Long-term economic development involves four fundamental processes: the exploitation of increasing returns to specialization, the transition from household to market production, knowledge and human capital accumulation, and industrialization. In this paper, we integrate these processes into a...

Counterfactual experiments with the Reserve Bank of New Zealand's core model provide some insight into the implications for New Zealand's economic performance over the 1990s, had it credibly fixed its currency to the Australian dollar. If New Zealand had faced the relatively more stimulatory...

Intrinsically trustworthy agents never cheat. A society's willingness to trust and the quality of its institutions have their origins in the intrinsic trustworthiness of its citizens. Trustworthiness is the basis for maximizing output in economic exchange and in explaining differences in...

A series of high-profile food-related scares around the globe has drawn attention to the issue of food safety and other health risks associated with agriculture. Because the scope of the problem is different at different levels of economic development, we need nuanced policy options to promote...

In corporate form, the constituting feature of the modern corporation, a top management monopolizing capitalist functions per se controls through financial and policy mechanisms a middle element of supervisors, engineers and other technicians and professionals who in turn control by...