This paper compares some specifications for estimating current sub-state (county or MSA) income. A large number of trials are generated, using the data for Tennessee, in a procedure akin to a series of Monte-Carlo experiments. The out-of-sample forecast errors are examined to see which...

Technology differs from other features of culture in that the Boasian stance of cultural relativism seems less binding: one can argue that the technology of one society is superior or inferior to the technology of another. This comparison is possible because technological change—as described...

The neoclassical perspective, exemplified by Bertil Ohlin, predicts the fact of interregional per capita income convergence and is therefore often invoked in explaining its causes. However, convergence is also explained by other perspectives, such as Gunnar Myrdal's circular and cumulative...

Since the days of Walter Bagehot, a number of economists have described how financial development facilitates economic growth. An extensive empirical literature has subsequently established that the relationship between financial development and economic growth is conditioned by the cultural and...

Some land uses are considered incompatible. When a parcel is bordered by parcels with incompatible land uses, external costs will impact the property owner. Collective action by property owners then results in land use regulations designed to restrict neighboring parcels from incompatible uses....

An important area of consumer choice is time allocation and its role in dictating behavior. For the typical student worker, the time allocation decision involves three primary activities: paid employment, academic pursuits, and leisure pursuits. Exogenous factors such as the wage rate, price of...

Microfinance provides saving and lending services to the poor. It is not conceptually different from banking in the USA. People are able to save money at and borrow money from microfinance institutions. They are compensated for saving and charged for borrowing by an interest rate that compounds...

Previous research on intergenerational mobility in income, occupation, or social class as a Markov process typically uses regression models to analyze cross-sectional data. In this paper we draw data from the National Longitudinal Survey of Youth (NLSY) to build Markov transition states,...

Mayan towns in the Guatemalan highlands hold markets on specific days of the week. A market is attended by local townspeople, by peasants residing in the town’s hinterland, and by vendors bringing wares from other towns. A market functions to bring in goods from other ecological zones, to...

Consumers of higher education face a bewildering array of product and price combinations. We compare U. S. institutions with a Data Envelopment Analysis (DEA) multi-factor frontier using 2000-2001 data for 1,188 four-year institutions of higher education. The input is net price or tuition, fees,...