Is everything good in political economy incorporated into modern economic theory? With the transition of the art of political economy into the science of economics, there was a significant synthesis of the graduate education curriculum. The prevailing technique in economics, a neoclassical...

Can variances in institutional structures between markets and governments lead actors to engage in morally divergent behavior? We explore the behavior of early American whiskey distillers in both the market and political sphere. Whiskey distillers attempted to engage in dishonest behavior in the...

The modern aim of certificate-of-need laws is to decrease healthcare costs, improve healthcare quality, and increase access to healthcare by restricting healthcare expenditures. But, by empowering incumbent healthcare providers to restrict competition, they can also increase healthcare costs,...

Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants: monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion: money...

Spontaneous or emergent orders in human affairs are based upon voluntary interactions among individuals. Yet the physical environment influences the subsequent interactions which occur. While the interactions may be voluntary, the confines of a built environment – physical systems and...

Profit-maximizing organizers of sports contests have an incentive to implement rules that increase the attractiveness of sports contest for spectators. But prohibitively high enforcement costs can prevent organizers from implementing certain rules. We argue that in these instances unofficial...

This paper suggests that contemporary economics is characterized by three key features. First, it is focused on 'big questions' in political economy and is willing to look outside economics to search for these questions and their answers. Second, contemporary economics is empirically focused....