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Patrick A. McNutt

often at zero price and zero marginal cost. The new economic systems are neither isolated nor closed but rely on a latent biology of activity evolving from the behaviour and the interactions of the firms. The emphasis is less on the physical character of a market, and more on the natural process within a market open to new technology and innovations yet powerful enough to reveal the indeterminism associated with dialectical concepts of harm, injury and amending them to include duty and responsibility. Time not price becomes the final arbiter as products and services

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Richard A. Epstein

natural commons against premature destruction through overconsumption; and the protection of minors and incompetents. The question of means receives a similar approach. Here the interests in liberty and the interests in government protection are afforded about the same weight, so that a standard of intermediate scrutiny is used, which will sustain any form of regulation that tries to minimize the sum of the distortions from over and underinclusion, by taking into account both the nature of the interest and its magnitude. The approach to these means and ends questions

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Killian J. McCarthy and Tao Zhu

borrowing more expensive, and lowers the rates of investment in property, while a rise in long-term interest rates suggests a positive outlook, rising property prices, and economic growth, and this attractiveness of current investment. Finally, we observe that the average income level is positively related with property sale, and that a 1 per cent rise in the former causes a 3.5 per cent expansion in the latter. This, again, is an intuitive finding, and taken together the results of Model 1 provides evidence in support of Hypothesis 1, on the natural and familiar

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Wilfred Dolfsma

but certainly not developing countries – it is under these circumstances that the general interest of the two groups of countries conflict.10 Pooling of patents may be efficient, but it certainly also constitutes an entry barrier and is disadvantageous for smaller firms (Lanjouw and Schankermann 2004).11 Litigation costs can be so inhibitive that individual and small firm patent holders strike a deal with a large firm that filed a suit even when on legal grounds they would have a strong case; listed firms have lower filing rates (Lanjouw and Schankermann 2004

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Government Failure

Society, Markets and Rules

Wilfred Dolfsma

This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure.