Elinor Ostrom and her colleagues in The Workshop in Political Theory and Policy Analysis at Indiana University in Bloomington conducted fieldwork in metropolitan police departments across the United States. Their findings in support of community policing dealt a blow to the popular belief that consolidation and centralization of services was the only way to effectively provide citizens with public goods.
In response to the three petitions by Carol S. Marcus, Mark L. Miller, and Mohan Doss, dated February 9, February 13, and February 24, 2015, respectively, the Nuclear Regulatory Commission (NRC or the Commission) has announced that it is considering assessing its choice of dose–response model, the Linear No-Threshold (LNT) model, for exposure to ionizing radiation. This comment is designed to assist the Commission in evaluating the merits of a review of the default dose–response model it uses as the basis for the Standards for Protection against Radiation regulations.
This paper presents a short narrative example intended for use in teaching the Austrian Business Cycle Theory, meant to complement theoretical presentations by presenting an idealized account of an individual entrepreneur operating over time and responding to various possible evolutions of the interest rate.
Mises’s action axiom postulates that human action is purposeful behavior. While this axiom is the building block for a powerful methodology, it is also incomplete, because it sets aside the underlying processes of decision-making. And while Mises does not dismiss the gap between intention and action, he is silent on it, relegating such a study to psychology. We contend that a study of underlying thought patterns and the process of choice – rather than contradicting praxeology and the action axiom – in fact complements the writings of Mises.
We assess the effects of both regulatory changes on railroad safety with the use of RegData and find that partial economic deregulation is associated with improved safety. Safety regulation was most closely associated with improved railroad safety during the period when economic regulation curtailed railroads’ incentives to operate safely.
We design a multi-unit descending-price (Dutch) auction mechanism that has applications for resource allocation and pricing problems. We address specific auction design choices by theoretically and experimentally determining optimal information disclosure along two dimensions.
I explore the way in which Hayek used this term in his monetary writings in the 1930s and argue that “neutrality” for Hayek was best understood as the idea that monetary institutions were ideal if money, and changes in its supply, did not independently affect the process of price formation and thereby create false signals leading to economic discoordination, and especially of the intertemporal variety.
Information, investment and innovation are the engines of economic growth in the 21st century. Yet regulatory accumulation and outdated regulatory processes are preventing both the private and public sectors from effectively using the three “I’s” to solve problems and grow the economy.
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 study represents a serious challenge to conventional thinking in contemporary comparative systems, and the economics of socialism. It disputes the commonly accepted view of both the nature of the 'socialist calculation debate' of the 1930s and the lessons to be derived from it.