THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L. Mason and Rhonda Williams Many economists are willing to accept that race is a significant factor in US eco nomic and social affairs. Yet the professional literature displays a peculiar schizo phrenia when faced with the task of actually formulating what race means and how race works in our political economy. On the one hand, race matters when the dis cussion is focused on anti-social behavior, social choices, and undesired market outcomes. Inexplicably, African Americans are more likely to prefer welfare, lower labor force...

Conventional theory and policy either assume that markets are perfectly competitive or that they are imperfectly competitive, thus leading to prevailing views on monopoly. This book takes a radically different approach to the analysis of competition by rejecting the perfect vs. imperfect competition dichotomy.

THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L. Mason and Rhonda Williams Many economists are willing to accept that race is a significant factor in US eco- nomic and social affairs. Yet the professional literature displays a peculiar schizo- phrenia when faced with the task of actually formulating what race means and how race works in our political economy. On the one hand, race matters when the dis- cussion is focused on anti-social behavior, social choices, and undesired market outcomes. Inexplicably, African Americans are more likely to prefer welfare, lower labor...