In this paper we revisit the case for methodological individualism for the positive analysis of political economy. We argue that the basis of methodological individualism implies neither a necessary commitment to atomistic reductionism in explaining social phenomena nor philosophical individualism resulting in a laissez-faire policy. The point of engaging in spontaneous order analysis on methodologically individualist grounds is not to make precise predictions per se, but instead to render the purposive actions of individuals and the meaning of such actions intelligible.
Long-run neutrality of money is an artifact of particular theoretical frameworks. We advance an alternative though not contradictory theoretical framework where monetary processes exert lasting real effects.
Ideal theory will always have a place in philosophy departments. However, recent critics argue that debates in political philosophy and political theory should be consistent with the insights of the social sciences, particularly economics and sociology.
Agent-based models, on the other hand, allow us to study interactions between artificial actors and the phenomena that emerge from these interactions. In so far as economic phenomena — like prices, firms, nation states and business cycles — are products of human action but not human design, agent-based models are a more productive way forward in formal modeling of complex adaptive systems such as a market economy.
This paper explores key ideas in constitutional political economy by analyzing the writings of H.S.H Prince Hans-Adam II of Liechtenstein. As a hereditary head of state, His Highness has significant political power.
The FAA must carefully consider the potential effect of UASs on the US economy. If it does not, innovation and technological advancement in the commercial UAS space will find a home elsewhere in the world. Many of the most innovative UAS advances are already happening abroad, not in the United States. If the United States is to be a leader in the development of UAS technologies, the FAA must open the American skies to innovation.
Mercatus PhD Fellow Vipin Veetil, along with Akshaya Vijayalakshmi and Srikanth Viswanathan, address Amartya Sen's criticism of cash-transfer programs such as education vouchers in the Wall Street Journal.
This book demonstrates unmistakably that the growth of government stymies entrepreneurship and threatens prosperity—a demonstration that, it is hoped, will help inspire efforts not just to slow, but to reverse, this growth and return to prosperity.