Using an extension of a standard rent-seeking model, this paper shows that "inclusiveness", as defined and measured in the text, is the property of a political system that motivates government to deter destructive rent seeking. Highly-inclusive polities are likely to be democracies since...

This note gives a method that can sometimes be used to find the long-run equilibrium output of a firm operating under imperfect competition and which differs from standard methods of output determination. Let X be a product supplied under oligopoly or monopolistic competition and suppose that,...

Part of Introduction: Firms in market economies compete along several dimensions other than price, and some economists have considered non-price competition to be more important, even to constitute the essence of capitalism. Schumpeter (1950) was notable among the latter, but the past...

In this paper, the author argues that a majority voting rule dominates a rule requiring unanimous agreement when a small number of voters is resolving questions of distribution. This is true, even though the majority rule yields no consistent ranking of alternatives, because of Condorcet's...