Commons sketches an institutionalist theory of property based on debt, that is a potential of expected income, and the vector of which is the monetary system. His monetary theory of the credit cycle inspires from Wicksell and Fisher’s debt-deflation theory, rather than from Fisher’s quantity...

Mark Blaug brought his usual standards of historical awareness and respect for empirical content to bear when he wrote about the Quantity Theory of Money, but he hesitated to probe too deeply into the political and ideological elements of its history, perhaps leading him to underestimate their...

We argue that once we take into account the students’ rational enrollment decisions, mismatch in the sense that the intended beneficiaries of affirmative action admission policies are made worse off ex ante can only occur if selective universities possess private information. Ex ante mismatch...

Firms engaging in innovative practices have patents to prevent competitive forces from eroding the resulting economic rents; however, there is limited evidence regarding the impact of innovation on risk. We shed new light on how firms' involvement in innovation activities impacts their...