Welfare Theory: History and Modern Results

This paper contains a fairly brief, but self-contained, version of the history of welfare economics, as well as the more modern welfare results. We introduce public goods and asymmetric information, and we hint at some of the modern mechanism design results. The paper also contains a section on welfare measures in a dynamic economy.Welfare Theory;

Learning in evolutionary environments

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A systematic approach to cancer: evolution beyond selection.

Cancer is typically scrutinized as a pathological process characterized by chromosomal aberrations and clonal expansion subject to stochastic Darwinian selection within adaptive cellular ecosystems. Cognition based evolution is suggested as an alternative approach to cancer development and progression in which neoplastic cells of differing karyotypes and cellular lineages are assessed as self-referential agencies with purposive participation within tissue microenvironments. As distinct self-aware entities, neoplastic cells occupy unique participant/observer status within tissue ecologies. In consequence, neoplastic proliferation by clonal lineages is enhanced by the advantaged utilization of ecological resources through flexible re-connection with progenitor evolutionary stages

"The Finance Constraint Theory of Money: A Progress Report"

The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress report appear in afestschrift for S.C. Tsiang, as he has been one of the most cogent critics of the conventional theory and a major architect of the finance constraint alternative. The issues a theory of money should address may be divided into three broad areas: (1) What is money and how is it special (2) What is the connection between money and its various "prices" (the general price level, interest rates, and exchange rates)? (3) What is the role of money in economic fluctuations? After some introductory material, each of these areas will be taken up in turn.