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.

Visit Liberty Review

Recent Posts

Here are the 10 latest posts from Liberty Review.

Liberty Review May 14, 2018

Resource rents and populism in resource-dependent economies

ELENA SEGHEZZA, GIOVANNI B. PITTALUGA EUROPEAN JOURNAL OF POLITICAL ECONOMY Abstract: A usual explanation for populism is the existence of bad institutions, with an autocratic regime dispelling opposition by distributing income to the ‘masses’ in the manner of the ‘bread and circuses’ of Imperial Rome. In Bolivia, Ecuador, and Venezuela, populist redistribution occurred in conjunction with […]

Liberty Review May 7, 2018

The Average Period of Production: The History and Rehabilitation of an Idea

PETER LEWIN & NICOLÁS CACHANOSKY JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT, Volume 40, Issue 1 Abstract: Austrian capital theory tried to capture the intuitive and basically undeniable importance that time plays in economic life, but arguably was diverted down a blind alley with Eugen von Böhm-Bawerk’s average period of production, a purely physical measure of […]

Liberty Review April 30, 2018

Grotius on Property and the Right of Necessity

DENNIS KLIMCHUK JOURNAL OF THE HISTORY OF PHILOSOPHY Abstract: It is widely held that in situations of peril, it is permissible to use another’s property without her permission if that is the only way to save oneself from serious harm, but that if one damages or consumes that property, one ought to compensate its owner. However, […]

Liberty Review April 12, 2018

Reapplying behavioral symmetry: public choice and choice architecture

MICHAEL DAVID THOMAS PUBLIC CHOICE Abstract: New justifications for government intervention based on behavioral psychology rely on a behavioral asymmetry between expert policymakers and market participants. Public choice theory applied the behavioral symmetry assumption to policy making in order to illustrate how special interests corrupt the suppositions of benevolence on the part of policy makers. Cognitive […]

Liberty Review April 2, 2018

The Past and the Future of Innovation: some lessons from Economic History

JOEL MOKYR EXPLORATIONS IN ECONOMIC HISTORY Abstract: In recent years, economists have revived the specter of slow growth and secular stagnation. From the point of view of economic history, what should we make of such doomster prophecies? As economic historians all know, for 97 percent or so of recorded history, the stationary state well-describes the long-run […]

Liberty Review March 15, 2018

Barriers to prosperity: the harmful impact of entry regulations on income inequality

DUSTIN CHAMBERS, PATRICK A. MCLAUGHLIN, LAURA STANLEY PUBLIC CHOICE Abstract: Entry regulations, including fees, permits and licenses, can make it prohibitively difficult for low-income individuals to establish footholds in many industries, even at the entry-level. As such, these regulations increase income inequality by either preventing access to higher paying professions or imposing costs on individuals choosing […]

Liberty Review March 10, 2018

De-moralization as Emancipation: Liberty, Progress, and the Evolution of Invalid Moral Norms

CambridgeCoreALLEN MUCHANAN and RUSSELL POWELL SOCIAL PHILOSOPHY AND POLICY, Volume 34, Issue 2 Abstract: Liberal thinkers of the Enlightenment understood that surplus moral constraints, imposed by invalid moral norms, are a serious limitation on liberty. They also recognized that overcoming surplus moral constraints — what we call proper de-moralization — is an important dimension of moral […]

Liberty Review March 5, 2018

30 years after the nobel: James Buchanan’s political philosophy

MICHAEL C. MUNGER THE REVIEW OF AUSTRIAN ECONOMICS Abstract: There are three main foundations of Public Choice theory: methodological individualism, behavioral symmetry, and “politics as exchange.” The first two are represented in nearly all work that identifies as “Public Choice,” but politics as exchange is often forgotten or de-emphasized. This paper—adapted from a lecture given on […]

Liberty Review February 2, 2018

The ethics of pure entrepreneurship: An Austrian economics perspective

austrian.reviewTHE REVIEW OF AUSTRIAN ECONOMICS ISRAEL M. KIRZNER Abstract: This paper focuses on the justice of income distribution in a system of private property rights. Milton Friedman argued that the “ethical principle that would directly justify the distribution of income in a free society is ‘to each according to what he and the instruments he owns […]

Liberty Review January 30, 2018

A short history of constitutional liberalism in America

constitutional.political.economyCONSTITUTIONAL POLITICAL ECONOMY ROGER D. CONGLETON Abstract: American liberalism emerged before the most famous European liberal intellectuals put their pens to paper. It was grounded partly on liberal ideas that were in the air before those works were written, but mostly on the attractive communities generated by liberal institutions and policies. American liberalism is empirically, rather […]