The Austrian School of Economics since WWII has increasingly claimed a unique position within the scientific community of economists. This paper argues that the most persuasive way to make this claim to uniqueness is to focus on the distinction scholars in the Austrian tradition place between information and knowledge in their work.
This paper examines the impact of the rule of law on human capabilities. Human capabilities are defined as non-monetary factors that improve well-being such as life expectancy, infant mortality, malnutrition, environmental factors, and education. This study estimates the impact of the rule of law on human capabilities by using an instrumental variables approach and instrument the level of development with an index for the rule of law.
The paper argues that scientific activity, despite exhibiting characteristics congenial to the economic way of thinking, cannot be generally studied as a catallactic process under prevailing institutional arrangements. Recent changes in the institutional context of science, however, suggest a widening scope for treating science as a market activity.
The authors reason by analogy to highlight previously unnoticed similarities between Searle and F.A. Hayek's critique of socialist planning. The study extends their insights to explain the failure of many reforms in Eastern Europe in the 1990's.
Boettke and Butkevich argue that a vibrant society is an entrepreneurial society. Institutions of governance must be established which reduce political uncertainty and encourage individuals to be willing to bet on their ideas and find the financing to bring those bets to life.
In this webinar for the Foundation for Economic Education, Mercatus Graduate Student Programs alumnus Edward Stringham talks about how government regulation affects entrepreneurship, and how entrepreneurs regulate themselves.
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.