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One of the most significant episodes in recent history is the rapid economic growth of East Asian nations in the late twentieth century. Considered alongside Japan and China, the four [...]

While defeat in a war is a military event, the recognition of the defeat is a political act. The timing of the political recognition ... is only partly determined by [...]

I suggest that two features of Adam Smith's talk of justice and liberty reflect a priority on instilling duties, as opposed to instilling rights. The first feature has to do [...]

Last year marked the centenary of the publication of Frank Knight's magnum opus, Risk, Uncertainty and Profit, which entails important and still neglected insights from a comparative economic point of [...]

The Indeterminacy of Neoclassical Value Theory At mid-twentieth century, the neoclassical mathematical theory of value culminated in Kenneth Arrow and Gerard Debreu's (1954) model, which characterizes the static general equilibrium [...]

Gordon Tullock states that there are three motives for income transfers: 'the desire to receive transfers, charity, and envy' (1997, 6). The motive behind the vast majority of government redistribution, [...]

Thinking was Gordon Tullock's main interest in life. He let his thinking roam widely and creatively over his many fields of interest; moreover, Tullock is widely recognized for the robust [...]

In reading George Borjas's lead essay in this issue of The Independent Review and his recent book, We Wanted Workers: Unraveling the Immigration Narrative (2016), it is impossible to escape [...]

James M. Buchanan was a contractarian. I am not. (1) But I share Buchanan's classical-liberal ideals. (2) In my account of what I regard as Buchanan's classical-liberal views, I start [...]

We learned many things from Jim Buchanan. Among the more important is that titles should be felicitous. Ours here is ambitious, perhaps presumptuous, even slightly mischievous (as we shall shortly [...]

Objectivity ... is now conceived as inter-subjectivity. Inter-subjective norms are not agreed to by the members of a society because they are objective, but, in effect, become objective because they [...]

The term social justice comes up frequently in circles concerned with political and economic policy. Although it is often ill defined, it generally rests on two overriding principles. First, social [...]