The General Agreement on Tariffs and Trade (GATT) is a coordination compact. Tariff bindings illustrate a mechanism for making commitments credible. Reciprocity illustrates a means for redistributing cooperative gains. The Most-Favored-Nation (MFN) principle illustrates an attempt to keep...

How the government arrives at its official economic statistics deeply influences the lives of every American. Social Security payments and even some wages are linked to import prices through official inflation rates; special measures of national product are necessary for valid comparisons of...