National diversity and world progress

This paper argues that national boundaries may be more beneficial than economists usually recognize because a world of many nations provides a highly favorable environment for innovation, experiment, and evolutionary improvement in methods for meeting a wide range of human needs. The nature and a few implications of this argument are explored. The sort of system of nations that would appear desirable for fostering long-run progress through parallel experiment and selective interchange is then compared with the dimensions of nations that would seem desirable to promote other objectives, especially good government, optimal international relations, and output from given resources.     

THE EXAMINATION OF DIRECTORS‘ REPORTS BY AUDITORS: FURTHER EVIDENCE

Knowledge of the practices of auditors in examining directors' reports of their Australian client corporations should provide useful insights for users of directors' reports, legislators and the professional accounting bodies.     

Product-market competition and executive compensation

This paper examines how product-market competition affects the level and composition of executive compensation. The results of our theoretical and empirical models suggest that the incentive component of an executive's compensation tends to be higher in more competitive markets.