This paper advances the ongoing discussion of methods for predicting movie box office revenues with two contributions to the methodology and an out-of-sample test of the model. The first innovation is the development of a two-stage model using publicly available pre-release indicators to predict...

Prison labor has both positive and negative effects. Keeping prisoners active, training and socializing them to be productive citizens after prison, and helping to pay for their incarceration are some of the positives. Potential crowding out of free labor and industry is the major potential...

This paper presents an analysis of Fair Trade using a general equilibrium model of an economy where externalities are present and where the institutional or legal framework needed to regulate these externalities may be weak. Weak institutions and externalities are common in the developing world,...

This paper formulates a theoretical model to investigate the determinants of the rate of innovation across economies that differ in important ways in industrial structure and face the possibility of asymmetric knowledge spillovers between industries. In particular, I wish to extend the model of...

This paper re-examines the empirical regularity of convergence in gross state product (GSP) per capita across US states. Patent data for the 48 continental United States and the District of Columbia, from the US Patent and Trademark Office, is used to account for innovation and technology...

Adam Smith's theory of the gains from trade has caused a great deal of controversy among economic theorists. Throughout much of his work Smith argues that markets efficiently allocate resources. Smith's treatment of the gains from trade, however, is considered inconsistent with his system of...

Traditionally, classical theorists assume a constant conventional share of wages in gross output. This assumption, together with fixed proportions, creates endogenous growth via an 'AK' style model. Pasinetti explored this model when the wage is allowed to adjust to ensure full employment. We...

This paper uses the concept of cointegration and a theoretical framework that incorporates transitional dynamics to re-examine the evidence concerning empirical support for 1st generation, semi-endogenous growth, and Schumpeterian growth. The data for the post-war US economy show that the...

Urban economists have long recognized that space is economically important. Evidence of the importance of urban agglomeration and the offsetting effects of congestion are provided in a number of studies of productivity and wages. Little attention has been paid to this evidence in the economic...