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We examine effects of entering the labor market during a recession on subsequent employment and earnings for Japanese and American men, using comparable household labor force surveys. We find persiste...
The United States has been searching for some years for a viable energy policy. Energy policy became a matter of prominence in the early 1970s, when world oil prices began to climb and OPEC emerged...
Of the various ways in which energy enters into American foreign policy, the most important for national security is the heavy dependence of the United States and most of its allies on oil from unre...
Federal tax reform has been a major subject of contemporary debate. Certainly the current system is severely deficient with respect to the trinity of public finance criteria usually applied in evalu...
Introduction From the early postwar years to August 1971, Japan maintained a fixed exchange rate againstthe dollar, After that date, and particularly after March 1973, both the dollar and the yen w...
Over the past decade, the federal government of the United States has eliminated or substantially reduced the regulation of price and entry in domestic aviation, trucking, railroads, interstate buse...
Transacting in the marketplace can be a very costly activity. Economic growth, in part, depends upon the development of institutions that minimize the cost of exchange (Barzel 1982 and 1989). An imp...
Any significant government intervention beyond the limits defined by the minimal or protective state will counter, indeed may block, the dissipation of rents (Buchanan 1980: 7). Rent-seeking activit...
After having all but forgotten free banking for decades, in the last 25 years economists have rediscovered its history, updated its theory, and explored its relevance to the spread of electronic mon...
A copious body of theoretical literature has developed that maintains that rent-seeking activity (RSA) inhibits economic growth by diverting resources from productive uses (Buchanan 1980; Tollis...
The creation of the euro in January 1999 was a milestone in monetary history. One currency supplanted the centuries old currencies of 12 sovereign nations, and the European Central Bank began conduc...
Over the past 20 years, the U.S transfer system has seen a substantial shift in responsibility from the federal government to state governments. States have been given increased flexibility in setti...
Is inflation targeting suitable for the United States? I am inclined to say “Yes,” but there are some issues and qualifications that need to be discussed. First, what is inflation targeting? Second,...
Using two single-cohort longitudinal surveys, the NLS72 and the NELS88, I investigate the impact of four noncognitive traits—self-esteem, external locus of control, the importance of money/work and th...
We estimate trends in intergenerational economic mobility by matching men in the Census to synthetic parents in the prior generation. We find that mobility increased from 1950 to 1980 but has declined...

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