The average annual rate of productivity growth in the United States has fallen since the mid-1960s. One factor often cited for this trend is the slowdown in the level of R&D spending. In considering this factor, many researchers have examined the correlation between productivity growth and R&D...

This article constructs a decentralized growth model with two production sectors, one having competitive firms and the other oligopolists. Since capitalized pure profits for the latter sector constitute an asset which household savings must finance, we show that imperfect competition can reduce...

This article is concerned with the effects of regulation on the risk and value of the regulated firm in a dynamic context. Current regulatory practice is shown to be logically deficient, since it ignores the effect of regulatory policy on the cost of capital and therefore on the appropriate...

Book Review