When gasoline is expensive, people grumble that big oil companies like Chevron and ExxonMobil are colluding to keep prices high. They’re wrong. The best way to understand why businesses aren’t ...

Current issues are now on the Chicago Journals website. Read the latest issue.One of the oldest and most prestigious journals in economics, the Journal of Political Economy (JPE) presents significant ...

Beyond benchmark measures like employment, growth, and inflation, economics encompasses the full spectrum of humanity. It affects—and reflects—everyone. Central bankers may be most acutely aware of ...

Economics lost a giant last week when William Baumol, an economist who taught at Princeton and New York University, passed away at the age of 95. With his colleague, William Bowen, Baumol proposed the ...

The 2016 Nobel Prize in Economics was awarded Monday to Oliver Hart and Bengt Holmström for their work in contract theory — developing a framework to understand agreements like insurance contracts, ...

In this paper, the author introduces the theory and method of transaction cost economics to identify the essence of e-commerce model by explicating its core objective and function. From the ...