The conventional view that economists play an important role in the public policy process is contrasted with "Chicago political economy." This strand of the Chicago School of Economics argues that government programs that survive in the political process are superior to available alternatives....

The implications of the calculation debate are explored for Pigouvian, Coasean, and common law liability approaches to externality problems. There is no escaping Hayekian-Misean information problems but the institutional setting within which environmental policies are resolved affects the domain...