Inflation targeting emerged in the early 1990s and soon became the dominant monetary-policy regime. It provided a much-needed nominal anchor that had been missing since the collapse of the Bretton Woods system.
How have federal personal income tax obligations evolved over the past 60 years? A common perception is that the federal income tax burden on the poor has increased while the tax burden on the rich has declined. This study focuses on three archetypical households.
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.
Have you ever had a car break down just as you felt you were beginning to get somewhere? And had to get out and hitchhike, hoofing it while hoping for a ride? If so, you know what it’s like to have your speed reduced to a crawl and to be hoping for a better ride. That’s the current situation with the economy.
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. …
Formal rulemaking requires agencies to make policy through a process akin to a trial; it involves cross-examination, burdens of proof, and a bar on ex parte communications. The idea is that formal procedures can help create better substantive policy. This form of rulemaking, however, is almost never used anymore. Instead, informal rulemaking—which is conducted through written comments, with no trial-like procedures—is now essentially the only type of rulemaking used.
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.
The F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center invites you to a panel discussion featuring Peter Leeson and his new book, Anarchy Unbound: Why Self-Governance Works Better Than You Think.
To reflect on the significance of Hayek’s Nobel Prize and the various strands of influence his work has had in subsequent decades of scholarship, please join us for a keynote speech and panel discussion by some of Hayek’s most prominent colleagues and interlocutors.
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.