Until recently, macroeconomists, in their efforts to explain and predict levels of employment and output and related indicators for the national economy, operated on the assumption that the geographic distribution of economic activity within the national borders is irrelevant to their theories...

The paper illustrates some of the well-known problems with cointegration analysis in order to provide some perspective on the usefulness of cointegration techniques in applied economics. A number of numerical examples are employed to compare econometric estimation on the basis of both...

Economics in the future should embody "the welfare economics of markets" in a dynamic, nonequilibrium, evolutionary framework. This economics will include a "return to increasing returns" as a central research program. And, relatedly, the intersection between economics and ethics will...

Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and...

Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and...