How do the members of societies that can’t use government or simple ostracism produce social order? To investigate this question I use economics to analyze Gypsy law. Gypsy law leverages superstition to enforce desirable conduct in Gypsy societies where government is unavailable and simple ostracism is ineffective.
It often seems that everyone's political beliefs today are shaped by their fear of what would happen if classical liberalism would happen. What one thinks about the proper role of the state as a manager of various issues is derived from one's fear of what the emergent market and social outcome would be in the absence of those interventions.
This Article examines the political economy of the War on Drugs with particular emphasis on the unintended consequences of drug prohibition. This Article analyzes the effects of prohibition on violence, drug potency, and cartelization in the drug market.
A community’s capacity for self-governance depends on the social coordination capacity of community organizations and associations, the ability of community members to effectively access both bonding and bridging social capital, the ability of community members to leverage their shared histories and perspectives, and the stability of social networks within the community.
The ongoing “wars” on drugs and terrorism have helped to militarize domestic policing, giving us “no-knock” raids and other tactics formerly considered off-limits for civilian law enforcement. A political-economic analysis of this trend explains how crises have eroded rules that were created to constrain the use of military power and separate domestic policing from military functions.
The Economics of Time & Ignorance (1985) is a key text within Austrian economics. Among the so-called “third generation” of modern Austrian economists, however, the book seems to have had very little impact compared to the notable influence it had upon the proceeding generation.
This paper develops a critique of the single-tax proposal of Henry George. We present a simple search-theoretic model for the discovery of natural resources and show that a tax on the unimproved value of land is distortionary.
Historians have given their highest ratings to the U.S. presidents who have involved the nation in the wars that have claimed the most American lives. Their standards of presidential greatness have encouraged presidents to fight unnecessary wars, even though the vast majority of Americans would be better off if peace were maintained.
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.