Why Is There No Milton Friedman Today? · Econ Journal Watch
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A Revisionist History of Regulatory Capture WILLIAM J
This chapter will appear in: Preventing Regulatory Capture: Special Interest . Influence and How to Limit it. Edited by Daniel Carpenter and David Moss. Copyright © 2013 The Tobin Project. Reproduced with the permission of Cambridge University Press. Please note that the final chapter from the Cambridge University Press volume may differ slightly from this text. A Revisionist History of Regulatory Capture WILLIAM J. NOVAK A Revisionist History of Regulatory Capture WILLIAM J. NOVAK PROFESSOR, UNIVERSITY OF MICHIGAN SCHOOL OF LAW The idea of regulatory capture has controlled discussions of economic regulation and regulatory reform for more than two generations. Originating soon after World War II, the so-called “capture thesis” was an early harbinger of the more general critique of the American regulatory state that dominated the closing decades of the 20th century. The political ramifications of that broad critique of government continue to be felt today both in the resilient influence of neoliberal policies like deregulation and privatization as well as in the rise of more virulent and populist forms of anti-statism. Indeed, the capture thesis has so pervaded recent assessments of regulation that it has assumed something of the status of a ground norm – a taken-for-granted term of art and an all-purpose social-scientific explanation – that itself frequently escapes critical scrutiny or serious scholarly interrogation. This essay attempts to challenge this state of affairs by taking a critical look at the emergence of regulatory capture theory from the perspective of history. After introducing a brief account of the diverse intellectual roots of the capture idea, this essay makes three interpretive moves. -
Excerpted from James Gustav Speth, America, Rising to Its Dream (Forthcoming, Yale U.P., Fall 2012) * How Can We Gauge What
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Liste Der Nobelpreisträger
Physiologie Wirtschafts- Jahr Physik Chemie oder Literatur Frieden wissenschaften Medizin Wilhelm Henry Dunant Jacobus H. Emil von Sully 1901 Conrad — van ’t Hoff Behring Prudhomme Röntgen Frédéric Passy Hendrik Antoon Theodor Élie Ducommun 1902 Emil Fischer Ronald Ross — Lorentz Mommsen Pieter Zeeman Albert Gobat Henri Becquerel Svante Niels Ryberg Bjørnstjerne 1903 William Randal Cremer — Pierre Curie Arrhenius Finsen Bjørnson Marie Curie Frédéric John William William Mistral 1904 Iwan Pawlow Institut de Droit international — Strutt Ramsay José Echegaray Adolf von Henryk 1905 Philipp Lenard Robert Koch Bertha von Suttner — Baeyer Sienkiewicz Camillo Golgi Joseph John Giosuè 1906 Henri Moissan Theodore Roosevelt — Thomson Santiago Carducci Ramón y Cajal Albert A. Alphonse Rudyard \Ernesto Teodoro Moneta 1907 Eduard Buchner — Michelson Laveran Kipling Louis Renault Ilja Gabriel Ernest Rudolf Klas Pontus Arnoldson 1908 Metschnikow — Lippmann Rutherford Eucken Paul Ehrlich Fredrik Bajer Theodor Auguste Beernaert Guglielmo Wilhelm Kocher Selma 1909 — Marconi Ostwald Ferdinand Lagerlöf Paul Henri d’Estournelles de Braun Constant Johannes Albrecht Ständiges Internationales 1910 Diderik van Otto Wallach Paul Heyse — Kossel Friedensbüro der Waals Allvar Maurice Tobias Asser 1911 Wilhelm Wien Marie Curie — Gullstrand Maeterlinck Alfred Fried Victor Grignard Gerhart 1912 Gustaf Dalén Alexis Carrel Elihu Root — Paul Sabatier Hauptmann Heike Charles Rabindranath 1913 Kamerlingh Alfred Werner Henri La Fontaine — Robert Richet Tagore Onnes Theodore -
Manhattan Institute's President's Update | Year-End 2019
PRESIDENT’S UPDATE Year-End 2019 CONTENTS 12 17 26 42 2 Manhattan Institute / 2019 President’s Year-End Update 22 17 12 26 42 Photo by Senate Photography Studio 44 3 Photo by Christopher Lane Photo by Christopher Lane hortly after joining the and doing so largely on the strength of might find themselves in need. Here we have Manhattan Institute, I private philanthropy. been inspired by Howard Husock’s masterful had the great pleasure Many of the most successful organizations new book, Who Killed Civil Society?, in which of immersing myself go well beyond doing the important work he recounts how American civil society once in the work of our civil of alleviating the suffering of those less dedicated itself to the cultivation of positive society programs. With the help of a large fortunate. They impart lessons and virtues