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Nowadays their theory, which aims to explain religious involvement in terms of rewards and compensators, is seen as a precursor of the more explicit recourse to economic principles in the study of religion as later developed by Laurence Iannaccone and others.
Economic topics notably discussed by Ekelund include the history of economic thought, the economics of regulation, the economics of religion, public choice theory, mercantilism, and the economics of the American Civil War blockades.