Online education has flexibility and cost advantages over in-class teaching and these advantages will grow with improvements in information technology. We consider likely market structures given that the quality aspects of online education exhibit endogenous fixed costs. Concentration in the...

Artists face choices between the pecuniary benefits of selling to the market and the nonpecuniary benefits of creating to please their own tastes. We examine how changes in wages, lump-sum income, and capital-labor ratios affect the artist’s pursuit of self-satisfaction versus market sales....

The authors consider the well-known theorem of A. Alchian and W. Allen (1964) that adding a per unit charge to the price of two substitute goods increases the relative consumption of the higher price good. The current literature misspecifies the conditions under which the theorem holds. When...

Progress is better for some consumers than for others. The authors analyze the factors governing how much a consumer gains from progress, defined as price declines and the introduction of new and improved products, and they show how these factors vary systematically across consumer groups....

Politicians are not neutral maximizers of the public good, they respond to incentives just like other individuals. We apply the same reasoning to those politicians in robes called judges. We argue that elected judges, particularly partisan elected judges, have an incentive to redistribute wealth...