The body of theoretical and empirical research that objectively addresses the problem of corruption has grown considerably in recent years (Elliot 1997; Coolidge and Rose-Ackerman 1997; Gill 1998; Girling 1997; HDC 1999; Kaufmann and Sachs 1998; Mauro 1995; Paul and Guhan 1997; Shleifer and Vishnay 1998; Stapenhurst and Kpundeh 1998;...

Conventional economic theory suggests that economists' contribution to local government is primarily with respect to the production function type of knowledge. A characterization of local government decision making exposes some limitations on applicability of economic analysis of that kind....

Combining depth, length and breadth, the Great Recession is the worst economic downturn that the US economy has suffered since the Great Depression. Among other things, the recession reduced household income, caused significant changes in food prices and increased consumer uncertainties. These...

This paper presents a general equilibrium analysis of economic efficiency under externalities, transaction costs and non-convexity. It applies to market exchange as well as contractual arrangements. We show that the Coase theorem continues to hold under general conditions: the efficient...