The money demand function has traditionally been estimated with income and interest rates, typically employing quite lengthy time series. Controversy, however, surrounds the importance of heterogeneous agents in monetary economics and throughout macroeconomics more generally. In particular, if...

For at least fifty years economists have argued that vertically-aggregated marginal willingness to pay, when set equal to marginal provision cost, will result in optimal public good provision levels. This methodological approach would be expected to yield an exact analog, in terms of optimal...

Why we do not spend enough on public goods--the author makes an economic case. The upshot is that we undervalue them.

In the 1970s, the percentage of high school graduates completing RN training increased with little change in the rate of return to training. During the 1980s, this percentage declined, despite large increases in the rate of return. The national data employed here examine long-run trends (with...