I argue that math, like love, can cover a multitude of sins, and I use the neoclassical object of adoration, the Arrow-Debreu model, as the case in point. It is commonplace that the Arrow-Debreu (AD) model of general equilibrium does not describe the real world, but it is equally commonplace to...

The recent Enron-type scandals have reinvigorated the corporate governance debate. The purpose of this paper is to situate that debate in a much older and more fundamental debate about the organization of production. This paper presents a modern reconstruction of a property rights argument for...