We argue that in order to answer the challenges that James Buchanan put to contemporary political economists, a reconstruction of public choice theory building on the work of Buchanan, F.A. Hayek and Vincent Ostrom must take place. Absent such a reconstruction, and the significant challenges...

In the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories...

Regulation by the state can benefit or harm any business in society. While the market provides for consumers rather than special interests, rationally acting interests will be incentivized to use political means to capture rents, particularly if public clamor for regulation exists. The formation...

Classical Political Economy is characterized by the systemic study of economic forces. Primarily concerned with the dynamics of economic growth, the classical economists sought to explain how and why wealth is created and destroyed. Their study found the role of institutions central in answering...

F. A. Hayek's contribution to economic science is broadly remembered as relating to the “use of knowledge in society” but his contribution to economics of knowledge are often summarized differently. We emphasize the contextual nature of the knowledge. Hayek says the market economy is capable...

n the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories were...