Economic Inquiry

Articles from Vol. 33, No. 3, July

Could Stable Money Have Averted the Great Contraction?
I. INTRODUCTION Although over fifty years have elapsed since the onset of the Great Contraction, controversy still swirls about the factors responsible for its depth and long duration. A basic issue is the hypothesis due to Friedman and Schwartz [1963]...
Criminal Deterrence in the Reduced Form: A New Perspective on Ehrlich's Seminal Study
I. INTRODUCTION Perhaps the best known and most influential econometric analysis of the deterrent effect of criminal penalties is Isaac Ehrlich's [1973] "Participation in Illegitimate Activities: A Theoretical and Empirical Analysis." He reported large...
Gordon Tullock's Contributions to the Theory of Public Choice
I. INTRODUCTION Gordon Tullock came to economics and political science through a circuitous route. He had almost no formal training in economics beyond a one-quarter course that he took as a law student at the University of Chicago from Henry C. Simons....
Logrolling in the U.S. Congress
I. INTRODUCTION A long-standing question in political science is whether exchange occurs in legislatures, as it is expected in any economy where the intensity of demand varies. The issue was originally raised by Buchanan and Tullock [1962] and expanded...
Shopping Hours and Price Levels in the Retailing Industry: A Theoretical and Empirical Analysis
I. INTRODUCTION The debate surrounding shopping laws is very much the same regardless of the country in which it occurs. The traditional objectives of regulating store opening hours can be divided into four categories: (i) to guarantee access to essential...
The Failure of Government-Sponsored Cartels and Development of Federal Farm Policy
"Even today, most important enduring monopolies or near monopolies in the United States rest upon government policies. The government's support is responsible for fixing agricultural prices above competitive levels, for the exclusive franchises of public...