Free market economics has made many advances during the past thirty years. These advances are due to the maturing of public choice theory and empirical studies, along with a resurgence of interest in Austrian economic themes like free banking, market process entrepreneurship, and the critique of socialism and interventionism. In addition, new avenues have opened in law and economics and regulatory studies which favor free market ideas. The purpose of this book is to introduce and summarize some of the important advances in contemporary free market economics and policy by introducing the key concepts of public choice, public policy, Austrian economics, and law and economics. This volume is a non-technical compendium of thought which incorporates long quotations from important scholars in each field, ideal for students wishing to survey these topics without having to read dozens of academic articles and books. Also presented is new theory regarding topics such as perverse incentives and allodial real property policy. The second edition is significantly expanded, including updated information and articles, new research in areas such as family policy, new tables, and is easier to read with improved organization.
It is the eve of outer space development, but few people are aware of this. In the absence of awareness, people cannot prepare for the opportunities that will arise; and so the vast wealth likely to flow to Earth from outer space will cause ever-greater inequality and instability in our already unequal and unstable world. This book is a call to educators to factor equality and diversity into the process of outer space development by creating a widespread movement to teach outer space development studies to all students, especially those who study social and behavioral sciences. In calling for this, the author is also putting out a call to visionary thinkers to increase public awareness that outer space is already in the process of being developed. Her objective is to provide a pedagogical approach aimed at mending the knowledge gap. If we fail in this objective, we are more likely than ever before to witness ever-widening gaps of social and financial inequality. The first question that will arise as we embark on this process, of course, will be: Why outer space development? People often ask where the money will come from to develop outer space. Platinum-group metals such as iridium and osmium, and various other valuable untapped natural resources, have been discovered in abundant quantities and are likely to be mined by companies. The discovery of natural resources has sparked development projects in the past. These historical patterns of human behavior are occurring again today, as companies speed up the process of private spaceship development. A myriad of space laws and policies are already in place to support space commercialization. Recently, the 2010 NASA Authorization Act and various other laws and policies initiated by the US government have placed on the agenda plans to build advanced space transportation systems; to privatize spacecraft development; to create commercial space habitats, space stations, and space settlements; to initiate commercial space mining; to investigate spacecraft trajectory optimization for landing on near-Earth asteroids; to engage in commercial spaceport construction and interstellar-interplanetary-international telecommunications; and to launch space exploration missions to near-Earth asteroids, the Moon, Mars, and Mars’s moons. US initiatives have in the past been mirrored by the international community, and we can expect to see similar patterns arising on a global scale – indeed, as this book will demonstrate, they already are. The global community is experiencing economic recession, natural disasters, lack of opportunity, employment anxiety, failing K-12 programs, widening inequality gaps, uprisings, revolutions, revolts, unmet educational goals, and a general failure to uplift, inspire, and provide meaningful opportunities for significant portions of our population. People need something that will allow them to focus anew their talents, energies, abilities, and gifts, and use this bleak climate as an opportunity for positive change. Outer space development is emerging as an answer to this state of crisis. The question is: To whom will the benefits accrue? Many strategic decisions have already been taken regarding space development of which the global general public is unaware. Once legal rights to space resources are granted, only those with the capital to take advantage of new laws and policies will be in a position to profit from the new space industries. Only those who are in a position to “know” about outer space development will be in position to take advantage of the opportunities. It is important to remember that the global general public has for several decades being paying the start-up costs for space exploration research, science, and technology. It’s not too late to factor in equality before an infrastructure of inequality is forever with us as we venture to establish the final frontier.
This book examines the intersection of EU law and international arbitration based on the experience of leading practitioners in both commercial and investment treaty arbitration law. It expertly illustrates the depth and breadth of EU law’s impact on party autonomy and on the margin of appreciation available to arbitral tribunals.
In recent years, China, the US, and the EU and its Member States have either promulgated new national laws and regulations or drastically revised existing ones to exert more rigorous government control over inward foreign direct investment (FDI). Such government control pertains to the establishment of an ex-ante review regime of FDI in the host state in sectors that are considered as ‘sensitive’ or ‘strategic’, with an aim to mitigate the security-related implications. This book conducts a systematic and up-to-date comparative study of the national security review regimes of China, the US, and the EU, using Germany as an exampling Member State. It answers a central research question of how domestic law should be formulated to adequately protect national security of the host state whilst posing minimum negative impacts to the free flow of cross-border investment. In addition to analyzing the latest development of the national security review regimes in aforementioned jurisdictions and identifying their commonalities and disparities, this book establishes a normative framework regarding the design of a national security review regime in general and proposes specific legislative recommendations to further clarify the law. This book will be of interest to scholars in the field of international and comparative investment law, investors who seek better compliance programs in the host state, and policymakers who aim for high-quality regulation on foreign investment.
Taking "free markets" from rhetoric to reality For three decades free-market leaders have tried to reverse longstanding Keynesian economic policies, but have only produced larger government, greater debt, and more centralized economic power. So how can we achieve a truly free-market system, especially at this historical moment when capitalism seems to be in crisis? The answer, says John C. Medaille, is to stop pretending that economics is something on the order of the physical sciences; it must be a humane science, taking into account crucial social contexts. Toward a Truly Free Market argues that any attempt to divorce economic equilibrium from economic equity will lead to an unbalanced economy—one that falls either to ruin or to ruinous government attempts to redress the balance. Medaille makes a refreshingly clear case for the economic theory—and practice—known as distributism. Unlike many of his fellow distributists, who argue primarily from moral terms, Medaille enters the economic debate on purely economic terms. Toward a Truly Free Market shows exactly how to end the bailouts, reduce government budgets, reform the tax code, fix the health-care system, and much more.
Economic Freedom and Interventionism is both a primer of the fundamental thought of Ludwig von Mises and an anthology of the writings of perhaps the best-known exponent of what is now known as the Austrian School of economics. This volume contains forty-seven articles edited by Mises scholar Bettina Bien Greaves. Among them are Mises's expositions of the role of government, his discussion of inequality of wealth, inflation, socialism, welfare, and economic education, as well as his exploration of the "deeper" significance of economics as it affects seemingly noneconomic relations between human beings. These papers are valuable reading for students of economic freedom and the science of human action. Ludwig von Mises (1881-1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century. Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999.
Economists have a bad reputation. Not only do they assume that everyone is self-interested and amoral, they are almost always cheerleaders for the free market. As a result, most people who do not already share their beliefs ignore everything that economists have to say. This is a problem. Even among the highly educated, economics is a minefield of fallacies and errors. Among those who know little about the subject—a group that includes the average taxpayer and consumer, as well as most journalists, political activists and politicians—almost every widely held belief is false. The level of economic illiteracy is stunning. Filthy Lucre aims to level the playing field and, in this time of enormous market volatility and unprecedented instability, raise our level of economic literacy. Drawing on everyday examples to skewer the six favourite economic fallacies of the right and then the left, we learn why the right wing so wrongly believes that capitalism is the natural order of things, that any tax cut is a good tax cut, and that personal responsibility can solve any problem. And, contrary to how the left feels, why we must resist the urge to fiddle with prices, why the pursuit of profit is not such a bad thing, and why, despite efforts to improve or even fix wages, some jobs will always suck.
A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
