This paper talks about the empirical demand theory as described in the textbooks as well as the one estimated in econometric work. Thus, the argument of this paper is that the gulf between the theory of demand as described in textbooks and the procedure followed in estimating demand curves is...

Tax evasion is analogous to deadweight loss in its effect upon the rules for cost-benefit analysis of public sector projects. Deadweight loss and tax evasion both cause the marginal cost of public funds to increase as tax payers attempt to reduce the tax base in response to increases in tax...

We know that people strike bargains and that civilized life could not proceed otherwise. We do not know how bargains are struck. We have no explanation of bargaining, comparable to the general equilibrium in the economy, accounting for essential features of bargaining as we know it with...

How is real capital measured by government statistical agencies? How could this measure be improved to correspond more closely to an economist's ideal measure of capital in economic analysis and prediction? It is possible to construct a single, reliable time series for all capital goods,...