Industrial organization economists have generally treated the firms operating within industries as fairly homogeneous. The firms are assumed to be similar in terms of the main decision variables so that there are few differences in the price: output, and product strategies preferred by each...

How well does the “Law of One Price” operate across countries? Interest in this question has been stimulated by the Monetary Aproach to the Balance of Payments (Frenkel and Johnson (1975)) which uses the law to determine the price of traded goods in open economies.

Many states still limit or prohibit commercial bank branching. In addition, the McFadden Act prevents banks from branching across state lines. It has been suggested that anti‐branching laws inhibit competition in the banking industry. This follows from the notion that bank markets are...

The manning and readiness levels of the reserve forces have been a key issue in the debate of the efficacy of the All‐Volunteer Force (AVF) since the original recommendation for an AVF by the Gates Commission in 1969. General Maxwell Taylor (1981) has identified the AVF's principal failings as:

In introductory macroeconomics students first learn of the role of the Federal Reserve in the inflationary scheme of things. This usually involves a discussion of monetary policy and, in general, its recent failings. At lecture's end, the most pessimistic student (probably the most attentive)...

Recently there has been increased interest in accelerated depreciation as a policy tool that could induce firms to invest more and so lead to faster growth rates of productivity and output. These issues have been discussed at various times in the past with some ambiguous conclusions, but with...

Family traditions in business operations are common throughout recorded history. From an economic perspective, occupational following may occur voluntarily because valuable, job‐specific human capital, which is transferred at low cost from one generation to the next, raises the son's expected...

The size distribution of income, or income inequality, has long been a concern to scholars in many disciplines tor different reasons. Statisticians have approached the distribution of income among individuals as a stochastic process. Economists have sought to explain income distribution by...