This timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance: one of private property and one of common property. The clashing of these rationalities at various places in society creates forms of societal tectonics that play out through budgeting. The book demonstrates that while this clash is an inherent feature of democratic political economy, it can nonetheless be limited through embracing once again a constitution of liberty.
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Wrestling with Tragedy on the Fiscal Commons
Richard E. Wagner
Edited by Bruce L. Benson and Paul R. Zimmerman
While few economists analyzed criminal behaviour and the criminal justice process before Gary Becker’s seminal 1968 paper, an enormous body of economic research on crime has since been produced. This insightful and comprehensive Handbook reviews and extends much of this important resulting research.
Edited by Emily Chamlee-Wright and Virgil Henry Storr
In 2005 Hurricane Katrina posed an unprecedented set of challenges to formal and informal systems of disaster response and recovery. Informed by the Virginia School of Political Economy, the contributors to this study critically examine the public policy environment that led to both successes and failures in the post-Katrina disaster response and long-term recovery. Building from this perspective, this book lends critical insight into the nature of the social coordination problems disasters present, the potential for public policy to play a positive role, and the inherent limitations policymakers face in overcoming the myriad challenges that are a product of catastrophic disaster.
Edited by Daniel A. Farber and Anne Joseph O’Connell
Public choice theory sheds light on many aspects of legislation, regulation, and constitutional law and is critical to a sophisticated understanding of public policy. The editors of this landmark addition to the law and economics literature have organized the Handbook into four main areas of inquiry: foundations, constitutional law and democracy, administrative design and action, and specific statutory schemes. The original contributions, authored by top scholars in the field, provide helpful introductions to important topics in public choice and public law while also exploring the institutional complexity of American democracy.
Patrick A. McNutt
In this insightful book, Patrick McNutt explores the meaning of law within a political environment, and advances many new ideas and concepts first addressed in his earlier book Law, Economics and Antitrust.
Values, Markets and the State
Edited by Geoffrey Brennan and Giuseppe Eusepi
This book makes a rational and eloquent case for the closer integration of ethics and economics. It expands upon themes concerned with esteem, self-esteem, emotional bonding between agents, expressive concerns, and moral requirements.
Philip Booth and Richard Wellings
Philip Booth and Richard Wellings discuss key papers originally published by the Institute of Economic Affairs, which, for the past 50 years, has been vigorously defending the case for free trade, and for globalization more generally. They offer a comprehensive overview of the arguments for and against globalization.
Richard A. Epstein
In this thought-provoking research review, Professor Epstein assesses the leading articles which explore the economic approach to the two major issues of constitutionalism. The articles discussed offer extensive comparisons between the classical liberal and social democratic views of constitutional law.
The Case for Common Law
Svetozar Pejovich and Enrico Colombatto
Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.
Learning Liberalism and the Welfare State
The purpose of this book is to reconsider economic liberalism from the viewpoint of political liberalism. The author argues that advocates of economic liberalism largely overlook empirical political preferences which, in many societies, go far beyond a limited role of the state. Recent difficulties of reforming the welfare state provide evidence that political preferences are at odds with liberal economic policy in numerous cases. This fact challenges a political conception which demands a limited state role but also claims that citizens’ preferences ‘as they are’ should determine the content of policies. Using an evolutionary perspective on economic liberalism, the book develops new arguments about how economic liberalism can be brought into line with political liberalism.