism) the costs of transacting, transporting and trading commodities, both within and across national and imperial frontiers declined sharply.1...

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...