As we understand it, the D.C. Circuit did not allow the EPA to consider the costs of complying with ozone and PM NAAQS. As we further understand it, this legal ruling can be overturned only by this Court. As economists, we believe that the D.C. Circuit's ruling not allowing the EPA to consider...

This brief retrospective note describes the author's occasional contributions to the economics of natural resources. It emphasizes the role and interpretation of the Hotelling condition and discusses the reasons why that result plays so small a role empirically. The concept of sustainability is...

A new Center on Capitalism and Society must begin by discovering the center of gravity of its own research. Its name is obviously too inclusive to define what it intends to do. That will eventually depend on the intellectual history of the scholars involved in the Center, and on the immediate...

Il primo articolo pubblicato di Franco Modigliani è divenuto uno dei testi base della moderna economia keynesiana. In esso ha formalizzato il modello (o almeno un modello) implicito nella Teoria Generale. Modigliani sosteneva che le caratteristiche conclusioni keynesiane poggiano...

The potential problem of reverse causality has been obvious to everyone. It has usually been met with the standard econometric dodge: using lagged values of slow-moving variables as instruments. But this cannot be a serious solution to the problem. The causality issue points to a deeper...