Public investment can cause the preferences of the decisive voter in one period to differ from preferences of the decisive voter in an earlier period. Forward-looking voters may therefore vote against a policy that would increase the incomes of all persons. The effect may arise when increased...

I will try to make sense of this trend in this paper by formally showing how material growth increases the time spent working in the market while it reduces the time spent in gatherings, in sumposia, with others. Public discourse requires time, to read, think, and interact with others. It is...

The authors explore the properties of various types of public and private pricing on a congested road network with heterogenous users allowing for elastic demand. Heterogeneity is reprensented by a continuum of values of time. The network consists of both serial and parallel links, which allows...

This paper analyzes processes of deflation and reflation in a debt-constrained economy. Nominally rigid debt obligations could limit firms' ability to reduce the output prices in response to a negative aggregate demand shock, giving ride to an under-employment equilibrium. The standard policy...