Generalizes existing models of credit markets under asymmetric information. The general model accommodates the adverse selection arguments of Stiglitz and Weiss and the favourable selection arguments of de Meza and Webb, and contains their models as special cases. Market equilibrium may exhibit...

Generalizes existing models of credit markets under asymmetric information. The general model accommodates the adverse selection arguments of Stiglitz and Weiss and the favourable selection arguments of de Meza and Webb, and contains their models as special cases. Market equilibrium may exhibit...

Discusses Milton Friedman's Capitalism and Freedom, on the fortieth anniversary of its publication.

Discusses Milton Friedman's Capitalism and Freedom , on the fortieth anniversary of its publication.