Journal of Private Enterprise

Articles from Vol. 27, No. 1, Fall

Civilizing Society
AbstractThis paper attempts to answer two important questions in economics. First, what virtues are important for promoting economic progress? Second, what is the source of these virtues? To answer these questions, I rely on recent studies suggesting...
Competition as a Discovery Procedure: A Rejoinder to Professor Kirzner on Coordination and Discovery
AbstractThe Fall 2010 issue of the Journal of Private Enteprise featured a complicated set of papers. The lead article was a long paper by Jason Briggeman and me on Israel Kirzner's work on coordination and discovery. The thrust of our paper was an affirmation...
Contrasting Concepts of Capital: Yet Another Look at the Hayek-Keynes Debate
AbstractI argue that the economics of Hayek and Keynes diverges most significantly not with respect to policy but in their understanding of the role of capital in a market economy, and how capital relates to issues of savings and investment. Specifically,...
Happiness, Adaptation, and Decreasing Marginal Utility of Income
AbstractHappiness studies both support and question diminishing marginal utility of income. Cross-sectional studies support the proposition that marginal utility of income declines with income, but longitudinal studies indicate that marginal utility...
Hayek and Keynes: What Have We Learned?
AbstractIn 1932, there was an exchange of letters to the Times between a group of Cambridge and Oxford economists, including J. M. Keynes. A group of University of London economists, including F. A. Hayek, responded. It was a public manifestation of...
Keynes and Hayek: Some Commonalities and Differences
AbstractIn this paper I will reflect on the relationship, both personal and intellectual, between John Maynard Keynes and Friedrich Hayek. Although they were intellectual rivals, the history of their relationship is more complex and nuanced than the...
Migration, Economic Freedom, and Personal Freedom: An Empirical Analysis
AbstractEconomic freedom increases market efficiency, growth, development, and individual prosperity. This study empirically investigates whether higher levels of economic freedom, as well as higher levels of personal freedom, act like magnets for persons...
Private Spending Money for Productive Investment: A Comment by Economists: To the Editor of the Times/Spending and Saving Public Works from Rates: To the Editor of the Times
The Times, Monday, October 17, 1932 (p. 13)*Private Spending Money for Productive InvestmentA Comment by EconomistsTo the Editor of The TimesSir,- On October 10 you gave prominence in your columns to a letter inviting the opinion of economists on the...
The Dollar Quiz: A Hands-On Approach to Monetary Debasement and Inflation
AbstractThe dollar quiz is a hands-on teaching tool designed to create an awareness of and curiosity about monetary debasement, and the subsequent inflation it enables, by looking at the historical evolution of the U.S. Dollar. Students are challenged...
The Threat of Virtue: Why Independence and Integrity Threaten the State
AbstractThere is a widespread desire for governments to manage all manner of social problems, a desire that is propagated by governments primarily through the co-option of intellectuals through the trafficking of awards, titles, and government positions...