Economists often counsel against considering sunk costs in making decisions. But this advice is applicable in only a limited range of cases. Where the assets acquired through past investment are illiquid or specialized to a particular use, the advice to ignore prior commitments can be...

Institutions affect economic outcomes, but variation in them cannot be directly linked to environmental factors such as geography, climate, or technological availabilities. Game theoretic approaches, based as they typically are on foraging only assumptions, don't provide an adequate foundation...

In spite of its checkered intellectual history, and in spite of the myriad proposals of alternative models that claim both to account for the range of human behavior and to dispense with the need for selection above the organism level, a multilevel selection framework allowing for biological as...

Norms established through the process of socialization, perhaps voluntarily accepted or affirmed, perhaps building on certain genetic predispositions, provide part of the framework within which individuals pursue their self interest. Intellectually defensible microeconomic analysis, in its...

Galbraith, John Kenneth (15 Oct, 1908-29 Apr. 2006), economist and author, was born in Iona Station, Ontario (Canada) to Archibald Galbraith and Sarah Catherine Kendall. Galbraith, who advanced and reinterpreted institutionalist and Keynesian traditions in economics while promoting a liberal and...