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.
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.
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.
Federal deposit insurance creates moral hazard that encourages risky banking practices and sets the stage for bank failures and financial crises. Alternatives to our current scheme include the creation of a more stable, privatized deposit insurance system, and the strengthening of market discipline through the lowering of mandated coverage levels, or doing away with deposit insurance requirements altogether.
We synthesize and elaborate on the existing research concerning the role of the Economic Freedom of North America (EFNA) index. Our consensus after reading this literature is that the EFNA index is largely positively related with normatively good outcomes, and negatively related to normatively bad ones, with a few exceptions.
The literature on economic freedom has primarily focused on nations, where differences are largest. However, though the differences in economic freedom within individual nations are smaller, there are numerous advantages of examining issues at the sub-national level. In this chapter we discuss these sub-national indices of economic freedom and issues related to their use by empirical researchers.
Nate Silver, today’s most influential statistician and founder of the award-winning data website FiveThirtyEight, will join Tyler Cowen for a wide-ranging, intellectual dialogue as part of the Conversations with Tyler series.
Conversations about consumer credit often reflect utopian visions of the world. Many people imagine that a few tweaks to regulations can ensure that everyone has the money needed to feed, clothe, and shelter the family. According to this logic, if households need to borrow money, lenders will treat them fairly, charge little, and always be repaid. But no matter how hard we all try, a well-crafted regulatory framework cannot bring us this utopia. Deliberate, empirically informed regulators, however, can do much to preserve and expand consumers’ options along the nonbank-supplied small-dollar loan landscape.