This essay examines Virgil Storr’s Understanding the Culture of Markets particularly the relationship between cultures and constitutions and the particulars of the ideal-typical ‘spirit’ of capitalism.
The United States prison system is a potent example of American exceptionalism. No other country incarcerates nearly as many people. To give some perspective, if all 2.2 million prisoners constituted their own city, they would be the fourth largest in the country, just short of Chicago.
Public officials have blamed Wall Street and its complex financial products for causing the 2008 economic downturn. This article addresses three popular claims saying that complex financial markets are at fault and need more regulation.
Elected leaders delegate rulemaking to federal agencies, then seek to influence rulemaking through top-down directives and statutory deadlines. This paper documents an unintended consequence of these control strategies: they reduce regulatory agencies’ ability and incentive to conduct high-quality economic analysis to inform their decisions.
Using interview data collected in the Gulf Coast following Hurricane Katrina, the authors argue and describe how meaningful social bonds that emerge out of and are facilitated by commercial activity as well as the social spaces provided by commercial entities can facilitate community rebound after a major disaster.
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.
While the "invisible hand" argument was initially focused on the ability of commerce to generate cooperation and ameliorate conflict among strangers, it gradually came to be exclusively associated with a sort of ruthless efficiency and the obtainment of optimality conditions. The authors attempt to recapture the doux-commerce thesis and its relevance for contemporary debates over commerce and culture.