CONTENTS Introduction 1 John J. Siegfried Overview : Highlights of the Benefits of Basic Science in Economics 6 Charles R. Plott COMMENT Daniel S. Hamermesh 36 COMMENT Daniel Newlon 40 1 The Evolution of Emissions Trading 42 Thomas H. Tietenberg COMMENT Wallace E. Oates 59 2 Better Living through Improved Price Indexes 63 Michael J. Boskin COMMENT Jerry Hausman 84 3 Economics and the Earned Income Tax Credit 88 Robert A. Moffttt COMMENT V. Joseph Hotz 106 4 Trade Liberalization and Growth in Developing Countries 110 Anne O. Krueger COMMENT Douglas A. Irwin 126 5 The Role of Economics in the Welfare-to-Work Reforms of the 1990s 130 Rebecca M. Blank COMMENT Nancy Folbre 143 6 Better Living through Monetary Economics 146 John B. Taylor COMMENT Laurence H. Meyer 164 7 The Greatest Auction in History168 R. Preston McAfee,John McMillan, Simon Wilkie COMMENT Jeremy Bulow 185 8 Air-Transportation Deregulation 188 Elizabeth E. Bailey COMMENT Nancy L. Rose 203 9 Deferred-Acceptance Algorithms : History, Theory, Practice 206 Alvin E. Roth COMMENT Peter Cramton 113 10 Economics, Economists, and Antitrust : A Tale of Growing Influence 226 Lawrence J. White COMMENT Kenneth G. Elzinga 249 11 Economics and the All-Volunteer Military Force 253 Beth J. Asch, James C. Miller III, John T. Warner COMMENT Walter Y. Oi 270 12 Public Policy and Saving for Retirement : The Autosave Features of the Pension Protection Act of 2006 274 John Beshears, James Choi, David Laibson, Brigitte C. Madrian, Brian Weller COMMENT Robert J. Shiller 291 Contributors 297 Index 301