The U.S. economy had experienced the "jobless recovering" after the 1990-1991 and 2001 recessions, which has been constantly puzzling the economists, market analysts, and policymakers. This paper uses a simple hiring game in an efficiency wage model framework to resolve that puzzle. Our...

This paper offers a resolution to an extensively studied question in theoretical economics: which measure spaces are suitable for modeling many economic agents? We propose the condition of “nowhere equivalence” to characterize those measure spaces that can be effectively used to model the...

There are two parts in our note. The first highlights Leo's contribution that earned him the Nobel prize in economics, from a personal point of view. The second discusses further questions that can naturally be addressed using Leo's conceptual framework