The Social Construction of the Market

Although Berger and Luckmann do not specifically discuss the market, they would undoubtedly agree that the market is socially constructed. Indeed, the market is a product of social action that has an objective and subjective reality. Inspired by Berger and Luckmann’s work, this paper will describe the social construction of the market. Specifically, it will focus on the Austrian understanding of the market. It is my contention that the Austrians have articulated a “sociology of the market” that is consistent with Berger and Luckmann’s approach.     

Two Cheers for Capitalism?

According to a popular view that I call “two cheers for capitalism,” capitalism’s effect on development is ambiguous and mixed. This paper empirically investigates that view. I find that it’s wrong. Citizens in countries that became more capitalist over the last quarter century became wealthier, healthier, more educated, and politically freer. Citizens in countries that became significantly less capitalist over this period endured stagnating income, shortening life spans, smaller gains in education, and increasingly oppressive political regimes. The data unequivocally evidence capitalism’s superiority for development. Full-force cheerleading for capitalism is well deserved and three cheers are in order instead of two.     

Clearer Cues,More Consistent Voters: A Benefit of Elite Polarization

Scholars typically argue that elite polarization has only negative consequences for American politics. I challenge this view by demonstrating that elite polarization, by clarifying where the parties stand on the issues of the day, causes ordinary voters to adopt more consistent attitudes. Scholars have made such claims in the past, but because only observational data has been available, demonstrating a cause-and-effect relationship has proven to be difficult. I use original experiments to verify that there is a small but significant causal link between elite polarization and voter consistency. These findings have important normative implications for our understanding of the consequences of elite polarization, the role of political parties in a modern democracy, and the standards scholars use to assess citizen competence and participation.     

In Defense of Dwelling in Great Minds

It seems like a small and perhaps shrinking minority of economists know reverence of individual figures. Most economists seem to be without heroes, and sometimes disparage reverence as cultish idolatry. Here I collect from Michael Polanyi’s The Study of Man (1959) a few passages that eloquently suggest that “we need reverence to perceive greatness, even as we need a telescope to observe spiral nebulae.” The selection is made in the defense of seeking out and communing with great minds.     

Why the Fair Use Doctrine Should be Eliminated

The concept of fair use was introduced in the Copyright Act of 1976 as a means of allowing limited free access to copyrighted material. However, the application of fair use principles in the adjudication of infringement cases has demonstrated a fundamental problem in our approach to intellectual property rights. In much the same way as Hardin recognized a tragedy of the commons, continued efforts to make decisions based on the fair use doctrine run the risk of creating an information anti-commons.