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The Durability of Legislative Benefits and the Role of the Executive Branch's Settlement Authority 立法利益的持久性与行政部门结算权的作用
Pub Date : 2019-04-01 DOI: 10.2139/SSRN.3116603
Bryan P. Cutsinger
Following the 2008 Financial Crisis, the U.S. Department of Justice required several large financial institutions to pay large cash settlements for their role in collapse of the residential mortgage-backed securities market. A fraction of these cash settlements was instead funneled to government-approved nonprofit beneficiaries, many of whom had had their government grants reduced by Congress. I argue that this transfer is an insurance contract that the government uses to improve the durability of contracts between special interest groups and the legislature.
2008年金融危机之后,美国司法部要求几家大型金融机构为其在住房抵押贷款支持证券市场崩溃中所扮演的角色支付巨额现金和解金。这些现金结算的一小部分反而流向了政府批准的非营利受益人,其中许多人的政府补助金已被国会削减。我认为,这种转移是一种保险合同,政府利用它来提高特殊利益集团与立法机构之间合同的持久性。
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引用次数: 2
Blockchains: Less Government, More Market 区块链:少政府,多市场
Pub Date : 2018-12-16 DOI: 10.2139/SSRN.3301714
Alastair Berg, B. Markey-Towler, Mikayla Novak
In this paper we provide a brief survey of the potential of blockchain technology to propel a process of private entrepreneurial discovery of institutions that challenge state hegemony. Entrepreneurs now have access to new tools to develop decentralised private governance across areas which have traditionally been the domain of government action. This may see a radical reshaping of the boundaries of ‘public’ versus ‘private’. Blockchain may result in less government, and more market based interactions. We introduce institutional cryptoeconomics, and blockchain as a technology which increases the opportunity set of entrepreneurial action. We then survey the potential of blockchain technology to challenge state hegemony in five socioeconomic areas: monetary institutions, the governance of contracting, civil society and social welfare, collective choice and voting, and the verification of identity. We also discuss some challenges and implications of blockchain-based economic infrastructure for public policy and economic regulation. Together these contributions suggest an increasing scope for entrepreneurial action using blockchain that challenges state hegemony, and a necessary shift in the scope of the provision of public goods and government regulatory control.
在本文中,我们简要介绍了区块链技术的潜力,以推动挑战国家霸权的机构的私人创业发现过程。企业家现在可以使用新的工具,在传统上属于政府行动领域的领域发展分散的私人治理。这可能会彻底重塑“公共”与“私人”的界限。区块链可能导致更少的政府,更多的基于市场的互动。我们引入了制度加密经济学,区块链作为一种增加创业行动机会的技术。然后,我们调查了区块链技术在五个社会经济领域挑战国家霸权的潜力:货币机构、契约治理、公民社会和社会福利、集体选择和投票,以及身份验证。我们还讨论了基于区块链的经济基础设施对公共政策和经济监管的一些挑战和影响。这些贡献表明,利用区块链挑战国家霸权的创业行动的范围越来越大,公共产品提供和政府监管控制的范围也有必要发生变化。
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引用次数: 9
The Undertaker's Cut: Challenging the Rational Basis for Casket Licensing 承办人的分成:挑战棺材许可的理性基础
Pub Date : 2016-05-19 DOI: 10.2139/SSRN.2781971
D. Smith, N. Trudeau
Occupational licensing laws, once only applied to a narrow range of professional occupations, were extended to the funeral industry in the U.S. in the 19th and 20th centuries under the justification that they create professional standards that protect the deceased, their loved ones, and the general public. Funeral licensing now covers embalmers, funeral directors, and even casket sellers. Rather than protecting the public, licensing in the funeral industry in practice has often codified and protected the very abuses it was alleged to protect against by erecting barriers to entry and reducing competition. Casket licensure has been upheld in some U.S. courts under the rational basis test on the grounds that it promotes public health, protects consumers from fraud, and even that protectionism of an industry is a legitimate function of government. We challenge the rational basis for casket licensure by examining the Oklahoma’s 10th Circuit Court’s Powers v. Harris case, which used the rational basis test to uphold casket licensure restrictions on the online sale of caskets.
