You are looking at 1 - 3 of 3 items :

  • natural rate of interest x
  • Public Choice Theory x
  • Economics 2013 x
  • Law and Economics x
  • Economics 2010 and before x
Clear All
You do not have access to this content

Svetozar Pejovich and Enrico Colombatto

testable implication is that non-owned assets are overused and underproduced. Suppose, in contrast, that John owns a tree. Driven by his self-interest, John seeks to maximize his returns from that assert. The issue facing the owner is 92 Transformation of the medieval community into modern society when is the best time to cut the tree and sell it to the lumberyard. The optimal time for cutting the tree depends on the relationship between the annual increment in the value of lumber in the live tree and the prevailing rate of interest from cutting the tree. As long

You do not have access to this content

Svetozar Pejovich and Enrico Colombatto

a moral system. They were apprehensive about freedom of choice, not because of any lack of interest in individual liberty but because of a fear that autonomy of individual choices in the free market does not necessarily generate morally satisfying sets of preferences. Yet the fact is that our values 37 38 Transformation of the medieval community into modern society are formed in various places, such as homes, schools, churches, the streets, our friends, the media and the like, and are merely revealed in the free market. Suppressing freedom of choice does not

You do not have access to this content

Svetozar Pejovich and Enrico Colombatto

writing after the fact by friends and foes and should be taken cautiously. The process of ratification The economic functions of the constitution 69 of the Constitution was, however, quite interesting and uncertain until the very end.2 The following three quotations from the Declaration of Independence define the vision of the Founding Fathers upon which the United States Constitution rests: We hold these truths to be self-evident tell us that the Founding Fathers adhered to the tradition of natural law. The consent of the governed means that the Founding