Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. Market apologists have offered two basic responses to this kind of charge: that the market is amoral and that it transforms private vice into public virtue. Rather than celebrating selfishness and greed, I argue that the market tends to punish both vices.
This article presents an OLS model of broadband non‐adoption rates regressed on DTV coupon requests and redemptions per state. Average state‐level broadband adoption rates for 3 mbps connections are 40% of the population, below 91% availability of 3 mbps broadband.
Conventional wisdom suggests that American higher education was governed by a free market during the post-Revolutionary antebellum period. An analysis of the political economy of the sector during the period suggests that it did exhibit elements of laissez-faire, but that it was also subject to a non-trivial amount of market-distorting state intervention.
The narrative that arose during the Great Depression and World War II was that capitalism was in its final stages and failing. The economic arguments of the time combined strands of Keynesianism and Marxism to construct a link between military spending and unemployment, suggesting that the capitalist economy of the U.S. must become militarized to be sustained.
In the 1970s a “unilateral divorce revolution” swept the United States. Economists have closely studied and frequently debated the effect of this revolution on divorce rates in America. Perhaps because of this, the fact that just a decade later a second, and potentially equally important, divorce-law revolution swept America escaped economists’ attention: the “prenuptial enforcement revolution.” The authors use data on prenuptial agreements’ enforceability from 1956 to 2009 to investigate the effect of making prenuptial agreements enforceable on divorces rate in America.
Recent scholarship regarding the idea of a U.S. Empire has raised serious questions as to the feasibility and desirability of imperial ambitions. This paper traces the debate over the net-benefit of empire back to the Classical economists.
Markets and politics are both forms of competitive endeavor, and it is reasonable to think that competition will select for excellence within each environment. This purely formal property of competition, however, generates different substantive qualities across environments, as the authors explore in this paper.
In order to combat the conventional view that “bigger means better,” Ostrom pioneered a field work-based framework for measuring police services that utilized consumer surveys and thereby created a community-centered model of analysis for public services. In this paper, the authors contend that although Ostrom’s career demonstrated the importance of employing multiple methods, her most enduring contributions and legacy came from on-the-ground research.
In this webinar for the Foundation for Economic Education, Mercatus Graduate Student Programs alumnus Edward Stringham talks about the concept of entrepreneurship and what it means for societal progress.
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.