Purpose – Stigler (1971) first presented a theory of regulation in which the regulator eventually serves the interests of the regulated rather than in the interest of the public good. In such an institutional environment, one should expect to observe outcomes associated with reduced...

Recent theoretical work has investigated the exact mechanism(s) by which the holdout problem creates inefficiency and thereby justifies eminent domain. In parallel, recent empirical work has demonstrated that state courts and legislatures either grant discretion to, or prohibit, local...

One controversial aspect of the current Social Security system has been the relative distribution of its net costs and benefits between employers and workers. Using simple supply and demand analysis, we demonstrate that proponents and opponents of the current system are making arguments that...

The teaching of pre-college economics has been widely researched for over 45 years with studies focused upon teacher training and improving students' understanding. This paper reviews that research base, and reports the results of a new national survey, as well as a summary of several recent...

Economists define money as anything that is generally accepted in payment for goods and services or in the repayment of debts.1 Paper money and coins clearly fit this definition, but deposits in checking accounts are so widely accepted that they are also considered in the narrowest definition of...

The teaching of economics at the Kindergarten-12 level has been highly researched and reported upon since the 1970's and has primarily concentrated on curriculum, materials, enrollments, and effectiveness of teaching techniques. Previous studies have focused on how well students are learning...

This study investigates the impacts of higher quality public regulation of business, as well as greater economic freedom, on growth in the standard of living (as measured by increased per capita real GDP) in OECD nations over the 2003-2007 study period. Using a pooled time-series/cross section...

The logic of expressive voting implies that some will find voting for a government policy more appealing the more costly it is. This result is consistent with public opinion polls and the trajectory of government spending. And it adds to the ability of rational voter ignorance and apathy to...

We analyze the effects of fair-trade programs, which allow people to pay extra for products expecting that the premium will improve the lives of poor people in poor countries. We assume these programs are operated exactly as those donating would ideally like them to be. All the money paid in...

This study surveys workers at two firms accused of being sweatshops by the National Labor Committee. We find that the wages and working conditions are superior to the workers' prior employment. The mix of compensation between wages and working conditions reflects employee preferences and...