This paper takes as its starting point Henry Neuburger’s injunction that taxationmust be seen as a contribution to the maintenance of the welfare state, not as adead-weight burden. It sets recent developments in the UK tax ratio in thecontext of changes in public spending, particularly on...

This paper analyses the shifting balance between public sector and privatesector welfare provision in the United Kingdom over the past two decades. Fivesectors – education, health, personal social services, housing, and incomemaintenance and social security – are examined over three time...

The contributory infringement rule assesses liability to a third party that contributes tothe infringement of a patent. Not only are firms that directly infringe liable, those whoindirectly contribute are also liable. We investigate how this rule affects the creation of anetwork of members...

When adjustment costs are present, cyclical preference and technology heterogeneities in aproduct’s markets induce cycles in production. We exploit cyclic and dihedral groupinvariances in an industry’s cost technology to describe these patterns. We show whenequilibrium cyclical pricing and...

Welfare in a two-product Cournot oligopoly is shown to increase (decrease) with an increase incorrelation between unit costs when the outputs complement (substitute) in demand. A morequalified correlation structure is required for the result to apply in a three-product Cournotoligopoly when...

This paper compares the welfare under two standard alternative exchange rate regimes, fixed andflexible, in a stochastic dynamic general equilibrium two-country setting. Conventional wisdomholds that countries often prefer low exchange-rate variability to stabilize trade. This may explainthe...

Programming models approximate market prices and quantities when regulations constrain firm choices, because market outcomes result when welfare is appropriately defined and includes performance and environmental constraints. This study discusses market operation in quality-constrained sectors,...