This year marks the sixtieth anniversary of the book that established the field of public choice – The Calculus of Consent by James M. Buchanan and Gordon Tullock. The year is also the thirtieth anniversary of Elinor Ostrom’s “Covenants With and Without a Sword,” in which she...

"The Political Economy Reader advocates a particular approach to the study of political economy - the "market-institutional" perspective - which emphasizes the ways in which markets are embedded in political and social institutions. This perspective offers a compelling alternative to the...

There is a familiar way to appeal to Adam Smith (1723-1790), the famous philosopher and great economic thinker of the Scottish Enlightenment. He is often considered as the father of modern economics and capitalism. We must also consider the frequent references to him. "What would Adam Smith...