Economists who adhere to the assumptions of homo economicus typically focus on altering external constraints through laws or regulations as the means of eliminating bad behavior. Reaching the optimal solution is simply a matter of having government adjust the price of unwanted behavior through...

Economists who adhere to the assumptions of homo economicus typically focus on altering external constraints through laws or regulations as the means of eliminating bad behavior. Reaching the optimal solution is simply a matter of having government adjust the price of unwanted behavior through...

Should law be provided centrally by the state or by some other means? Even relatively staunch advocates of competition such as Friedrich Hayek believe that the state must provide law centrally. This article asks whether Hayek's theories about competition and the use of knowledge in society...