September 28, 1999 -- Version 2.0 <p> This paper studies a growth model that is able to match several key facts of economic history. For thousands of years, the average standard of living seems to have risen very little, despite increases in the level of technology and large increases in the level...</p>

February 1997 <p> This paper documents the changes from 1975 to 1994 in four dimensions of male work behavior: weekly hours, annual weeks, annual hours, and the employment-population ratio. While employment-population ratios have fallen, hours have risen for high wage workers and have fallen for...</p>

Forthcoming in the American Economic Review <p>The LeChatelier principle, in the form introduced into economics by Samuelson, asserts that at a point of long-run equilibrium, the derivative of long-run compensated demand with respect to own price is larger in magnitude than the derivative of...</p>

May 20, 1997 <p>This paper presents a new, generic definition of relational financing that may cover a wide range of financial practices in different economies, ranging from the Japanese main bank relationship, to bank lending to smaller firms, and venture capital in the U.S. It then discusses...</p>

March 1999 <p> In this survey, I summarize and evaluate the extant literature concerning taxation and personal saving. I describe the theoretical models that economists have used to depict saving decisions, and I explore the positive and normative implications of these models. The central positive...</p>

September 1999 <p> Prepared for a special issue of Research Policy on technology policy issues, forthcoming in the year 2000 under the guest-editorship of Albert N. Link. <p> Is public R&D spending complementary and thus additional to private R&D spending, or does it substitute for and tend to crowd...</p></p>

August 1999 <p> For economies with a fixed finite set of traders, few results characterize Walrasian equilibria by their social choice properties. Pareto efficient allocations typically require lump-sum transfers. Other characterizations based on the core or strategyproofness apply only when, as in...</p>

September 1997 <p> Household survey data consistently depict large variations in saving and wealth, even among households with similar socio-economic characteristics. Within the context of the life cycle hypothesis, families with identical lifetime resources might choose to accumulate different...</p>

December 1997 <p> With specific reference to the American surge into world economic leadership in the decades bracketing the turn of the twentieth century, the paper advances two propositions: First, that American technological progress was a network phenomenon, growing out of the actions of large...</p>

February 1998 <p> In smooth exchange economies with a continuum of agents, any Walrasian mechanism is Pareto efficient, individually rational, anonymous, and strategy-proof.  Barberà and Jackson's (1995) results imply that no such efficient mechanism is the limit of resource-balanced,...</p>