While entrepreneurs benefit from unrestricted free entry into markets, they have a time-inconsistent incentive to lobby for government entry restrictions once they become successful. Bad political institutions yield to these demands, and growing barriers are placed on domestic and international...

While technology entrepreneurship has been widely recognized as a driver of economic growth, there exists little in the way of a unified framework for understanding technology entrepreneurship and assessing its value proposition, particularly when network externalities and information are...

The special interest group model of government, employed throughout public choice theory, models the outcomes of government as a function of special interest group activity. Early work in this area by authors such as Stigler (1971) and Peltzman (1976) focused on the role of interest groups in...

Economic models of human decision making — maximizing utility subject to the constraints imposed by scarcity — are founded in the idea of taking each person’s preferences (the weights that appear in the person’s utility function) as both known to the individual and given. This paper...