The Internet has long been argued to have “flattened” the world. However, a variety of work has shown that frictions do remain, deriving from biases and preferences tied to individual-level differences, e.g., cultural, demographic, and geographic. Such biases, if present, are undesirable...

I document that for a group of 38 countries ranging from low to high income: (1) the share of skilled managers is higher in richer countries, (2) the relative income of managers to non-managers is lower in richer countries, and (3) the relative income of skilled to unskilled individuals is lower...

We study many-to-one matching markets in a dynamic framework with the following features: Matching is irreversible, participants exogenously join the market over time, each agent is restricted by a quota, and agents are perfectly patient. A form of strategic behavior in such markets emerges: The...

Frank H. Knight's classic, Risk, Uncertainty and Profit, became a standard textbook and reference for students at the University of Chicago, the London School of Economics and Political Science, and elsewhere from the 1930s until at least the 1950s. Knight never published new or revised editions...

Paper presented at "The Legacy of Chicago Economics" conference at the Becker-Friedman Institute for Economic Research, The University of Chicago, October 5, 2015. A survey of Frank Knight's contribution to the Chicago School, and a consideration of how the School moved away from Knight's...

The paper considers the significance of the problem of policymaker ignorance for political efforts to limit human suffering due to the COVID-19 pandemic. To the extent that policymakers are ignorant of knowledge required to deliberately realize this goal, it can be realized only if luck,...

We account for the sources of world productivity growth, using data for more than 36 industries and 40 major economies from 1996 to 2014, explicitly taking into account changes in the misallocation of resources in labor, capital, and product markets. Productivity growth in advanced economies...

The libertarian defense of free enterprise, free trade, and freedom from government regulations and controls is grounded in a normative commitment to individual freedom. The majority of the economics profession, including the Chicago School, are committed in the first instance to methodological...

This research was made to find out and analyze the factors that influence Learning Readiness in the form of Learning Motivation, Learning Discipline, and Learnin Media. The technique used in data retrieval is done by the method of data collection by distributing questionnaires to respondents...

Rapid urbanization is transforming the developing world, but the political consequences of this transformation are not well understood. In this paper, we argue that political contention and mobilization in the urban environment differs from other forms of political activity in its scale, speed,...