This note gives a method that can sometimes be used to find the long-run equilibrium output of a firm operating under imperfect competition and which differs from standard methods of output determination. Let X be a product supplied under oligopoly or monopolistic competition and suppose that,...

Part of Introduction: Firms in market economies compete along several dimensions other than price, and some economists have considered non-price competition to be more important, even to constitute the essence of capitalism. Schumpeter (1950) was notable among the latter, but the past...

Using an extension of a standard rent-seeking model, this paper shows that "inclusiveness", as defined and measured in the text, is the property of a political system that motivates government to deter destructive rent seeking. Highly-inclusive polities are likely to be democracies since...

In this paper, the author argues that a majority voting rule dominates a rule requiring unanimous agreement when a small number of voters is resolving questions of distribution. This is true, even though the majority rule yields no consistent ranking of alternatives, because of Condorcet's...

This paper examines the problem of sustaining economic growth in light of the dangers that rent seeking poses for growth. Three types of growth are identified, and each is linked to an economic system. While any of the three may persist for a time, only one can be permanently sustained....