A plate tectonic model for the Cenozoic development of the region of SE Asia and the SW
Pacific is presented and its implications are discussed. The model is accompanied by …

Optimization of the part of consumers is shown to imply that the marginal utility of
consumption evolves according to a random walk with trend. To a reasonable approximation, …

An examination of data on output and labor input reveals that some US industries have marginal
cost well below price. The conclusion rests on the finding that cyclical variations in labor …

Output per worker varies enormously across countries. Why? On an accounting basis our
analysis shows that differences in physical capital and educational attainment can only …

The value of a firm's securities measures the value of the firm's productive assets. If the
assets include only capital goods and not a permanent monopoly franchise, the value of the …

In a market-clearing economy, declines in demand from one sector do not cause large
declines in aggregate output because other sectors expand. The key price mediating the …

AN IMPORTANT economic question is whether poor countries or regions tend to converge
toward rich ones. We want to know, for example, whether the poor countries of Africa, South …

… If this were the case, it would certainly weaken Hall's argument. I find less convincing Hall's
arguments that aggregate productivity shocks and GNP are likely to be uncorrelated. One …

Following a recession, the aggregate labor market is slack–employment remains below
normal and recruiting efforts of employers, as measured by help-wanted advertising and …

Two different models - one based on local geographical externalities and the other on the
variety of only locally available intermediate services - are shown to give rise to a simple, …