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Considered the cutting edge of microeconomic theory in the 1970s, natural monopoly research remains an active and fertile field. Policy makers and regulators have begun to implement entry and pricing policies that are based on theoretical and empirical analyses. This book develops a comprehensive framework for analyzing natural monopoly.

A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.

The third edition incorporates the many additions to our knowledge of multinationals accumulated in research appearing in the past decade. It shows how economic analysis can explain multinationals' activity patterns and how economics can shed conceptual light on problems of business policies and managerial decisions arising in practice.

In recent years, economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. This book develops the idea of rational expectations and surveys its use in economics today.

This is the first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics. Its particular distinction is that it makes accessible, to non-specialists, those extensive modern refinements of general equilibrium theory which are linked to macroeconomics and monetary theory.

This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added.

The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.

This book provides a wide-ranging survey of the literature on exchange rate economics. The author describes different theories that attempt to explain the behavior of exchange rates, and outlines the salient institutional characteristics of the modern foreign exchange market in the context of an evolving international monetary system.

The family is a complex decision unit in which partners with potentially different objectives make consumption, work and fertility decisions. Couples marry and divorce partly based on their ability to coordinate these activities, which in turn depends on how well they are matched. This book provides a comprehensive, modern and self-contained account of the research in the growing area of family economics. The first half of the book develops several alternative models of family decision making. Particular attention is paid to the collective model and its testable implications. The second half discusses household formation and dissolution and who marries whom. Matching models with and without frictions are analyzed and the important role of within-family transfers is explained. The implications for marriage, divorce and fertility are discussed. The book is intended for graduate students in economics and for researchers in other fields interested in the economic approach to the family.

This book is a comprehensive survey of 'neoinstitutional economics', which integrates neo-classical economic theory and the effects of institutions on economic behaviour. This unified approach emphasises economics of property rights, the theory of the firm, cliometrics, law and economics. This book is a primary resource for economists and students studying this important branch of economic theory.

This authoritative book provides an up-to-date survey of the field of defense economics, synthesizing and unifying the vast range of literature in this area. All aspects of the economics of defense, disarmament, conversion and peace are embraced, analyzing both the demand and supply issues of defense spending.

This volume provides a survey of thought about exchange-rate determination as it emerged in the 1970s. The survey is intended to reach non-specialist professional economists whose balance-of-payments theory was learned before the 1970s, as well as to provide graduate students and advanced undergraduates with an up-to-date account of the field.

This book presents the major themes of the economic literature on natural resources and the environment. It is designed to bring the reader, in part with the aid of a unified model of optimal resource use, to the frontiers of the discipline, using only elementary mathematical models.

Social experimentation is a tool that enables economists and policy makers to test proposed economic policies in the real world. Instead of testing policies by analytical methods or by laboratory simulation, the policies are tested on people who would be affected were these policies implemented.

James Friedman provides a thorough survey of oligopoly theory using numerical examples and careful verbal explanations to make the ideas clear and accessible.

Labor Supply is a survey of and critical guide to recent theoretical and empirical work on labor supply models, both static and dynamic.

Capital theory and dynamics are cornerstones for almost every branch of economics. Except in a fictional world where the economies of yesterday, today, and tomorrow are identical, issues of capital formation and dynamic behaviour must always arise.

This study aims to identify and describe the principle economic issues associated with individual and population ageing.

A survey of the new theories of inflation that have developed over the past two decades in response to the inflationary pressures experienced by Western countries examines the shifting debate from explaining inflation as a "causal" process to explaining its increase as a result of constantly changing expectations.

There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in professional schools and programs oriented toward business, government and administration, and public policy. This book attempts to unify the subject matter in a simple, accessible manner. Part I of the book focuses on the economics of uncertainty; Part II examines the economics of information. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.