This is the third and last volume of Martin Shubik's exposition of his vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of...

Were water considered an industry, it would be one of the largest in the United States, surely the most capital-intensive, and the most closely regulated by Congress. Yet as Peter Rogers argues in this readable, pragmatic, and scientifically grounded assessment of national water issues, it would...

In 1989 the MIT Press published Made in America, a landmark study by The MIT Commission on Industrial Productivity, an interdisciplinary group of MIT faculty members. The study analyzed the strengths and weaknesses of American industry and set forth a strategic plan for revitalizing American...

Rich with detail and provocatively argued, this study of the development of property rights in the world's fisheries tells the story of one industry's evolution and provides a useful illustration of the forces that shape economic institutions. The emergence of exclusive individual rights of...

Shipping is among the most globalized of industries. Ship owners can choose where to register their vessels, based on cost, convenience, and the international and domestic regulations that would govern their operation. This system of open registration, also known as flags of convenience (FOC),...

The global economic crisis of 2008-2009 seemed a crisis not just of economic performance but also of the system’s underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took...

Today's wide economic gap between the postindustrial countries of the West and the poorer countries of the third world is not new. Fifty years ago, the world economic order--two hundred years in the making--was already characterized by a vast difference in per capita income between rich and poor...