The following propositions are argued. Technological advance is a necessary condition for sustained economic growth. It can be sustained by more then one set of institutions. Technology and institutions co-evolve. Although some institutions inhibit growth while others encourage it, no single...

This paper provides an efficiency explanation for regulation of sex, drugs and gambling (the so-called ``morality laws''). The argument is motivated by the observation that the design an enforcement of these laws often promotes discretion by the people engaging in such activities. We propose...

In this paper I intend to offer a general assessment of major alternatives in fisheries management. My analysis will be confined to fisheries management systems that are pertinent to industrially advanced countries, where the need for such systems is apparent and where the financial,...

We present a competing-auction theory of the labour market, where job candidates auction their labor services to employers. An equilibrium matching function emerges which has many of the features commonly assumed, including constant returns to scale in large economies. The auction process also...

Enterprises owned or run by workers are probably as old as capitalism itself, but they have never occfupied more than a small sector of any developed market economy. In this paper, we ask why this is so.

The paper examines the redistributive consequences of the economic integration of factor markets. We consider two countries that redistribute income among their residents. The social benefits in each country are financed by a source based tax on capital which is democratically chosen by its...

Discussing 'realism' has been a growth industry lately. Where once we might have heard philosophers argue over realism vs idealism or vs instrumentalism. Today the discussion concerns various types of realism. Basically the main question is: do the model's assumptions represent realty, that is ,...

This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices...