How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies...

A Kalman filtering technique is employed to test the convergent expectation hypothesis in the great German hyperinflation when the money supply is endogenously determined. After converting the model structure to a state space form, the parameters are estimated via minimization of a Gaussian...

Equal organic composition of capital (EOCC) is shown to be a necessary and sufficient condition for constant relative prices in no-joint production technologies with neoclassical production functions. It is then proved that such neoclassical technologies are regular (which implies that...