Property rights lie at the heart of the economic success of any economy and the extent to which its citizens enjoy economic freedom. At a time when Eastern Europe is breaking free from the yoke of collectivist-socialist ideas, this book presents essays by four political economists evaluating a range of feasible reforms intended to breathe new life into constitutional republicanism. The first essay by James M. Buchanan grounds the defence of private property ownership in the protection that it affords to individual liberty. This is followed by a succinct but comprehensive account by Gordon Tullock of his research programme in rent seeking. This is a great and instructive contribution which skilfully draws out the dangerous implications of rent seeking for private property rights. A far-reaching and insightful essay by Richard E. Wagner exposes the failure of the United States constitution to overcome the tyranny of the majority so feared by the Founding Fathers: the author demonstrates why the tyranny of the majority cannot be overcome by a written constitution unless the institutions of society are designed to offer complementary support to limited government and the rule of law. In the final essay, Charles Rowley retraces the history of social choice theory, identifies the errors that it has promulgated and the corrective lessons that can be learned from the classical liberal philosophy that it has substantially ignored. Including essays by some of the most eminent scholars in the field, Property Rights and the Limits of Democracy makes an important and distinguished contribution to one of the most central issues in political economy in the late twentieth century.

'They have built a dam across the rivers of justice and then they complain of the drought in the field below.' - With these stinging words W. Clarke Durrant III, then Chairman of the Legal Services Corporation, admonished the American Bar Association in 1987 for its use of monopoly prices to exclude less affluent Americans from access to civil justice.The Right to Justice reviews the history of legal services in the US from its origins in the 1890s to the multi-million dollar Federal program of the late 20th century. But this is no ordinary text. Charles Rowley skilfully shows how government transfers tend to be dissipated in competitive rent-seeking by special interest groups, that much of what is left tends to be subverted to the agendas of the more powerful groups and that the residuals tend to be inefficiently managed by a poorly monitored and ideologically motivated supply bureaucracy. The upshot is that customer preferences play little or no role in the allocation of resources within the legal services budget. In a veritable tour de force, Charles Rowley places the US Federal legal services program on the scholarly rack of public choice - which analyses individual behaviour in terms of universal self-seeking motivations in a political market. He offers a convincing unique explanation of the forces that have subverted a well meaning attempt to assist poor Americans into a co ordinated attack on the central institutions of the family, capitalism and of Madisonian Republicanism which together constitute the essence of the American dream.

This book is a key example of the emergence of public choice theory by an economist who was to become one of its major exponents. It combines a detailed, critical study of the Monopolies Commission, with an analysis of the economic issues involved in monopoly supervision and control.

This unique collection of largely unpublished papers brings together the founding fathers of law and economics to provide their own views on the origins and intellectual history of the field. Law and economics emerged as a separate field of scholarship during the early 1960s, fueled by two seminal papers, one by Ronald Coase and one by Guido Calabresi. The ideas generated by scholars researching in the field have deeply influenced the major disciplines of economics and the law. These 16 essays (including three by Nobel Laureates in Economic Sciences) provide an impressive blend of differing experiences and varying perspectives, reflecting on the intellectual foundations of the field, its early struggles for recognition, and its remarkable advance during the last four decades of the twentieth century, and into the twenty-first. The essays clearly outline, and contribute new insights into, all of the central issues of this still vibrant research programme. A unifying theme of the book is the central importance attached by each scholar to scientific analysis, rather than to any particular ideology or dogma. This book provides an absorbing intellectual history of law and economics, and will be a fascinating read for academics and researchers with an interest in law and economics, the history of economic thought, public choice and public policy.

The Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.