职业许可法,曾经只适用于一小部分专业职业,在19世纪和20世纪被扩展到美国的殡葬业,理由是他们创造了保护死者、他们的亲人和公众的专业标准。殡葬执照现在涵盖了防腐师、殡葬承办人,甚至是棺材销售商。而不是保护公众,在实践中,殡葬业的许可往往是编纂和保护了滥用,它被指控通过设置进入壁垒和减少竞争来防止滥用。一些美国法院在理性基础测试下支持棺材许可,理由是它促进了公众健康,保护消费者免受欺诈,甚至行业保护主义是政府的合法职能。我们通过审查俄克拉何马州第十巡回法院的权力诉哈里斯案来挑战棺材许可的理性基础,该案件使用理性基础测试来支持对在线销售棺材的棺材许可限制。
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引用次数: 0
Climate Change, the Knowledge Problem and the Good Life 气候变化、知识问题与美好生活
Pub Date : 2015-03-01 DOI: 10.7916/D8TB1KBT
S. Ammous, E. Phelps
We must address the challenge of climate change through the prism of the knowledge problem and — no less important — from the perspective of the good life. When discussing our society’s big problems, we tend to assume that we have the knowledge required to act on them. We also tend to assume that our intentions will translate seamlessly to the desired consequences. Knowledge problems are why both of these assumptions can be wrong — and why they can lead to unintended outcomes, some of them disastrous. This paper briefly outlines some of the problems with our knowledge of climate and energy systems, how these problems can affect planning and policies on climate change, and how these plans and policies come to bear on the conception of the good life. The case of biofuels policies illustrates these problems.
我们必须从知识问题的角度来应对气候变化的挑战,同样重要的是要从美好生活的角度来应对。在讨论我们社会的重大问题时,我们倾向于假设我们拥有解决这些问题所需的知识。我们也倾向于假设我们的意图会无缝地转化为期望的结果。知识问题是为什么这两种假设都是错误的,以及为什么它们会导致意想不到的结果,其中一些是灾难性的。本文简要概述了我们在气候和能源系统知识方面存在的一些问题,这些问题如何影响气候变化的规划和政策,以及这些计划和政策如何影响美好生活的概念。生物燃料政策的例子说明了这些问题。
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引用次数: 1
Bruno Leoni's Legacy and Continued Relevance 布鲁诺·莱尼的遗产和持续意义
Pub Date : 2014-09-29 DOI: 10.2139/SSRN.2503080
Todd J. Zywicki
In his famous book, Freedom and the Law, originally published in 1961, Italian lawyer-economist Bruno Leoni posed the question of whether over the long run a society and legal system premised primarily on legislative law-making could sustain a system of individual liberty, or whether such a system required a common law-style foundation to support it. In this article I evaluate Leoni’s challenge and find that his predictions about the nature of a legislative-centered legal system not only are more relevant than ever, but that recent tendencies toward extreme and arbitrary law-making by executive edict are consistent with the trends and intellectual principles that Leoni identified over 50 years ago. By identifying the underlying jurisprudential theories that generated the current state of affairs, Leoni’s warnings are even more relevant today than ever before.
