The introduction of competition forces regulators to address the historical practice of using of implicit cross subsidies to maintain uniformly low local telephone service rates. The Federal Communications Commission recently adopted rules to remove a portion of these implicit subsidies by...

At least since 1950, the U.S.economy has benefited from increases in both educational attainment and research intensity. Such changes suggest, contrary to the conventional view, that the U.S.economy is far from its steady-state balanced growth path. This paper develops a model in which these...

The paper sets out the economic case for the effectiveness of open, collaborative research, and the forces behind the recent, countervailing rush to strengthen and expand the scope of intellectual property rights protection. Focusing upon innovations in copyright law and the sui generis...

Three styles of explanation have been advanced by economists seeking to account for the so-called "productivity paradox". The coincidence of a persisting slowdown in the growth of measured total factor productivity (TFP) in the US, since the mid-1970's with the wave of information technology...

In response to huge budgetary shortfalls in the early 1990s, the University of California offered its older and longer service employees financial inducements to leave. This paper analyzes the responses of UC's faculty to three waves of buyout incentives. It is estimated that an individual...

Since World War II, developing nations have embarked on two massive changes in telecommunications policy. The first was the wave of nationalization of private companies that took place mostly in the 1950s and 1960s, and the second is the now ongoing process of re-privatization and, to a lesser...

The statistical link between executive compensation and firm performance is well established. I explore two features of the relationship that have not yet been addressed empirically. First, does the relationship itself change depending on firm performance? I find that, on average, executives are...