In 1992 the General Accounting Office (GAO) published a quantitative survey of Indian land ownership of twelve reservations, which was the first and still is the only survey of Indian land ownership. In our study we use 2010 data to show how ownership fractionation for these reservations has changed since the original GAO study.
Hayek argued that the central question of economics is the coordination problem: How does the spontaneous interaction of many purposeful individuals, each having dispersed bits of subjective knowledge, generate an order in which the actors’ subjective data are coordinated in a way that enables them to successfully dovetail their plans and activities?
Many Americans take it for granted that the federal government should regulate the transportation sector in the United States and continue to provide funding for transportation infrastructure, particularly highways and urban mass transit. Yet an economic and historical analysis raises questions about how much government safety regulation is necessary and whether private firms or state and local governments could provide infrastructure more efficiently.
The purpose of this paper is to balance this largely one-sided treatment of the U.S. government’s dominant position in the international arms market. We discuss several negative consequences and costs associated with U.S. arms sales which call into question the net benefit of the U.S. government’s control over global arms.
The authors argue that the only social responsibility of economists is to maximize their career advancement within the scientific community of economists, and that the appropriate target for criticism and reform is the institutional framework of the scientific community. Good science does not require “good” scientists, but good rules of scientific engagement that fosters the constant contestation of ideas through open, critical discourse among scientists. If there is a problem of the corruption of economics, the true source is not corporate and special interests, however, but the state’s capture and politicization of the discipline.
Federal Reserve Chairman Ben Bernanke has claimed that the Fed's bank bailouts during the 2008 financial crisis were consistent with Walter Bagehot's rules for a lender of last resort. This paper demonstrates Bernanke's claims to be mistaken.
Numerous regulatory reform proposals would require federal agencies to conduct more thorough analysis of proposed regulations or expand the resources and influence of the Office of Information and Regulatory Affairs (OIRA), which currently reviews executive branch regulations. We employ data on variation in current administrative procedures to assess the likely effects of proposed regulatory process reforms on the quality and use of regulatory impact analysis (RIA). Many specific types of activity by agencies and OIRA are correlated with higher quality analysis and greater use of analysis in decisions, and the effects are relatively large. Our results suggest that greater use of Advance Notices of Proposed Rulemakings for major regulations, formal hearings for important rules, articulation of retrospective review plans at the time regulations are issued, and expansion of OIRA’s resources and role may improve the quality and use of RIAs.
This paper analyzes the private provision of public and quasi-public goods in a free society. In particular, the authors examine philanthropy as an avenue through which such goods are already produced and may be provided in a society without a central government.
This paper provides a political economy analysis of the evolution of unmanned aerial vehicles (UAV) or “drones”, in the United States. Focus is placed on the interplay between the political and private economic influences; and their impact on the trajectory of political, economic, and, in this case, military outcomes.
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.
In 1964 James Buchanan famously asked “What Should Economists Do?” He argued that economists should focus their intellectual attention on exchange and the institutions within which exchange takes place. This paper reflects on Buchanan’s message and looks at the development of that argument, and its implications in the wake of post-socialist political economy on the one hand, and the post-financial crisis of 2008 on the other.