This paper demonstrates that the enforcement of property rights by enclosing properties under common access is, in general, socially suboptimal: the timing of enclosure may be inappropriate, causing inefficiency. It is argued that the first fundamental theorem of welfare economics applies for a...

This paper derives a general equilibrium demand-for-labor schedule within the Heckscher-Ohlin-Samuelson model of a large open economy and then introduces an economywide labor union that maximizes its utility subject to this demand schedule, thereby determining the real wage and, hence, total...