Using a simple OLG model where the research output of one generation provides inputs for the next, the paper explains how quality standards can become established in scientific competition. Researchers seek status, which they get if their results are used by the next generation. Quality is...

New Keynesian models and some models of growth rely on market power for their results. This sole focus on market power as the source for certain macroeconomic phenomena is misguided both theoretically and empirically. New Keynesian multipliers are closely related to standard measures of...

New Keynesian models and some models of growth rely on market power for their results. This sole focus on market power as the source for certain macroeconomic phenomena is misguided both theoretically and empirically. New Keynesian multipliers are closely related to standard measures of...

In this essay, we introduce the concept of Microjustice as an approach to tackle the problem of access to justice for those with limited resources. In addition to existing perspectives, we propose to analyze the justice sector as a 'market' with its corresponding chain of supply and a demand....

We model a key step in the innovation process, hypothesis generation, as the making of predictions over a vast combinatorial space. Traditionally, scientists and innovators use theory or intuition to guide their search. Increasingly, however, they use artificial intelligence (AI) instead. We...

The teaching of economic history is in decline in our schools and universities. Yet much can be learned from the ananlysis of historical economic events. In this paper, the author combines an analyis of the economic history of the nineteenth century railways and ICT booms with an explanation of...