Fisheries are often considered a paradigmatic example of the tragedy of the commons, and many fisheries around the world are indeed overfished. However, this article emphasizes that the biological health of many U.S. fisheries under federal management has improved over roughly the past decade....

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...