This new edition of the leading text on business and government focuses on the insights economic reasoning can provide in analyzing regulatory and antitrust issues. Departing from the traditional emphasis on institutions, Economics of Regulation and Antitrust asks how economic theory and...

FISHER and TEMIN (1973) have arguedrecently that many empirical studies1 relatingto the Schumpeterian hypothesis are inappropriatefor testing that hypothesis. Theyobserve that Schumpeter can be interpreted ashypothesizing that the elasticity of the value ofresearch and development (R and D)...