This paper analyzes the array of relationships that take place in the reconstruction process – political, economic and social – by considering under what circumstances they are situations of conflict or coordination. Historical attempts at reconstruction provide further understanding of how to achieve success.
Legal scholars and economists alike have been quite critical of F.A. Hayek’s legal theory. According to Richard Posner, Hayek’s legal theory is “formalist” and serves as a useless guide for legal and judges. We argue that these criticisms are misplaced, and we contend that Hayek’s legal theory cannot be separated from his economic theory. To establish this point, we trace the evolution of Hayek’s thought from his earlier writings in technical economics to his later writings on legal theory.
Following up on the recent studies by Stringham (2002, 2003), this paper focuses attention on the emergence of financial markets for several reasons. The common perception is that complicated financial instruments require state sanction to emerge. It is widely argued that in the absence of state regulation of of financial markets, cheating will be common. This paper shows, in contrast, that the evidence does not support this pessimistic view.
The aim of this paper is to elaborate on the Austrian school’s methodological orientation, which they named “subjectivism,” in a way that shows its affinity with the main thrust of John Dewey’s notion of the logic of inquiry.
This working paper was published in Business and Politics.
Internet wine sales and direct shipment to consumers have generated a significant policy controversy that pits consumers and wineries against wine wholesalers and officials in states that ban out-of-state direct shipment…
After the failure of western advice to aid former communist countries in their transitions to market economies, economists are faced with dilemma at the beginning of the 21st century that was widely recognized in the 19th century: to do good economics one must study the interaction of the economy, polity, and society.
The nation's economy at mid-year is operating like a three-lane expressway with one lane closed. GDP growth is breaking 2.0% when it should be 3.0%. But worse than that, the cars moving in the two open lanes are running on borrowed fuel that will someday have to be paid back.
The Mercatus Center’s clear-headed research is shaping the conversation on government spending, fiscal austerity, and financial market regulation. Come hear what the former New Zealand cabinet minister would do in this country to promote economic growth and fiscal responsibility.
"It [an incentive program geared toward a specific company] tends to undermine competition and lead to monopolistic behavior, so that means higher prices for consumers, potentially higher profits for producers,"
Like most academic economists, Mr. Cowen focuses on the next quarter-century rather than the next quarter. But new technologies like artificial intelligence and online education, increased domestic energy production and slowing growth in the cost of health care have prompted Mr. Cowen to reappraise the country’s prospects.