Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a...

Economic Welfare presents an important collection of leading writings in the fields of policy evaluation. The volume focuses on the conceptual issues behind welfare economics, drawing upon contributions from economics, moral philosophy and social philosophy. The selected readings are designed to...

Online education has flexibility and cost advantages over in-class teaching and these advantages will grow with improvements in information technology. We consider likely market structures given that the quality aspects of online education exhibit endogenous fixed costs. Concentration in the...

The presence of iconic superstars declines in many fields of endeavor, and economics is no exception to those principles. As for political orientation, those raised up to relative prominence today fit the spirit of the times.