The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies. The author reformulates the model proposed by Aguiar and Gopinath (2007) in a simple setting that can be used to teach business cycle macroeconomics for emerging market and developing economies at the…

Read the news about America's colleges and universities--rising student debt, affirmative action debates, and conflicts between faculty and administrators--and it's clear that higher education in this country is a total mess. But as David F. Labaree reminds us in this book, it's always been that way. And that's exactly why it has become the most…

Within the context of "Cambridge University Press et al. v. Patton et al.", this article provides the rationale for the academic distribution of scholarly articles without requesting copyright permission or paying the corresponding fees. The fair use of scholarly articles is examined legally, historically, and in an economic context. This article…

Local school districts differ in their ability to pay for teacher quality, and in the amenities they offer as places to live and work. Market clearing with heterogeneous quality yields geographically varying teacher salary levels that confound scarcity with unobserved differences in quality. The paper discusses identification and estimation of a…

Numerous design and repair services are nonstandard and have to be tailored to the needs of the individual buyers. Prospective sellers have to make preliminary efforts in order to come up with a plan, and buyers often consult a number of sellers before making a purchase. The literature on procurement studies such situations for the case of a large…

Explores various market segments in higher education, demonstrating how faculty salaries, faculty-student ratios, use of part-time faculty, and student choice follow the ordering of the market. Teaching practices, on the other hand, appear to be invariant across market segments. (EV)

Identifies inconsistencies in treatments of the perfect competition, monopoly welfare comparison in textbooks for economics instruction. Argues for explanation of how experiments are being conducted and explicit identification of all underlying assumptions. Suggests straightforward analysis of the social cost of monopoly based on a comparison…

Presents a market taxonomy for higher education, including what it reveals about the structure of the market, the model's technical attributes, and its capacity to explain pricing behavior. Details the identification of the principle seams separating one market segment from another and how student aspirations help to organize the market, making…

In this collection of essays six noted economists question the state of economic science today. Kenneth J. Arrow focuses on the theories of individual and social choice and general economic equilibrium. Arguing that macroeconomics is the key to understanding the modern economic system, Robert M. Solow provides an historical review of the ideas of…

Demonstrates that it is possible for economies of scale to induce a price-discriminating monopolist to sell in an unprofitable market where the average cost always exceeds the price. States that higher profits in the profitable market caused by economies of scale may exceed losses incurred in the unprofitable market. (CMK)

Public debate about school choice is often polarized between those who favor and oppose total free markets in education. However, the serious intellectual work on choice focuses on more moderate alternatives that involve a mixture of public and private accountability. A regulated market model of educational accountability would mix government…

Launching new or improved products to the market typically involves extensive collaboration within and beyond the enterprise. Succeeding in a customer-driven market economy demands the practice of simultaneous engineering. The standard engineering or engineering technology curricula continue to make efforts in providing students with opportunities…

Studies the institutional characteristics and strategic choices of successful academies operating under the New York Regents system from 1838 to 1850. Identifies single-sex education and denominational affiliation as important for success. Suggests frameworks for investigating variations among the 19th-century academies and discusses implications…

Describes the Collegiate Results Instrument (CRI), which measures a range of collegiate outcomes for alumni 6 years after graduation. The CRI was designed to target alumni from institutions across market segments and assess their values, abilities, work skills, occupations, and pursuit of lifelong learning. (EV)

Discusses the uses to which the Collegiate Results Instrument (CRI), discussed in another article in this issue, can be put by institutions and prospective students. Explores: What does the CRI teach an institution about its signature in the marketplace? How different are those signatures? Do they differ within and across market segments? What…