The Varsity Blues investigation uncovered a seamy side of university admissions. Multiple wealthy parents were indicted for securing their children’s admission to selective institutions through bribery. Despite the publicity the indictments and guilty pleas received, and the public...

In The Nature of the Firm, Ronald Coase explains how firms represent a suspension of the market mechanism. The allocation of activities depends on the relative costs of organizing activities within the firm versus direct reliance on the market. Despite Coase’s insight, economists often treat...