This research monograph provides systematic and comprehensive materials for applying inframarginal analysis to study a wide range of economic phenomena. The analysis is based on a new overarching framework to resurrect the classical notion of division of labor and specialization, which is an...

This paper reviews Austrian approaches to the firm and drafts a theory that emphasizes the firm as a market phenomenon. Here the firm is a vehicle for imaginative entrepreneurs to create artificially high factor density, thereby increasing its internal “extent of the market” to support...

For many years, the ideas of Knight and Keynes have been widely understood to overlap greatly and they are presumed to have developed notions of uncertainty that deeply intersect, both describing a state where outcomes have non-probabilistic likelihoods. Further, even their political...

This paper develops a general equilibrium model to simultaneously endogenize the level of division of labor, the extent of the market, the degree of inequality of income distribution, and aggregate productivity. It shows that good capitalism with free markets for all goods including government...