The intensified controversy in recent years over the Davis-Bacon Act, which requires the payment of prevailing wages on federally funded construction projects, has resulted in several new studies of the effects of that act. This invited paper reviews the evidence presented in these recent...

Good information is required for policy analysis and forecasting. This paper reviews the broad range of information problems that face an analyst or forecaster. Two distinct situations are considered: (1) the need to explain the current structure of an economic sector, and (2) the requirement to...

Human capital studies do not usually consider whether an individual is paid an hourly wage or a salary. The authors of this paper develop a conceptual framework that explains why some workers are paid salaries and predicts that salaried workers will invest more in human capital than will hourly...

James Tobin was renowned as an economist of great distinction. Moreover, his students and colleagues witnessed dimensions of his personality and behavior often unknown to others. Up close, Tobin was a memorable figure who made lasting impressions on those he taught and influenced. This article...