social norms—and how a dense web of private and growing network of partners, MI looks that leave their beneficiaries feeling more organizations helped foster a moral revival in far and wide for voluntary organizations powerful and more capable of helping even the most deprived neighborhoods. What that are revitalizing their communities— themselves, their families, and others who our civil society work reminds us is that we as 4 Manhattan Institute / 2019 President’s Year-End Update a country can, and must, rededicate ourselves a federal government to the championing of healthy norms and that is limited and fiscally “ We at MI embrace a different belief: that small groups of dedicated volunteers sustainable—not one that Washington, D.C., is not the really can make a difference in the lives of that crowds out private- their neighbors. -
Kenneth J. Arrow a Cautious Case for Socialism
Kenneth J. Arrow A Cautious Case for Socialism The discussion of any important social cannot be partly understood; historical study, question must involve an inextricable mixture sociological inquiry, intellectual debate, and of fact and value. The fundamental impulse to the many dimensions of the political process change and especially to great change is a are all ways in which we do communicate perception of present wrong and a vision of values. But my own values are the starting potential right. The initial impulse must still point, though not the terminus. In the oft- be checked for feasibility; we live in a world of quoted words of the sage Hillel, "If I am not limits, and what we desire may not be for myself, then who is for me?" to which he attainable or it may be attainable only at the immediately added, "and if I am not for expense of other high values. There is an others, then who am I?" ancient warning, "Be careful what you dream This methodological preface is by way of of when young; your dreams may come true!" apology for the extent to which this paper is With the painter Braque, then, I can say, "I an intellectual autobiography. Notice the like the rule that corrects the emotion." But adjective, "intellectual." Anyone who knows that presupposes a strong emotion to begin me will not be surprised; I have always with; and it is there I would like to begin. preferred the contemplative to the active life. I Values and emotions are best apprehended prefer the freedom to see matters from several personally, and I will speak of my own viewpoints, to appreciate ironies, and indeed attitudes and their development. -
The Mont Pelerin Society
A SPECIAL MEETING THE MONT PELERIN SOCIETY JANUARY 15–17, 2020 FROM THE PAST TO THE FUTURE: IDEAS AND ACTIONS FOR A FREE SOCIETY CHAPTER FIVE MILTON FRIEDMAN: THE EARLY YEARS JENNIFER BURNS HOOVER INSTITUTION • STANFORD UNIVERSITY 11 DRAFT Copyright 2020 Jennifer L. Burns Do not copy, cite, or circulate without author’s permission Milton Friedman: The Early Years1 In April 1947 Milton Friedman embarked upon a “junket to Switzerland ... to save liberalism,” as his colleague George Stigler jokingly put it.2 The two men were among a small group of intellectuals invited to attend the inaugural meeting of the Mont Pelerin Society. Now considered one of the founding institutions of global conservatism in the 20th century, the Mont Pelerin Society was the brainchild of Austrian economist F.A. Hayek. Once a widely respected scholar, Hayek’s stock had fallen as economists turned to Keynesian and mathematical approaches in the aftermath of the Great Depression. Hayek was now famous not for his economic analysis, but for his 1944 crie de coeur against state planning, The Road to Serfdom, penned in London as German bombs rained from the sky. But now Hayek wanted to move from writing books to starting institutions that could shape the political climate. Hayek recognized that liberalism – the creed of limited government and open markets in which he deeply believed – had lost political purchase. In an era of social democracy, not to mention communism and fascism, the 19th century ideals of republican government seemed bound for extinction. Were it to survive, liberalism needed to be re-thought, top to bottom. -
George Stigler As a Dissertation Supervisor*
