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Chinese historians speak of dynastic cycles where periods of economic progress and decline coincide with the rise and fall of families of rulers, while economists speak of societies without technical change or involuntary unemployment as evolving into stationary states. This paper alters the...

From the Wealth of Nations to the present day, there has been a great cycle of opinion about the source of inefficiency, from Smith's sharp and unqualified contrast between private sector enterprise and public sector sloth, to Mill's qualified and reluctant allowance of large domains with the...

The marginal cost of public funds is the equilibrium price at the intersection of the appropriately-defined demand curve for and the supply curve of public expenditure. In a world with identical people and with no excess burden of taxation, that price would have to be 1. Otherwise the median...

Intensity of preference would be irrelevant to the outcome of public decision-making by majority-rule voting if each issue were resolved in a separate plebiscite. It is not irrelevant when issues are combined in platforms of political parties. Preference intensity can be represented as a...

This paper attempts to identify the costs and benefits of programs of firm-specific investment grants. The benefits arise from a divergence between private and social returns, such as might occur when new products are created or when workers are employed in depressed regions. The primary cost is...

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It has been observed by many that Jorgenson and Griliches' findings have profound implications about the nature and prospects of economic development. In this paper, the author proposes to show that Jorgenson and Griliches' evidence does not bear these implications, and that the inferences drawn...