Richard Wagner's chapter in 'Public Choice, Past and Present' explores the legacy of James Buchanan and Gordon Tullock as it pertains to the establishment of public choice as a field of scholarly inquiry.
Market supporters have consistently emphasized that markets make it so that selfinterested or even greedy individuals can only help themselves by serving their fellow men and women. This channeling of self-interest away from predation and toward profit seeking explains why market economies tend to be materially prosperous. Yet if markets only succeed in providing a wealth of goods and services at the cost of turning people into myopic hedonists, then it might very well be reasonable to despise them. The moral meanings of markets, however, are not suspect. This article offers a critique of the traditional defenses of the morality of markets and explains how markets depend on and promote virtue.
The notion that state capitalism (an economic system “in which the state functions as the leading economic actor and uses markets primarily for political gain”) is a new form of capitalism emerging in the global arena has been recently advanced by several authors. This paper explores the problem of the nature of this system in the light of these claims to novelty.
As the 100th anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation’s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we ﬁnd the following: (1) The Fed’s full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed’s establishment. (2) While the Fed’s performance has undoubtedly improved since World War II, even its postwar performance has not clearly surpassed that of its undoubtedly ﬂawed predecessor, the National Banking system, before World War I. (3) Some proposed alternative arrangements might plausibly do better than the Fed as presently constituted. We conclude that the need for a systematic exploration of alternatives to the established monetary system is as pressing today as it was a century ago.
Hurricane Katrina hit the Gulf Coast on 29 August 2005, leaving a great deal of destruction, pain, and uncertainty in its wake. Post-disaster community rebound is a collective action problem where every individual’s decision to rebuild is impacted by the likelihood that others in the community will rebuild.
The field of corporate governance has long considered the costs of the separation of ownership from control in publicly traded corporations and the regulatory and market structures designed to limit those costs.
Maryland should end the SAC and instead adopt a strict mathematical rule to limit spending based on the sum of the increase in population and inflation. Such a TEL must work with other institutional reforms in order to effectively meet the goal of limiting spending as intended by the designers of Maryland’s Spending and Affordability Committee.
There has been no shortage of attention devoted to cybersecurity, with a wide range of experts warning of potential doomsday scenarios should the government not act to better secure the Internet. But this is not the first time we have been warned of impending dangers; indeed, there are many parallels between present portrayals of cyberthreats and the portrayal of Iraq prior to 2003, or the perceived bomber gap in the late 1950s.
Information, investment and innovation are the engines of economic growth in the 21st century. Yet regulatory accumulation and outdated regulatory processes are preventing both the private and public sectors from effectively using the three “I’s” to solve problems and grow the economy.
In the first half of 2016, the US economy skirted close to recession territory but so far has registered positive growth. What are the major forces that seem to be driving the slow-growth economy? Is the economy getting stronger? Or, will we hit recession territory before the end of the year?
Join us for a discussion with Mercatus Research Fellow Christopher Koopman, who will explain the greatest threats to capitalism today and what reforms could put us on the path to the next Industrial Revolution.
In this book, Adam Thierer argues that if the former disposition, “the precautionary principle,” trumps the latter, “permissionless innovation,” the result will be fewer services, lower-quality goods, higher prices, diminished economic growth, and a decline in the overall standard of living.