This article explains what cryptocurrency is and begins to answer the new questions that it raises. To understand why cryptocurrency has the characteristics it has, it is important to understand the problem that is being solved. For this reason, we start with the problems that have plagued digital cash in the past and the technical advance that makes cryptocurrency possible. Once this foundation is laid, we discuss the unique economic questions that the solution raises.
The papers in our series tell an important story about how federal regulators—whether by design or by effect—circumvent both the APA and OIRA oversight. Regulators thus can achieve their ends without adhering to the standard regulatory procedures that represent part of the checks and balances of American government. These procedures have been designed to ensure that technical expertise drives regulatory decisionmaking, as well as to ensure a certain degree of democratic accountability of regulators to the public.
Privacy law today faces two interrelated problems. The first is an information control problem. Like so many other fields of modern cyberlaw — intellectual property, online safety, cybersecurity, etc. — privacy law is being challenged by intractable Information Age realities. Specifically, it is easier than ever before for information to circulate freely and harder than ever to bottle it up once it is released. …
In this article, the authors summarize the system of presidential regulatory oversight through OIRA review, as well as analyze the incentives for agencies to cooperate with or avoid OIRA. The authors identify a broad array of agency avoidance tactics, as well as corresponding response options available to OIRA, the President, Congress, and the courts.
Scholars and practitioners have documented how regulatory agencies have increasingly relied on guidance, best-practice documents, policy statements, and other informal pronouncements to achieve regulatory ends. Agencies often do so to avoid executive regulatory review and other accountability measures that ostensibly slow the regulatory process. This paper adds to this growing literature to incorporate policymaking through the issuance of completely unenforceable threats.
In recent years, environmental advocacy groups have increasingly succeeded in using a faux litigation strategy to effectively trample the statutory regulatory framework and to shut out the states from important policy decisions. This policy-making process— called “sue-and-settle” or “suit-and-settlement”—not only violates the statutory framework, but also leads to haphazard policy making that should violate the standards of any serious policy analyst.
This article looks at the wisdom of proposed reforms to reign in nonlegislative rulemaking, which allow regulatory agencies to make policy without the procedural protections associated with legislative rules. Agencies are likely to react to a restriction on one type of policymaking activity to move to even more difficult-to-monitor methods of setting policy that escape oversight. Imposing regulatory procedures is as likely to result in a game of “Whac-a-Mole,” with agencies changing policy instruments to avoid oversight, as it is to improve oversight.
This paper illustrates four types of regulatory and quasi-regulatory activities that are operating outside Office of Management and Budget and benefit-cost review: (1) agency issuance of quasi-regulatory documents such as memoranda, policy statements, and guidance documents; (2) agency approval of state regulatory policies under federal laws that authorize selective waiver of federal preemption of state regulation; (3) federal agency issuance of hazard determinations related to technologies, substances, and practices that impact the litigation and regulatory environment; and (4) federal agency decisions to enter into binding agreements with pro-litigants favoring certain regulatory outcomes, where settlements create nondiscretionary agency duties to initiate new rulemakings.
This paper elaborates the notion of “crony capitalism” and advances an innovative approach to the analysis of the phenomenon in case, seen as a type of rent-seeking society. The argument leads to a pioneering attempt to elaborate an original theory of crony capitalism as a sui generis system.
In response to the financial crisis that began in 2008, in 2010 President Obama signed into law the Wall Street Reform and Consumer Protection Act, commonly referred to as the “Dodd-Frank Act." A “centerpiece of the [new law] was the creation of the Consumer Financial Protection Bureau (“CFPB”),” which was established in response to the perception of widespread failures in the federal consumer protection regime with respect to financial products and the belief that these regulatory failures contributed to
the financial crisis.
Join America’s Future Foundation and the Mercatus Center for a discussion on weighing the benefits and drawbacks of attending graduate school. Hear speakers from a variety of backgrounds offering advice for what your next step should be.
In Homer Economicus a cast of lively contributors takes a field trip to Springfield, where the Simpsons reveal that economics is everywhere. By exploring the hometown of television's first family, this book provides readers with the economic tools and insights to guide them at work, at home, and at the ballot box.