在1961年出版的著名著作《自由与法律》(Freedom and the Law)中,意大利律师兼经济学家布鲁诺·莱尼(Bruno Leoni)提出了这样一个问题:从长远来看,一个主要以立法为前提的社会和法律体系能否维持一个个人自由的体系,或者这样一个体系是否需要一个共同法律风格的基础来支持它。在这篇文章中,我评估了莱尼的挑战,并发现他对以立法为中心的法律体系的本质的预测不仅比以往任何时候都更有意义,而且最近通过行政命令制定极端和武断的法律的趋势与莱尼50多年前确定的趋势和知识原则是一致的。通过识别导致当前事态的潜在法理学理论,莱尼的警告在今天比以往任何时候都更有意义。
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引用次数: 4
The Competition Game 竞赛游戏
Pub Date : 2013-10-01 DOI: 10.5860/choice.27-1823
R. Wright
Mobile operators had monopoly rights to the termination of a call on their network. This monopoly was most pronounced in fixed to mobile calls. Reciprocity in this market was absent due to the regulation of tariffs on fixed (landline) networks. Fixed-to-mobile termination charges were a tenfold of fixed–to-fixed charges in the EU (European Commission, 2001, 16). Fixed line prices were regulated due to their dominance in the landline markets. Mobile operators were granted access to their networks at regulated prices. Prices of mobile network access, however, were not regulated. The British regulator Oftel, however, argued that all mobile operators had a monopoly position on their termination market and that termination charges, therefore, needed to be regulated (Oftel, 2001). International connection was not regulated on EU markets until 2008. This entailed sky high tariffs on international which were terminated by foreign companies. This prompted the European Commission to regulate these roaming tariffs. airports attenuated the scarcity of slots (time segments for take-off and landing). A new airline business model thus emerged that differed from the hub and spoke network. This model had direct flights between cities; high frequencies and flew to secondary airports. The new model had an optimal utilization of aircraft and crew due to short turn over times. This model was applied by Southwest Airlines in the US and by several budget airlines like Ryan Air and Easy Jet in Europe.
移动运营商对终止其网络上的通话拥有垄断权。这种垄断在固定电话和移动电话领域最为明显。由于固定(固定电话)网络的关税管制,这个市场的互惠性是不存在的。在欧盟,固定到移动的终端费用是固定到固定费用的十倍(欧洲委员会,2001年,16)。由于固定电话在固定电话市场的主导地位,固定电话的价格受到管制。移动运营商获准以规定价格接入其网络。然而,移动网络接入的价格没有受到管制。然而,英国监管机构Oftel认为,所有移动运营商在其终端市场上具有垄断地位,因此,终端费用需要受到监管(Oftel, 2001)。直到2008年,国际连接才在欧盟市场上受到监管。这就需要对国际产品征收极高的关税,而这些关税被外国公司终止了。这促使欧盟委员会对这些漫游费进行监管。机场减少了机位(起飞和降落的时间段)的稀缺性。一种不同于轮辐网络的新型航空商业模式由此出现。这种模式有城市间的直航;频率高,飞往二级机场。由于周转时间短,新模式对飞机和机组人员进行了最佳利用。美国的西南航空公司和欧洲的瑞安航空、易捷航空等几家廉价航空公司都采用了这种模式。
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引用次数: 0
Making Room for Business Ethics: Rights as Metanorms for Market and Moral Values 为商业伦理腾出空间:权利是市场价值和道德价值的元形态
Pub Date : 2009-04-01 DOI: 10.1007/978-94-007-1494-6_42
Douglas B. Rasmussen, D. D. Uyl
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引用次数: 4
Peter Bauer's Market-Liberal Vision 彼得·鲍尔的市场自由主义愿景
Pub Date : 2004-10-01 DOI: 10.32609/0042-8736-2005-5-140-150
J. Dorn
The article is devoted to P. Bauer who promoted the principles of liberty around the world. Lord Bauer considered that the development is the expansion of individual choices. He underlined that the role of the state was to protect life, liberty, and property. Bauer's works focus on the process of development measured by the extent of economic freedom. P. Bauer insists that economic development depends on institutions, culture, and conduct. J. Dorn declared P. Bauer a hero of market revolution and a protector of "laissez-faire".
