We develop a critique of government interventionism based on the Misesian calculation argument against socialism. If private property rights and relative prices based on supply and demand are necessary for successful economic coordination, then conventional market failure theories cannot be...

Given the ubiquitous scarcity of resources an economic approach is necessary in order to determine an optimal strategy of adaptation to climate change. In this paper we develop an economic framework for the study of adaptation which allows us to distinguish between decentralized adaptation by...

The Philippines sits atop vast mineral deposits estimated to be worth around PhP 47 trillion. Yet mining in the Philippines has a mixed track record as far as its impact on human and economic development. This paper tries to draw lessons from the Marcopper Mine in Marinduque, Philippines, using...

In this paper we address the following four questions: is it reasonably correct to assume that the government is benevolent and competent? Has state intervention through taxation and transfers negative effects on individual incentives? In a context of limited information, are political failures...

Within the field of innovation studies, researchers have identified several market failures that hamper investment in R&D, innovation and growth in a market economy. Several policies such as government subsidies, tax deductions, soft loans, and public venture capital provided to firms that...