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.

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Recent Posts

Here are the 10 latest posts from Liberty Review.

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 […]

Liberty Review January 22, 2018

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

public.choiceDUSTIN 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 January 8, 2018

Individualism, Collectivism, and Trade

Experimental EconomicsAIDIN HAJIKHAMENEH, ERIK O. KIMBROUGH EXPERIMENTAL ECONOMICS Abstract: While economists recognize the important role of formal institutions in the promotion of trade, there is increasing agreement that institutions are typically endogenous to culture, making it difficult to disentangle their separate contributions. Lab experiments that assign institutions exogenously and measure and control individual cultural characteristics can allow […]

Liberty Review January 2, 2018

Trust, Trade and Moral Progress: How Market Exchange Promotes Trustworthiness

JONATHAN ANOMALY SOCIAL PHILOSOPHY AND POLICY, Volume 34, Issue 2 Abstract: Trust is important for a variety of social relationships. Trust facilitates trade, which increases prosperity and induces us to interact with people of different backgrounds on terms that benefit all parties. Trade promotes trustworthiness, which enables us to form meaningful as well as mutually beneficial […]