To what extent are the outcomes of economic regulation intended and desired by its proponents? To address this question, we combine Stigler’s theory of regulatory capture with the Austrian theory of the dynamics of interventionism. We reframe Stigler’s theory of regulatory capture as an...

This paper reconceptualizes and unbundles the relationship between public predation, state capacity, and economic development from a constitutional perspective. By reframing our understanding of state capacity theory from a constitutional perspective, we argue that to the extent there is a...

What is the role of the entrepreneur in Carl Menger’s account of the market process? Modern entrepreneurship theory is broadly divided into two types. The Schumpeterian account of entrepreneurship takes an equilibrium state of affairs as an analytic starting point from which the entrepreneur...

This paper explores the intellectual context of the Department of Economics at the London School of Economics and Political Science (LSE) during the 1930s. we will be focusing on the contributions of F.A. Hayek, along with Lionel Robbins, in fostering an intellectual environment for the...

We argue in this chapter that the transformation in the vision of economics from one in terms of processes to one in terms of equilibrium would in turn yielded public policy implications regarding the role of government and distributive justice. Although classical political economists had made a...

The articles collected in the three-volume set of Chicago Price Theory illustrate elements of continuity and change in the development of the Chicago School. Its editors stress a continuity in price theory at Chicago that runs from Frank Knight to Gary Becker. Our main contribution in this...

Analytical anarchism is a subset of political economy that takes neither rules as given nor assumes that monopoly enforcement of such rules exists. This approach is the positive study of endogenous rule formation by individuals within a particular society. Such rules emerge out of the...

The particular focus of this chapter will be to analyze institutional change from an Ostromian perspective by analyzing the relationship between self-governance, polycentricity, and federalism. Throughout work of Elinor and Vincent Ostrom, there exist two consistent themes regarding the...

Our focus in this chapter will be on the methodological role that Stigler played in validating what he regarded as the science of economics that he had inherited from his own teacher, Frank Knight, and how this affected his understanding not only of economic theory but also public policy....

According to Nobel Laureate Edmund Phelps (2013, p. 123), Mises’s critique of economic calculation under socialism renders him the originator of the economic analysis of property rights. This paper also suggests that implicit to Mises’s impossibility theorem was also the origins of the...