Do Great Economists Make Great Teachers? – George Stigler as a Dissertation Supervisor* President Reagan fared much better than the student who came to George complaining that he didn’t deserve the “F” he’d received in George’s course. George agreed but explained that “F” was the lowest grade the administration allowed him to give (Friedland 1993:782). In the eleven years that George Stigler labored at Columbia University he had exactly one dissertation student 1. That number did not radically increase during his subsequent first eleven years at Chicago, though it did in fact at least double 2. Stigler was an economist of great ability, skill and influence, arguably one of the best economic minds of his age. (This is a rather remarkable statement given compeers like Friedman and Samuelson.) Though he clearly thought teaching to be a lesser activity, an adjunct to research, George Stigler took his teaching very seriously (as he did all activities associated with his professional life). His influence on his colleagues in particular and the profession in general is unmistakable. Friends and foes alike (there were few, if any, who knowing George Stigler didn’t fall into one or the other category) conceded his ability to persuade whether in written or verbal form. The puzzle then is why such a formidable figure who contributed so much to economics, wasn’t sought out more as a dissertation advisor by the many graduate students passing through the economics department in Chicago? The answer reveals not only something about George Stigler himself (which might then remain on the purely idiosyncratic level), but also about graduate education in economics and more specifically about student supervision. -
Ideological Profiles of the Economics Laureates · Econ Journal Watch
Discuss this article at Journaltalk: http://journaltalk.net/articles/5811 ECON JOURNAL WATCH 10(3) September 2013: 255-682 Ideological Profiles of the Economics Laureates LINK TO ABSTRACT This document contains ideological profiles of the 71 Nobel laureates in economics, 1969–2012. It is the chief part of the project called “Ideological Migration of the Economics Laureates,” presented in the September 2013 issue of Econ Journal Watch. A formal table of contents for this document begins on the next page. The document can also be navigated by clicking on a laureate’s name in the table below to jump to his or her profile (and at the bottom of every page there is a link back to this navigation table). Navigation Table Akerlof Allais Arrow Aumann Becker Buchanan Coase Debreu Diamond Engle Fogel Friedman Frisch Granger Haavelmo Harsanyi Hayek Heckman Hicks Hurwicz Kahneman Kantorovich Klein Koopmans Krugman Kuznets Kydland Leontief Lewis Lucas Markowitz Maskin McFadden Meade Merton Miller Mirrlees Modigliani Mortensen Mundell Myerson Myrdal Nash North Ohlin Ostrom Phelps Pissarides Prescott Roth Samuelson Sargent Schelling Scholes Schultz Selten Sen Shapley Sharpe Simon Sims Smith Solow Spence Stigler Stiglitz Stone Tinbergen Tobin Vickrey Williamson jump to navigation table 255 VOLUME 10, NUMBER 3, SEPTEMBER 2013 ECON JOURNAL WATCH George A. Akerlof by Daniel B. Klein, Ryan Daza, and Hannah Mead 258-264 Maurice Allais by Daniel B. Klein, Ryan Daza, and Hannah Mead 264-267 Kenneth J. Arrow by Daniel B. Klein 268-281 Robert J. Aumann by Daniel B. Klein, Ryan Daza, and Hannah Mead 281-284 Gary S. Becker by Daniel B. -
Private Notes on Gary Becker
IZA DP No. 8200 Private Notes on Gary Becker James J. Heckman May 2014 DISCUSSION PAPER SERIES Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Private Notes on Gary Becker James J. Heckman University of Chicago and IZA Discussion Paper No. 8200 May 2014 IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: [email protected] Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. IZA Discussion Paper No. 8200 May 2014 ABSTRACT Private Notes on Gary Becker* This paper celebrates the life and contributions of Gary Becker (1930-2014). -
Contributions of Civilizations to International Prizes
CONTRIBUTIONS OF CIVILIZATIONS TO INTERNATIONAL PRIZES Split of Nobel prizes and Fields medals by civilization : PHYSICS .......................................................................................................................................................................... 1 CHEMISTRY .................................................................................................................................................................... 2 PHYSIOLOGY / MEDECINE .............................................................................................................................................. 3 LITERATURE ................................................................................................................................................................... 