Section 1 substantiates my claims about reputations. Section 2 corroborates my claims about insurance. Section 3 describes craft guilds' structure and the legal environment in which guilds operated. Section 4 establishes my argument's conceptual framework.

Some road-pricing demonstrations use an approach called "value-pricing", in which travelers can choose between a free but congested roadway. Recent research has uncovered a potentially serious problem for such demonstrations: in certain models, second-best tolls are far lower than those...

We survey modern models of delegation which assume that a boss and subordinate pursue their own goals. Among the major themes covered are thefolling: the conditions under which the boss will prefer to delegate versus those in which she will prefer to retain authority; the ways in which a boss...

For many countries in the world today and for much of history, investment in ordinary productive capital has been overshadowed by investment in enforcive capital: castles and siege machines; tanks, missiles and army barracks. We introduce a dynamic model which allows for investment in the latter...

This paper develops an overlapping generations general equilibrium model to show how the phenomenon of child labor can arise due to a combination of poverty and credit constraints. It further shows that in the presence of credit constraints, the incidence of child labor is positively related...

Although the world and its global economy become more and more integrated with each passing year, not all the correlated increase in trade could be unambiguously be called free trade. A significant share of world trade growth in the past generation has occured with state guided economies of...