The first article published by Franco Modigliani has become one of the basic texts of the modern Keynesian economics. It formalized the model (or at least one model) implicit in the General Theory. Modigliani argued that the characteristics Keynesian conclusions are based primarily on the...

This paper has two objectives. First, it reformulates the theory of optimal use of an exhaustible resource with more attention to the costs of extraction than has been customary in the literature. The output and shadow-price implications of optimal extraction are studied under these broader...

The traditional model of the equilibrium economic geography of a monocentric city is generalized to introduce congestion costs as well as distance costs of the transportation. This has the effect of generating more curvature in the equilibrium rent gradient than the early theory had suggested....