To this author, it is remarkable how many economists defend high levels of income inequality. He argues to the contrary, that inequality not only breeds corruption and poor business practices, it is on balance detrimental to economic growth. His new book covers a lot of ground, but he has boiled...

It has long been convenient to think of markets as operating in continuous and uninterrupted ways as they find their way to economic efficiency. But this economist is interested in the real-world irregularities that can disrupt markets and, at times, whole economies. Can there simply be too much...

In this fascinating historical study, the author shows how the battle for patents and copyrights often undermined progress. In recent decades, intellectual property rights have been strengthened further. He admits that he has no fixed solution, but he argues the march toward such stronger...

Where average fixed costs are large compared to marginal costs, competition will drive industry into bankruptcy. During the last century, the chaos that competition created within the railroad industry caused many prominent U.S. economists to reject the market in favor of trusts, cartels, and...

This article describes Keynes's early analysis of replacement investment and his subsequent neglect of the subject, especially by his followers. It goes on to explain how this deficiency helped to mislead later economists who attempted to use Keynes as a guide for economic policy and theory and...