这篇文章是献给在全世界推广自由原则的鲍尔的。鲍尔勋爵认为,发展是个体选择的扩展。他强调,国家的作用是保护生命、自由和财产。鲍尔的著作关注的是用经济自由程度来衡量发展的过程。鲍尔坚持认为,经济发展取决于制度、文化和行为。多恩宣称鲍尔是市场革命的英雄,是“自由放任”的保护者。
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引用次数: 0
The Federal Reserve in the Shadow of the Bank of Japan 美联储在日本银行的阴影下
Pub Date : 1900-01-01 DOI: 10.7916/D8MS51CS
T. Cargill, Gerald P. O'driscoll
Many commentators on Federal Reserve policy over the past decade devote little attention to the experience of other central banks and especially the experience of Japan and the Bank of Japan. In fact, there is very little that is new in the U.S. situation that had not already been experienced by Japan and the Bank of Japan over a decade earlier. Many commentators view Federal Reserve policy as unique and special with regard to other central banks; however, the differences between the financial and economic stress experienced by Japan and the United States pale in comparison to the similarities. In many respects, the Federal Reserve is in the shadow of Bank of Japan and a better understanding of the comparative records of the two central banks offers important insight into central bank policy. The paper explores three aspects of the relationship between the Bank of Japan and the Federal Reserve . First, the asset bubbles and bursting of those bubbles in Japan (1985 to 1991) and the United States (2001 to 2006) were both the result of central bank policy errors combined with a flawed financial structure. Second, the political economy of the operating environment of the Bank of Japan and the Federal Reserve ensures continued suboptimal monetary policy regardless of institutional redesigns of the central bank. Third, the Bank of Japan and the Federal Reserve together present a serious contradiction to the conventional wisdom that legal independence is the foundation for optimal central bank policy outcomes. A concluding section brings together the main points of the discussion. These suggest that a better understanding of Federal Reserve policy since the start of the new century might start with a review of Japan and the Bank of Japan. JEL Codes: E52, E63, G18, N20
过去10年,许多评论美联储政策的人士很少关注其他央行的经验,尤其是日本和日本央行的经验。事实上,日本和日本央行(Bank of Japan)在十多年前就已经经历过美国所面临的新形势。许多评论人士认为,与其他央行相比,美联储的政策是独一无二的;然而,日本和美国所经历的金融和经济压力的差异与相似之处相比就显得微不足道了。在许多方面,美联储都处于日本央行(Bank of Japan)的阴影之下,更好地了解这两家央行的比较记录,有助于深入了解央行的政策。本文从三个方面探讨了日本央行与美联储之间的关系。首先,日本(1985年至1991年)和美国(2001年至2006年)的资产泡沫和这些泡沫的破裂都是央行政策失误与有缺陷的金融结构相结合的结果。其次,日本央行(boj)和美联储(fed)操作环境的政治经济学,确保了它们的货币政策将继续处于次优状态,无论央行如何重新设计制度。第三,日本央行(boj)和美联储(fed)的共同表现,与传统观念——法律独立是央行政策最佳结果的基础——形成了严重矛盾。结论部分汇集了讨论的要点。这表明,要想更好地理解新世纪以来的美联储政策,或许可以从回顾日本和日本央行(Bank of Japan)开始。JEL代码:E52, E63, G18, N20
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引用次数: 1
Blockchain Technology in International Commodity Trading 区块链技术在国际商品交易中的应用
Pub Date : 1900-01-01 DOI: 10.22004/AG.ECON.303613
Prithviraj Lakkakula, D. W. Bullock, W. Wilson
: A blockchain is a decentralized, public digital ledger that uses cryptology to record retrospectively. We illustrate the impact of using blockchain technology on export/export documentation costs in international commodity trading. Preliminary results suggest that the costs related to accelerated transfer of documents from seller to buyer could be reduced by 90%. Additionally, in case of soybean trade from Jamestown (North Dakota) to China, the results suggest that using blockchain technology export costs reduced by an average of 2.3 cents per bushel (from $3.5677 to $3.5447). These results are significant for agribusinesses and other agricultural stakeholders for evaluating the benefits of adopting blockchain technology in international commodity trading.
区块链是一种分散的公共数字分类账,使用密码学进行回顾性记录。我们说明了使用区块链技术对国际商品交易中出口/出口文件成本的影响。初步结果表明,与加速从卖方到买方的文件转移相关的成本可以减少90%。此外,在从詹姆斯敦(北达科他州)到中国的大豆贸易中,结果表明,使用区块链技术的出口成本平均每蒲式耳降低2.3美分(从3.5677美元降至3.5447美元)。这些结果对于农业企业和其他农业利益相关者评估在国际商品交易中采用区块链技术的好处具有重要意义。
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引用次数: 9
期刊
Journal of Private Enterprise
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