Liberty Review

A Project of Liberty Fund

Conduct, Rules and the Origins of Institutions

VERNON SMITH
JOURNAL OF INSTITUTIONAL ECONOMICS 11.3 (2015): 491-483

Abstract: This paper supports the effort by Hindriks and Guala (2014) to integrate the prevailing accounts of institutions. Vernon Smith illustrates with traffic narratives how we can think of their concept of rules-in-equilibrium as evolving from universal elementary forms. These conceptions resonate fully with Adam Smith (1759) who saw rule-following conduct as the basis of human sociality and action.

Filed under: Economics, Politics

Garbage In, Garbage Out? Some Micro Sources of Macro Errors

CASS R. SUNSTEIN, REID HASTIE
JOURNAL OF INSTITUTIONAL ECONOMICS 11.3 (2015): 561-583

Abstract: Many institutions, large or small, make their decisions through some process of deliberation. Nonetheless, deliberating institutions often fail, in the sense that they make judgments that are false or that fail to take advantage of the information that their members have. Micro mistakes can lead to macro blunders or even catastrophes. Read the rest of this entry »

Filed under: Politics, Society

Tocqueville on Religion, the Enlightenment, and the Democratic Soul

AARON L. HEROLD
AMERICAN POLITICAL SCIENCE REVIEW 109.3 (2015): 523-534

Abstract: This article proposes a new interpretation of Tocqueville’s thought, one that focuses on his account of religious psychology. From his observations of America, Tocqueville concludes that human beings have a natural hope for immortality—a hope that is driven by a paradoxical but ineradicable desire to affirm and forget oneself simultaneously. Read the rest of this entry »

Filed under: Political Theory

Trade Exposure and the Polarization of Government Spending in the American States

BRIAN S. KRUEGER, PING XU
AMERICAN POLITICS RESEARCH 43.5 (2015): 793-820

Abstract: Studies of economic globalization and government spending often view the United States as an outlier case. Surprisingly, ours is the first empirical study to take advantage of the variation in U.S. states’ exposure to global markets, ideological orientations of the governments, and the relative size of the public sector, to assess the role of trade exposure on government spending in the American states. Read the rest of this entry »

Filed under: Economics, Politics

A Re-examination of the Impact of the UK National Minimum Wage on Employment

RICHARD DICKENS, REBECCA RILEY, DAVID WILKINSON
ECONOMICA (2015). ADVANCED ONLINE PUBLICATION. DOI: 10.1111/ecca.12158

Abstract: Early work on the national minimum wage (NMW) suggested that policymakers in the UK had succeeded in raising the pay of low-paid workers without impairing their employment prospects. This paper shows that when we focus on the most vulnerable workers, part-time females, the NMW appears to be associated with reductions in employment retention. These negative impacts were evident when the NMW was introduced and also when it was increased faster than average wages in the mid-2000s. We also show that these falls in employment among part-time females are exacerbated by the recession.

Filed under: Economics

Why Democracies Outgrow Autocracies in the Long Run: Civil Liberties, Information Flows and Technological Change

CARL HENRIK KNUTSEN
KYKLOS 68.3 (2015): 357-384

Abstract: This paper argues that democracy enhances technological change, the most important determinant of long-term economic growth. It first presents an argument on how and why dictators restrict civil liberties and diffusion of information to survive in office, even if this reduces their personal consumption. The argument predicts that autocracies have slower technological change than democracies, which in turn impairs GDP per capita growth rates. Read the rest of this entry »

Filed under: Economics, Politics

Summaries Archive

Recent Posts

Recent Posts: Liberty Review América Latina

The Stock Exchange, the State and Economic Development in Mexico, 1932-1976

JAVIER MORENO-LAZARO REVISTA DE HISTORIA ECONÓMICA / JOURNAL OF IBERIAN AND LATIN AMERICAN ECONOMIC HISTORY 33.2 (2015): 321-350 Abstract: In this article I examine the history of the Mexican Stock Exchange from the end of the Revolution until 1975, under the hypothesis that it did not carry out its pertinent functions in corporate financing but was […]

Por Qué es Antidemocrática la Secesión

MIKEL ARTETA REVISTA DE FILOSOFÍA 40.1 (2015): 157-180 Abstract: Trataré de demostrar que la secesión es intrínsecamente antidemocrática. retomaremos los argumentos secesionistas: de aquellos que parten de una idea (errada) de autogobierno y de quienes lo hacen desde el liberalismo. Luego opondremos objeciones a ambos: defendiendo el valor de la igualdad; desmontando reivindicaciones instrumentales de […]

About Liberty Review

Liberty Review summaries are selected by Liberty Fund Fellows on the basis both of their own research interests and of their relevance for Liberty Fund's mission: to contribute to the preservation and development of individual liberty through research and educational activities.

Print Issues

Liberty Matters

Our Books

Liberty Fund, Inc.

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities.