Some Revolutions and Other Diplomatic Experiences

Technological Revolutions

In skill-biased (de-skilling) technological revolutions learning investments required by new machines are greater (smaller) than those required by preexisting machines. Skill-biased (de-skilling) revolutions trigger reallocations of capital from slow(fast-) to fast(slow-) learning workers, thereby reducing the relative and absolute wages of the former. The model of skill-biased (de-skilling) re...

Groupware: Some issues and experiences

Autocracy and Revolutions

Existing models of political transitions tend to treat either civil society or the incumbent as a unitary actor. Although useful in specific settings, both these assumptions are unrealistic in most cases and miss important dynamics, especially in cases of revolution. We develop a model of transitions in which two collective action games are nested within a larger political transformation game. ...

Some Experiences with Penicillin

In December 1944, penicillin was made available to the hospital by the surgeongeneral with the Government of Madras for clinical trial, and since March 1945, it has been purchased in the open market. The following report relates to the results and experience gained in the use of penicillin in the treatment of selected cases of infection which were sulphonamide-resistant, andcaused by organisms ...

Technological Revolutions and Stock Prices

During technological revolutions, stock prices of innovative firms tend to exhibit high volatility and bubble-like patterns, which are often attributed to investor irrationality. We develop a general equilibrium model that rationalizes the observed price patterns. The high volatility results from high uncertainty about the average productivity of a new technology. Investors learn about this pro...