This paper presents a case study of a well-informed investor in the South Sea bubble. We argue that Hoare's Bank, a fledgling West End London bank, knew that a bubble was in progress and nonetheless invested in the stock: it was profitable to "ride the bubble." Using a unique dataset on daily...

When the patent on a drug expires, there are substantial welfare gains to those consumers who, like the Food and Drug Administration, regard branded and generic versions as perfect substitutes. Standard price indexes fail to reflect this, since they treat generics as distinct new goods and 'link...

A new data set for approximately 1,000 largest manufacturing firms inthe United States during 1957-77 is analyzed using a standard production function framework augmented by the addition of R&D "capital" and "mix" variables. The results indicate that R&D continued to contribute to productivity...