Highway robbery: complementary monopoly and the hold-up problem

We analyze the hold-up problem in the context of the Cournot–Ellet theory of complementary monopoly. The strategic interaction among travelers and two distinct owners of successive segments of a segment road is used as a metaphor for complementary goods that are traded sequentially. It is shown that when trade occurs double marginalization is eliminated. Furthermore, allowing for strategic placement of the tollbooths (simultaneous trade) avoids the hold-up problem but not double marginalization. Thus, this analysis suggests the endogenous creation of institutions among complementary monopolistic suppliers that assure their customers of not being held up whenever it is strategically possible.     

Hayek's Implicit Economics: Rules and the Problem of Order

The Review of Austrian Economics -     

Endogenous Money: What it is and Why it Matters

Endogenous money is widespread in economic theory. The post‐Keynesian contribution is identification of a causal link between bank lending and the money supply. Though driven by macroeconomic concerns, the post‐Keynesian debate has reduced to a microeconomic debate over the role of financial intermediaries in the accommodation process. In the IS–LM model endogenous money flattens the LM. This misses its substantive significance which is the discrediting of monetarist money supply policy rules and monetarist critiques of central banking, its identification of the key role of credit, and its provision of a credit‐driven theory of the business cycle.     

Societal marketing: A strategic view of the marketing mix in the 1970's

The marketing environment has experienced dramatic changes in the late 1960's and the 1970's. This article deals with the design of the marketing mix in the 1970's to meet the demand of its changing environment. It encompasses a conprehensive review of the marketing literature pertinent to the subject.