In a recent article Smith and Yates (Smith and Yates, 2003) argued that regulators could gain additional information about the optimal number of permits to issue from two-sided markets. This paper argues that they are incorrect in their assertion because the market they refer to is an asymmetric...

This paper argues that Robbins’ famous definition of economics was of “economic science” which he saw as only a narrow branch of the field of economics. Moreover, it was descriptive, not prescriptive, and was simply a statement that that was what economists were then doing in the science...