Due to the interdependence of the contemporary world economy, the great American crisis of 2008-2010 rapidly has become the global crisis. However, it is not just another, only larger than before crisis. It is a fundamental crisis of the capitalist market economy based on neoliberalism....

The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States was released on January 27th, 2011. The strong political differences within the commission prevented the draft of a shared report. In addition to the majority report, two...

A formalization of the Coase-Williamson-Cheung theory of the firm is used to examine the trade-off between the firm and the market as institutions for organizing production in a dynamic, general equilibrium model with increasing returns to labor specialization. The model considers the...

The paper develops a dynamic, general equilibrium model of specialization-driven growth in which the private cost of coordinating among specialists is a function of public expenditure on physical and institutional infrastructure. Growth is characterized by endogenous increases in labor...