Tag: Economics

Saudi Arabia Pressures Russia »

One remarkable aspect in the recent fall in global oil prices is that Saudi Arabia has not cut production to prop them up. Much of the speculation about why the Saudis have sat by passively and allowed the oil price decline has been that they are trying to undermine higher-cost producers in the US...
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Gordon Tullock and the Transitional Gains Trap »

Gordon Tullock, who died on Monday at the age of 92, was along with his longtime colleague James Buchanan, the founder of the modern field of public choice, which during the past fifty years has become a well-established subfield of economics and of political science and has also had an influence on other disciplines....
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Gordon Tullock, R.I.P. »

My friend and former colleague Gordon Tullock passed away on Election Day eve at the age of 92. Gordon was one of the great polymaths of the past more than half-century. Known best as the co-author (with Nobel laureate James M. Buchanan) of The Calculus of Consent: Logical Foundations of Constitutional Democracy (1962), Gordon invented...
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Gordon Tullock (1922-2014) »

Gordon Tullock, one of the founders of the sub-discipline of public choice, passed away November 3, at the age of 92. Public choice uses the methods of economics to analyze political decision-making, and Tullock’s book, co-authored with James Buchanan, The Calculus of Consent, was a pioneering work in public choice. It is the best-known...
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Airline Deregulation Act of 1978 »

President Jimmy Carter signed the Airline Deregulation Act on October 24, 1978. That law phased out the Civil Aeronautics Board (CAB) over the next four years, ending five decades of federal regulation of passenger airfares on interstate commercial flights and entry into the airline industry. One of prime movers behind this first legislative initiative...
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Jean Tirole, 2014 Nobel Laureate in Economic Sciences »

The 2014 Nobel Prize in Economic Sciences was awarded to Jean Tirole of the Toulouse School of Economics. According to Reuters, the prize recognizes Professor Tirole’s work aimed at “taming” private business firms through governmental regulatory interventions and antitrust law enforcement. That summary is true as far as it goes. Professor Tirole indeed spent...
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Amazon’s “Dark Side” Is a Bright Spot for Workers and Consumers »

Jim Hightower is an old-fashioned Texas progressive, who, if memory serves, once ran unsuccessfully for the governorship of that state. He may be a great polemicist—see “The Dark Side of Amazon”—but he does not know the first thing about how markets work and how Amazon.com, like Wal-Mart, is a benefactor of consumers nationwide and...
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Debunking Democracy with James M. Buchanan »

Among the first questions young people ask upon their political awakening is one that should concern Americans of all ages: Why don’t democratic governments operate the way our civic classes taught us? Perhaps no one of his generation thought more deeply about this question than the economist James M. Buchanan (1919–2013). The late Nobel...
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The Worst (Still) Get on Top »

How often when discussing politics, listening to the news, or hearing about the latest government debacle do you hear something like, “If only John Doe was in office” or “If we could just get the right people in there, things would be better?” How often are issues like corruption, waste, and other perverse outcomes...
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Celebrating Human Action—Ludwig von Mises’s Masterpiece »

September 14 marked the 65th anniversary of the publication of Ludwig von Mises’s masterpiece Human Action. I have been studying Mises’s classic text very carefully the past two years, as I’ve completed the manuscript for a forthcoming Independent Institute book, Cooperation and Enterprise: The Economics of Choice, that crystallizes the essence of Human Action...
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