Ample mutual misunderstanding exists between the United States and China in their economic arguments. There is likely to be an important race between economic and demographic forces that will naturally redress the imbalances and the political imperatives for each country to stand tough and fight.

The advancement of human civilization hinges on trade. As we swap our goods and our ideas with one another, we are propelled into ever-increasing prosperity.

This paper provides a rough test of a broad and prominent class of political economy of trade models and finds them wanting. The class features governments with weighted social welfare functions, including the prominent model of Grossman and Helpman. Whether the government is the single domestic...

The advancement of human civilization hinges on trade. As we swap our goods and our ideas with one another, we are propelled into ever-increasing prosperity.

We explore the substitutability of formal and informal property rights using new survey data from Ecuador, where households have both formal and informal claims to urban residential property. We develop a model of property transactions that distinguishes between transferable and...

This paper considers the economic sanctions that were applied in the mid-1980s to pressure the South African government to end apartheid. It asks what role those sanctions played in the eventual demise of the apartheid regime and concludes that the role was probably very small. An alternative...

In this paper we explore the substitutability of formal and informal property rights. We analyze new survey data from Ecuador, where households have both formal and informal claims to urban residential property. The latter come from a variety of sources, including the activity of a local boss,...