In the 1900s, the European film industry exported throughout the world, at times supplying half the US market. By 1920, however, European films had virtually disappeared from America, and had become marginal in Europe. Theory on sunk costs and market structure suggests that an escalation of sunk...

New research on historical national accounting has provided a more comprehensive picture of European economic performance from the medieval period through industrialization and the transition to modern economic growth. These data confirm anecdotal arguments that pre-industrial economies were not...