A number of empirical studies have failed to find a significant relationship between deficits and interest rates. This "non-finding" has become something of a stylized fact among many economists and is often cited as evidence of the validity of the Ricardian equivalence theorem. In this paper we...

The author develops an extension of the Ashenfelter-Johnson model of union wage bargaining to account for how diversification can improve a firm's ability to take strikes and therefore reduce wage settlements. To test the model, a wage equation is derived that is conditioned on the occurrence of...

The author develops an extension of the Ashenfelter-Johnson model of union wage bargaining to account for how diversification can improve a firm's ability to take strikes and therefore reduce wage settlements. To test the model, a wage equation is derived that is conditioned on the occurrence of...

This book explains why moral beliefs can and likely do play an important role in the development and operation of market economies. It provides new arguments for why it is important that people genuinely trust others-even those whom they know don't particularly care about them-because in key...

This book explains why moral beliefs can and likely do play an important role in the development and operation of market economies. It shows why the maximization of general prosperity requires that people genuinely trust others - even those whom they know don't particularly care about them. It...