This paper argues that in the middle ages voting institutions emerged as mechanisms that allowed rulers to cooperate with subjects on mutually profitable projects. In spite of their utility, many of these voting institutions eventually declined. We test the model on the English parliament and...

The standard neoclassical model of economics is incapable of explaining why one form of organisation arises over another. It is a model where transaction costs are implicitly assumed to not exist; however, transaction costs are here defined as the costs of strengthening a given distribution of...

These volumes gather together a selection of autobiographical essays written by significant economists whose work is generally recognized to be at the forefront of the discipline as we enter the twenty-first century. The essays are largely based on introductions to volumes in the Edward Elgar...

The article shows that innovations are induced, since they become more profitable with the expansion of output. The amount of resources devoted to innovating activity, however, is in general not the optimal one because of the pressure of two opposing forces. On the one hand, competition between...

The Consumer Price Index (CPI) provides an approximation to the money income adjustment necessary to maintain an individual at a constant level of utility. Anne Scitovsky, in comparing the costs of treating certain medical problems in 1964-65 with those in 1951-52, arrives at results...