The idea of a kaleidic economy or society is strongly associated with George Shackle and his vision of Keynesian kaleidics. This essay asserts that the central thrust of the Austrian tradition in economic analysis can be described by the term Viennese kaleidics.
The authors assess the impact of two groups of economists; mainline economists who regard economics primarily as the science of exchange and mainstream economists who perceive economics primarily as the science of choice.
This paper explores the rise of the fiscal state in the early modern period and its impact on legal capacity. To measure legal capacity, we establish that witchcraft trials were more likely to take place where the central state had weak legal institutions. Further historical evidence supports our hypothesis that higher taxes led to better legal institutions.
The term “tax state” originated in a controversy between Rudolf Goldscheid and Joseph Schumpeter over the treatment of Austria's public debt in the aftermath of World War I and the dissolution of the Austro-Hungarian Empire. This essay explains that Goldscheid's analysis was more on the mark than Schumpeter's, and does so by exploring the logic of interaction between carriers of distinct forms of property-based action: one form is private property; the other form is common or collective property.
A crisis is an unexpected event that creates uncertainty and poses a direct or perceived threat to the goals and norms of an organization or society. While crises are ubiquitous, how societies respond to crises, and the way crises affect societies, is largely a matter of constitutional political economy. Drawing on a variety of insights from James Buchanan's research, this paper develops the political economy of crisis.
This paper analyzes “constitutional effectiveness” – the degree to which constitutions can be enforced – in the system of government vs. the system of clubs. Professor Leeson argues that clubs have residual claimants on revenues generated through constitutional compliance, operate in a highly competitive environment, and permit individuals to sort themselves according to their governance needs.
Omar Al-Ubaydli is a research fellow at the Mercatus Center and an assistant professor of economics at George Mason University. His primary research interests are experimental economics, political economy, and the economics of science.
Paul Dragos Aligica is a Senior Research Fellow at the Mercatus Center, and Senior Fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at George Mason University.
Peter Boettke is a University Professor of Economics and Philosophy at George Mason University, the BB&T Professor for the Study of Capitalism, and the Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at GMU.
Jack A. Goldstone is a senior research fellow at the Mercatus Center and the Virginia E. and John T. Hazel Professor of public policy at George Mason University. His primary research interests are economic growth in the global economy, the effects of population change on economic growth, the causes and outcomes of revolutions, and improving governance in developing nations.
The F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University and The Independent Institute invites you to a book discussion on Professor Peter Boettke’s new book, Living Economics: Yesterday, Today , and Tomorrow.
In 2010, Haiti was ravaged by a brutal earthquake that affected the lives of millions. The call to assist those in need was heard around the globe. Yet two years later humanitarian efforts led by governments and NGOs have largely failed.