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Money and the Rule of Law
A novel argument that shows how rules work better than discretion when implementing monetary policy.
The Political Economy of Distributism
In recent years, prominent scholars, public intellectuals, and politicians have advocated reforming America’s economic model to embrace “common-good capitalism.” Catholic social teaching is a major influence on this movement. Is common-good capitalism compatible with the historical American commitments to private property rights and ordered liberty? What resources from Catholic social teaching can help orient free enterprise towards the common good? This book is the first scholarly inquiry into these exciting new questions. We can better understand common-good capitalism by exploring the political economy of distributism. Formulated in the early 20th century by prominent Catholic intel...
The Medieval Constitution of Liberty
Why did enduring traditions of economic and political liberty emerge in Western Europe and not elsewhere? Representative democracy, constitutionalism, and the rule of law are crucial for establishing a just and prosperous society, which we usually treat as the fruits of the Renaissance and Enlightenment, as Western European societies put the Dark Ages behind them. In The Medieval Constitution of Liberty, Salter and Young point instead to the constitutional order that characterized the High Middle Ages. They provide a historical account of how this constitutional order evolved following the fall of the Western Roman Empire. This account runs from the settlements of militarized Germanic elites...
Space Capitalism
This book compares and contrasts the motivations, morality, and effectiveness of space exploration when pursued by private entrepreneurs as opposed to government. The authors advocate market-driven, private initiatives take the lead through enhanced competition and significant resources that can be allocated to the exploration and exploitation of outer space. Space travel and colonisation is analysed through the prism of economic freedom and laissez faire capitalism, in a unique and accessible book.
Expert Failure
Roger Koppl develops a theory of experts and expert failure, and illustrates his theory with wide-ranging examples, including that of state regulation of economic activity.
A Theory of the Dynamics of Entangled Political Economy with Application to the Federal Reserve
This paper develops the theory of entangled political economy by outlining a process by which the political-economic order can become increasingly entangled. The theory posits that a Big Player polity organization, a key feature of which is a lack of a hard budget constraint, exports this feature to the economy organizations it oversees. The channel through which it does so is the repeated interactions of economy and polity organizations' agents during times of crisis. The actions of the Federal Reserve, in particular its bailing out of large financial houses in the latter part of the 20th century and the most recent financial crisis, are used as a historical illustration of this theory. The paper also discusses the possibility of constitutional craftsmanship as a solution to the undesirable consequences that accompany increased economy-polity entanglement.
Illiberal Reformers
In Illiberal Reformers, Thomas Leonard reexamines the economic progressives whose ideas and reform agenda underwrote the Progressive Era dismantling of laissez-faire and the creation of the regulatory welfare state, which, they believed, would humanize and rationalize industrial capitalism. But not for all. Academic social scientists such as Richard T. Ely, John R. Commons, and Edward A. Ross, together with their reform allies in social work, charity, journalism, and law, played a pivotal role in establishing minimum-wage and maximum-hours laws, workmen's compensation, progressive income taxes, antitrust regulation, and other hallmarks of the regulatory welfare state. But even as they offere...
What Should Economists Do?
This volume is a collection of sixteen essays on three general topics: the methodology of economics, the applicability of economic reasoning to political science and other social sciences, and the relevance of economics as moral philosophy. Several essays are published here for the first time, including "Professor Alchian on Economic Method," "Natural and Artifactual Man," and "Public Choice and Ideology." This book provides relatively easy access to a wide range of work by a moral and legal philosopher, a welfare economist who has consistently defended the primacy of the contractarian ethic, a public finance theorist, and a founder of the burgeoning subdiscipline of public choice. Buchanan's work has spawned a methodological revolution in the way economists and other scholars think about government and government activity. As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics.
