This paper applies the ideas found in the work of Adam Smith, the preeminent 18th century economist, to the field of management. Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity. He also conceptualized the 'invisible hand...

Market efficiency dictates it equally profitable to bet on any racing participant, including the favourite or longshot. However, a well-documented anomaly is that racetrack bettors tend to overbet longshots and underbet favourites. This study presents and tests two theoretical explanations for...

It is well established that geographic areas benefit, in terms of the share of government spending they capture, from having a legislator with longer tenure, holding constant the tenure of other legislators. However, the implications of this literature for how the total production of legislation...

In this article, we examine how the level of regulation affects the size distribution of businesses. To the extent that regulation functions as a fixed cost, it should lead to larger firm size. However, regulations may also lead to smaller establishments with firms outsourcing regulated...

In his book, Europe: A Constitution for the Millennium, Frank Vibert explores every major issue that will arise in the design of a constitution for a European political union. Can the theoretical constructs of constitutional economics be used to aid in the practical design of a European...

This paper uses the principles of constitutional economics to analyze the evolution of two international constitutions, the League of Nations Covenant and the United Nations Charter. A graphical model is used to illustrate the formation and success of the international organizations created by...