Abstract My theme is of a Rise and a Fall of understanding, coming from a failure to measure ones understanding. Down to 1848 the new field of political economy was gradually coming to understand the system of market-tested betterment (lamentably called by its enemies “capitalism”). After...

Abstract Over the years, it has frequently been argued by economists that lighthouses need to be provided by the state. Ronald Coase demonstrated, in fact, that they could be provided privately. The same is true of financial regulation. Though many economists, using blackboard economics, argue...

Abstract This paper introduces a game framework for farmland rent contract choice which incorporates the characteristic uncertainty about the quality of agricultural factors and heterogeneous agricultural attributes matching with rural land leasing contract and the dynamic contracting behavioral...

Abstract There cannot be growth in the v. Neumann growth model where active firms produce inputs and outputs for each other and balance their budgets.