This essay examines how the entrepreneurial role has changed over time in the context of an evolving American economy since the Civil War. Because entrepreneurs do what the market has failed to do by itself, entrepreneurs and the market are complementary to each other. It is, therefore, not...

A partial equilibrium model of stochastic crop production is used to analyze the environmental impacts of popular subsidized crop insurance programs. Land use is unchanged only when an actuarially fair, perfectly separating insurance contract is offered. For the more typical pooling equilibrium...

Among the many remarkable achievements in the People's Republic of China, one of the most significant has been the development of the commune system. Since 80 percent of the Chinese people live on the farms, the development of a stable agricultural sector is essential to the overall stability...