Using a sample of fisheries managed under the Magnuson Act, a probit model of the probability of property rights adoption is estimated. The probability of adoption increases as ex–vessel revenue increases and as proxies for transaction costs decrease.

A core question addressed in this paper is: Can mainstream economic methodology be improved, and if so, how? In the process, it also considers the following questions: Is there much scope for improvement of intellectual property strategy? Is such improvement valuable? Can economics, and in...

This paper examines the economic rationale of the ideas of Gladstone & Chadwick on railway regulation and the legacy of their ideas. In 1844 Gladstone proposed and implemented what we would now call price and quantity regulation whereas in 1859 Chadwick proposed competition "for the field", i.e....

The development of a mechanistic analytical approach – since mid-19th century to WWI, and beyond – is a well-known story in European economic thought, the story of Cournot, Jevons, Walras, Edgeworth, Pareto, and many others. We could refer to this tradition as “mathematical deductivism”,...

Many people believe in the "Law of Small Numbers," exaggerating the degree to which a small sample resembles the population from which it is drawn. To model this, I assume that a person exaggerates the likelihood that a short sequence of i.i.d. signals resembles the long-run rate at which those...

Under the leadership of two Yale PhDs, Franklin Ho and H.D. Fong, the Nankai Institute of Economics developed in the 1930s into one of China's best teaching and research programs. Faculty were constantly recruited from the products of leading western graduate schools. Important financial support...

This paper analyzes the way in which Keynsian economic analysis were introduced into China. Many of the details of the paper were based on interviews with a number of senior Chinese economists: Chen Dai-sun, Wang Chuan-lun, Wu Pao-san, Chen Chenhan, Tsui Shu-hsiang, and Gao Hong- ye. These were...

J.M. Keynes and F.A. Hayek had different economic ideas even though both were subjectivists seriously engaged with issues of time and uncertainty in economics. The source of the difference between their economic ideas was the difference between their philosophical ideas. Keynes was a Cartesian...