Tag Archives: North
Revolution, Income and Regional Decline: The American Revolution and the First American Great Depression
Using the framework of neoclassical institutional economics, new institutions are innovated if the perceived expected net gains are positive. That is, the benefits from the change should exceed the implementation costs plus the net benefits of the existing institutional arrangement. A primary ingredient of those gains must invariably translate into higher per capita income. As […]
Worthwhile Canadian Initiative 
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