Maintaining Perspective on the Economic Issues of Today

As the new administration takes office it is important to maintain some perspective on the economicchallenges facing the nation. The situation is far better today than when President Obama took office in2009 and 2013. Unemployment is close to pre-Great Recession levels, incomes are rising and poverty ratesfalling. We face economic challenges but the most important ones are not international trade or immigration.Sluggish economic growth, a fiscal crisis in our entitlement programs, high inequality in incomes andwealth, and climate change are what should demand our attention.     

President-Elect Trump: Is the Past Prologue?

There is worldwide interest and concern over the pending US Presidency of Donald Trump. This article recounts the experience of the author and entrepreneur Merv Griffin with Trump in his business career and suggests clues for examining his exercise of the power of the Presidency. His choices for his cabinet and his advisers may well determine his success or failure. The evidence thus far is troubling.     

In remembrance of Robert D. Tollison

We discuss the mechanisms related to quadratic voting, from Vickrey’s counter-speculation mechanism and his second-price auction, through the family of Groves mechanisms and its most notable member, the Clarke mechanism, to the expected externality mechanism, Goeree and Zhang’s mechanism, the Groves–Ledyard mechanism, and the Hylland–Zeckhauser mechanism. We show that each mechanism that involves collective decisions has a quadratic aspect and that all of the mechanisms that we discuss are applications of the fundamental insight that for a process to be efficient, all parties involved must bear the marginal social costs of their actions.     

Robert Tollison and operationalizing public choice

In this tribute to Robert Tollison, I will outline his contributions to the development of public choice. I focus on Tollison’s work on rent-seeking, the political economy of reform, and the rules level of analysis in sports economics. Throughout his career, Tollison brilliantly figured out ways to take insights from price theory and public choice theory and operationalize them using multiple methods of empirical analysis, including historical interpretation and statistical testing.