This article analyzes the effects of the popular election of a monopoly regulator on the structure of the resulting price system. Consumers are differentiated by income and vote on a regulator who implements a two-part tariff for all consumers. The structure of the winning tariff depends on the...

Empirical studies of factor proportion theory face the challenge of measuring factor abundance in a world with many factors of production and countries. This paper introduces a mean weighted measure of factor abundance, and using data for nine factors and 33 countries, presents the resulting...

The link between output changes and factor-mix adjustments in general equilibrium is examined for each of nine industries using pooled data from 12 developed countries over the years 1970-85. Specifications of the Stolper-Samuelson theorem and the specific-factors model of production are built...

This paper employs a reduced form structuralist model of inflation in the OECD over the period 1985--2009 to find out whether domestic prices respond symmetrically to rising and falling import prices. We find that the response is asymmetrical: domestic prices rise when import prices rise but...

An inherent affinity exits between the evolutionary interpretation of the invisible hand and the science of complexity. The evolutionary interpretation regards the market economy as an adaptive, self-organizing, and evolving process while the science of complexity studies the endogenous...