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On the Misuse of Accounting Rates of Return to Infer Monopoly Profits
Accounting rates of return are frequently used as indices of monopoly power and market performance by economists and lawyers.' Such a procedure is valid only to the extent that profits are indeed
Disequilibrium Foundations of Equilibrium Economics
The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The
The Existence of Aggregate Production Functions
This paper discusses recent work on the existence of aggregate production functions in models in which capital goods are specific to firms and cannot be used interchangeably. It is found that this
Liquid Assets : An Economic Approach for Water Management and Conflict Resolution in the Middle East and Beyond
Liquid Assets shows that the common view of water as an inevitable cause of future wars is neither rational nor necessary. Typically, two or more parties with claim to the same water sources are
Aggregation in Production Functions: What Applied Economists Should Know
There is no subject so old that something new cannot be said about it. (Dostoevsky) Glendower: I can call spirits from the vasty deep Hotspur: Why, so can I, or so can any man; But will they come
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