Standard economic theory proposes that public goods (equally available to everyone) will be underprovided by private markets. Individuals can benefit without having to pay, so there is little incentive to invest or manage resources efficiently. The punishment of criminals is an example of this, since everyone in a society benefits from reduced crime whether they… Read more »
We develop a framework for understanding how legal structures relate to imprisonment. We hypothesize that relatively more hierarchy within criminal justice institutions, compared to commercial law, fosters higher rates of incarceration. Our framework predicts that incarceration reflects asymmetric opportunities for rent seeking across differently organized legal institutions. Instead of comparing criminal justice institutions across nations… Read more »
This paper investigates the industrial organization of the international drug trade. From the mid 1970s through the early 2000s, a few large-scale and hierarchically organized cartels dominated the market. Since 2006, dozens of smaller and more-specialized units have emerged. We notice that the prohibition efforts of federal governments (primarily Mexico and the U.S.) imposed costs… Read more »
Aristotle listed moderation as one of the moral virtues. He also defined virtue as the mean between extremes, implying that moderation plays a vital role in all forms of moral excellence. But moderation’s protean character—its vague and ill-defined omnipresence in judgment and action—makes it exceedingly difficult to grasp theoretically. At the same time, moderation seems… Read more »
« La construction genrée des affects politiques entre action et passion », chapitre d’ouvrage, in La politique à l’épreuve des émotions politiques, Alain Faure et Emmanuel Négrier (dir.), Rennes : Presses Universitaires de Rennes, coll. « Res Publica », 2017, pp. 231-239. See more here.
Indignation is often understood to be the translation of an essentially just moral evaluation. However, it is necessary to investigate the ambiguities of this moral emotion. In the first part, an examination of the genealogy of indignation sheds light on the differences and similarities between ancient and modern conceptions of indignation. Modern indignation presupposes a… Read more »
The paper offers a number of vignettes surrounding Friedrich A. Hayek’s receipt of the Nobel Prize. It examines Hayek’s life before he got the prize, describes the events in Stockholm, and offers a summary of the main themes of his Prize Lecture. It then examines the subsequent impact on Hayek’s life and career. It concludes… Read more »
Macroeconomics teaches students to be young economists, providing a contemporary approach to the subject and a wealth of real-life case studies to allow students to understand how economics works in practice. The most applied macroeconomics textbook on the market, utilising case studies from the post-crisis macro economy to help students think like modern economists. Presents… Read more »