Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...

The Semiconductor Industry Association (SIA) is promoting the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, introduced in Congress in June 2020. An SIA press release describes the bill as “bipartisan legislation that would invest tens of billions of dollars in...

Although recent international broadband penetration rankings have Congress concerned about U.S. broadband policy, these statistics should not play a large role in forming U.S. broadband policy, as they fail to take into account geographic factors, demographic factors and consumer preferences...

We examine the relationship between management turnover and product market structure in a sample of U.S. newspapers from 50 large cities over the 1950-1993 time period. Examining 6 key managerial positions representing 18,849 observation-years, we find evidence of significantly higher rates of...

In this paper we present a general approach and methodology for modelling concentration dynamics on industrial level. The majority of research in this field has usually been focused on estimating adjustment models, where the speed of adjustment of actual level of concentration to the long-run...

Concentration is a single summary statistic driven by two opposing forces: the number of firms in a market and the evenness of their market shares. This paper introduces a generalized measure of concentration that allows researchers to vary the relative importance of each force. Using the...

Using US micro price data at the city level, we provide evidence that both the volatility and the persistence of deviations from the law of one price (LOP) are rising in the distance between US cities. A standard, two-city, stochastic equilibrium model with trade costs can predict the...

What type of businesses do unions target for organizing? A dynamic model of the union organizing process is constructed to answer this question. A union monitors establishments in an industry to learn about their productivity and decides which ones to organize and when. An establishment becomes...

What type of businesses attract unions? A theory of union learning and organizing is developed to provide an answer to this question. A union monitors establishments in an industry to learn about their productivity and decides which ones to organize. An establishment becomes unionized if the...