4 ECONOMY ...................................................................................................................................................................... 5 MATHEMATICS (Fields) .................................................................................................................................................. 5 PHYSICS Occidental / Judeo-christian (198) Alekseï Abrikossov / Zhores Alferov / Hannes Alfvén / Eric Allin Cornell / Luis Walter Alvarez / Carl David Anderson / Philip Warren Anderson / EdWard Victor Appleton / ArthUr Ashkin / John Bardeen / Barry C. Barish / Nikolay Basov / Henri BecqUerel / Johannes Georg Bednorz / Hans Bethe / Gerd Binnig / Patrick Blackett / Felix Bloch / Nicolaas Bloembergen -
The Economic Theory of Regulation After a Decade of Deregulation
SAM PELTZMAN Universityof Chicago The Economic Theory of Regulation after a Decade of Deregulation WHAT HAS COME to be called the economic theory of regulation,or ET, began with an article by George Stigler in 1971.1 The most important elementof this theoryis its integrationof the analysisof politicalbehavior with the largerbody of economic analysis. Politicians, like the rest of us, are presumed to be self-interested maximizers. This means that interestgroups can influencethe outcome of the regulatoryprocess by providingfinancial or other supportto politiciansor regulators. Simultaneouslywith Stigler, RichardPosner provided an important critique,and several years later he gave the theory its grandiosename. The major theoretical development of the ET has been an article by Peltzman in 1976 and one by Gary Becker in 1983.2 By conventional measures the theory has been an academic success. In this paper I evaluate that success in light of the changes in regulatoryinstitutions that have occurredsince the ET's early development. I am gratefulto GaryBecker and GeorgeJ. Stiglerfor theirvaluable comments. I am also gratefulto the Centerfor the Study of the Economy and State, GraduateSchool of Business, Universityof Chicago,for financialsupport. 1. George J. Stigler, "The Theory of Economic Regulation,"Bell Journal of Eco- nomics and Management Science, vol. 2 (Spring 1971), pp. 3-21. 2. RichardA. Posner, "Taxation by Regulation,"Bell Journal of Economics and Management Science, vol. 2 (Spring 1971), pp. 22-50, and "Theories of Economic Regulation,"ibid., vol. 5 (Autumn1974), pp. 335-58; Sam Peltzman, "Towarda More GeneralTheory of Regulation,"Journal of Law and Economics, vol. 19 (August 1976), pp. 211-40; and Gary Becker, "A Theory of Competitionamong Pressure Groupsfor Political Influence," QuarterlyJournal of Economics, vol. -
Arrow, Kenneth Joseph (Born 1921)
K000067 Arrow, Kenneth Joseph (born 1921) Kenneth Arrow is the author of key post-Second World War innovations in economics that have made economic theory a mathematical science. The Arrow Possibility Theorem created the field of social choice theory. Arrow extended and proved the relationship of Pareto efficiency with economic general equilibrium to include corner solutions and non-differentiable pro- duction and utility functions. With Gerard Debreu, he created the Ar- row–Debreu mathematical model of economic general competitive equilibrium including sufficient conditions for the existence of market-clear- ing prices. Arrow securities and contingent commodities extend the model to cover uncertainty and provide a cornerstone of the modern theory of finance. Kenneth Arrow is a legendary figure, with an enormous range of contribu- tions to 20th-century economics, responsible for the key post-Second World War innovations in economic theory that allowed economics to become a mathematical science. His impact is suggested by the number of major ideas that bear his name: Arrow’s Theorem, the Arrow–Debreu model, the Ar- row–Pratt index of risk aversion, and Arrow securities. Four of his most distinctive achievements, all published in the brief period 1951–54, are as follows: Arrow Possibility Theorem. Social Choice and Individual Values (1951a) created the field of social choice theory, a fundamental construct in theo- retical welfare economics and theoretical political science. Fundamental Theorems of Welfare Economics. ‘An extension of the basic theorems of classical welfare economics’ (1951b) presents the First and Sec- ond Fundamental Theorems of Welfare Economics and their proofs without requiring differentiability of utility, consumption, or technology, and in- cluding corner solutions (zeroes in quantities of inputs or outputs).