The market can route self-interest toward the common good. But the market channels altruism better than the state too.
The incentives politicians face reward the concentration and consolidation of power.
Here are three economic principles you’ll see between security and takeoff.
The government issues thousands of new patents every week — each one a new regulation — with little to no oversight or review.
It’s time to address America’s most pressing annual question: What’s the best way to fill out your NCAA Men’s Basketball bracket?
Trump’s cabinet appointments and the opposition to them reveals some important lessons for the role of interest group dynamics in the political process and its relationship to furthering a free and responsible society.
Suppose you want to reduce deaths in automobile accidents. Should you make cars safer? Seems like a no-brainer, right? But consider: suppose instead of an airbag in your steering column, we put a six-inch dagger.
Draining the swamp may be a popular political slogan, but unless the swamp is restructured and significantly reduced, even the best of us on our worst days will use political office to enhance our power at the expense of others.
As with so many dynamic systems in society, developing the proper incentive structures leads individuals pursuing their own self-interest to generate desirable outcomes for the entire group.
The following is the third installment in a five-part debate between Jason Brennan and Philip Pettit on the legitimacy of democracy as a system of social order.
Drug prohibition has failed, but legalizing harder drugs is not the solution.
Sports are a terrific lens for focusing in on the process of decision-making — they’re almost laboratories for incentives.
Here are three movies that can help to demonstrate the concept of public choice theory in action.
As Hayek explained, adherence to principle means that there are some things one will not do to attain one’s ends. Such an individual is at a disadvantage in the winner-take-all process that determines who wields political power.
Highly informed voters are also highly biased. That’s a serious problem for democracy, but also for any other system of political decision-making in big groups.
As Hayek long argued, a free society is governed by general, abstract rules that are equally applicable to all persons, including government actors.
The road to tyranny is paved with good intentions.
When the costs of risky behavior are reduced, people tend to increase the amount of risky behavior they engage in.
As professor Anne Bradley shows in this piece, the economic way of thinking can help us prepare for and respond to acts terrorism.
“Nothing is so permanent as a temporary government program.” — Milton Friedman
Why not vote? Some experts sound off.
The really radical idea behind the rule of law is that the lawmakers themselves are not above the law. It is “the law” that rules, not those who make and enforce the law.
Economics can be counterintuitive and abstract, but it is also essential for understanding how the world works—especially when we’re trying to make policies in the spirit of good intentions.
The Economic Way of Thinking can help improve decision-making, even in areas you wouldn’t think to look.