How do memory limitations affect economic behavior? I develop a model of memory grounded in psychology and biology research to investigate this question. Using this model, I study the case where people apply Bayes rule to the history they recall as if it were the true history. The resulting...

A question of considerable significance that confronts our nation's universities in general and our institutes of technology in particular is the apposite role of the liberal arts in an institute of technology. As such, the purpose of this paper is to provide an economist's perspective on the...

A question of considerable significance that confronts our nation's universities in general and our institutes of technology in particular is the apposite role of the liberal arts in an institute of technology. As such, the purpose of this paper is to provide an economist's perspective on the...

Novelty, innovation and surprises are ubiquitous in evolution and human social systems, with the adaptive immune system (AIS) and capitalism being respective exemplars. While novelty production embodies the hallmark of complex adaptive systems (CAS), as yet there is no consensus on what produces...

This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent voluntary redistribution of income or wealth. The theory...

This article analyzes the meaning and role of formalism in competition law. Drawing on general legal theory and philosophy, this article conceives of formalism as decision-making constrained by rules, whereby rules exclude considerations from the decision-making process. It analyzes the degree...