We stand on the cusp of the next great industrial revolution thanks to technological innovations and developments that could significantly enhance the welfare of people across the world. Inventions previously seen only in science fiction, such as artificial intelligence, connected devices and 3D printing, will enable us to connect and invent in ways we never have before, notes a recent World Economic Forum report on the amazing technological revolutions that could be coming.
We assess the effects of both regulatory changes on railroad safety with the use of RegData and find that partial economic deregulation is associated with improved safety. Safety regulation was most closely associated with improved railroad safety during the period when economic regulation curtailed railroads’ incentives to operate safely.
Married women in the early nineteenth century United States were not permitted to own property, enter into contracts without their husband’s permission, or stand in court as independent persons. By the dawn of the twentieth century, legal reform in nearly every state had removed these restrictions by extending formal legal and economic rights to married women. Legal reform being by nature a public good with dispersed benefits, what forces impelled legislators to undertake the costs of action?
This paper proposes a new cancer risk assessment strategy and methodology that optimizes population-based responses by yielding the lowest disease/tumor incidence across the entire dose continuum. The authors argue that the optimization can be achieved by integrating two seemingly conflicting models; i.e., the linear no-threshold (LNT) and hormetic dose–response models.
A successful president, e.g., one who can be reelected or help to pave the way for the party in the next election, must find ways to steer bureau activities in his preferred direction while delivering on regulatory promises made in the process of being elected. Our review of all empirical work on White House review as well as our own institutional and statistical findings yield strong support to the notion that the review process provides opportunities to make presidential preferences operational.
At least 70 percent of the recent slowdown in healthcare spending can likely be explained by long-standing patterns in healthcare spending related to changes in income, insurance, and provider market characteristics.
The U.S. welfare state is rushing toward a fiscal cliff. Without a dramatic cut in government spending or a steep increase in taxes, the nation’s massive indebtedness will spark a fiscal crisis likely to force citizens and politicians to reassess the government’s role in the economy and to consider free-market, civil-society-based alternatives.
This paper is an attempt to contribute to the microfoundations debate by discussing the distinctive methodological characteristics of the Austrian school, and how they relate to different conceptions of equilibrium and general equilibrium models.
As the world’s first decentralized digital currency, Bitcoin has the potential to revolutionize online payment systems and commerce in ways that benefit both consumers and businesses. Individuals can now avoid using an intermediary such as PayPal or submitting credit card information to a third party for verification—both of which often involve transaction fees, restrictions, and security risks—and instead use bitcoins to pay each other directly for goods or services.