This impressive book brings together four essays, which along with an insightful introduction from Charles Rowley, provide a robust defence of the concept of classical liberalism in modern 'civil' society. In the first essay, Douglas Rasmussen and Douglas Uyl discuss the basic approaches and principles of liberalism in the post-modern age and show how a moral philosophy can serve to support a political philosophy. They supply a clear, fundamental defence of liberalism in an era which has become sceptical of its doctrines. This is followed by Peter Ordeshook's authoritative analysis of the foundations of democracy, in relation to the demise of communist ideology, particularly in the former Soviet Union. Paul Rubin then examines, from a libertarian perspective, the differing methods and degrees of success of adapting contract law in Russia, the Czech Republic, Hungary and Poland in the wake of political change. Finally, Mwangi S. Kimenyi provides an original study of highly centralized, unitary systems of government and the breakdown of civil society in Sub-Saharan Africa. He argues persuasively that institutional reform involving decentralization and federalism can better accommodate ethnic diversity in the area. With contributions from some of the most eminent scholars in the field, Classical Liberalism and Civil Society provides a rigorous justification of classical liberal polity.

Trade policy in the United States since 1930 is rigorously evaluated in this major new book. Using public choice analysis to identify and explain protectionist behavior, Charles K. Rowley, Willem Thorbecke and Richard E. Wagner demonstrate why unilateral free trade cannot be achieved through the normal political process and make a strong case for constitutional reform.Trade Protection in the United States analyzes the history of US trade policy to explain why interest groups are able to foster protectionist policies despite the advantages which free trade offers consumers. The authors also explain why the principles of managed trade - as epitomized in the institution of the GATT - are inevitably subverted by protectionism. This important book concludes with a vigorous justification of unilateral free trade and makes a convincing case for protecting the freedom to trade through an amendment to the US constitution. Applying recent developments in constitutional political economy to a key policy issue, this book will be welcomed by economists, political scientists and lawyers as a major statement of the right to trade.

This book is a key example of the emergence of public choice theory by an economist who was to become one of its major exponents. It combines a detailed, critical study of the Monopolies Commission, with an analysis of the economic issues involved in monopoly supervision and control.

This major book brings together four essays which rigorously defend classical liberal philosophy and present a convincing justification of the minimal state.In Before Resorting to Politics, the first essay, Anthony de Jasay rejects political solutions, seeks to de-politicise society and provides an original analysis of liberty, coercion, the role of chance and deserts in the distribution of resources. This is followed by Norman Barry's Classical Liberalism in the Age of Post-Communism, a succinct but comprehensive reconstruction of classical liberal theory explaining its implications for law, constitutionalism and public policy. Adam Smith into the Twenty-First Century by Edwin West shows how Smith's liberalism - less ambivalent than that of J.S. Mill and his followers - continues to thrive and is enjoying a revival in the 1990s. In the final essay, Economic Policy in a Liberal Democracy, Richard E. Wagner offers an approach to welfare economics and economic policy appropriate for a classically liberal society. The essays are co-ordinated by an introduction in which Charles K. Rowley explains why some notable classical liberal scholars have abandoned classical liberalism and presents a vigorous philosophical justification for the minimal state. Including essays by some of the most eminent scholars in the field, The Political Economy of the Minimal State makes an important and distinguished contribution to one of the most contentious issues in twentieth century political economy.

This is the inaugural volume in a new series, Liberty Fund's The Selected Works of Gordon Tullock. The series will consist of ten volumes of selections from the major monographs and scholarly papers published by Tullock between 1954 and 2002. The first volume contains a selection from Tullock's published academic papers and essays designed to introduce the series and to offer a representative picture of his work to allow scholars to evaluate in depth the relevance and intellectual impact of his contributions. The volume begins with the only two pieces in the Selected Works that were not written by Tullock himself. The first is the brief assessment of Tullock's contributions made by Mark Blaug in 1985 when explaining why he had included Tullock in his list of the one hundred great economists since John Maynard Keynes. The second is the short statement published in American Economic Review in September 1998, recognising Tullock as a Distinguished Fellow of the American Economic Association.

This final volume of 'The Selected Works of Gordon Tullock' series, presents an eclectic mix of essays by Gordon Tullock. The first three sections highlight his pioneering application of rational choice theory to fields outside the usual purview of economics, including criminal behaviour, sociobiology, and behaviour in non-human societies. The final four sections, all concerned with more traditional areas of economics, still show Tullock at his innovative best, challenging conventional thinking in such fields as public finance and monetary economics.

Gordon Tullock is among a small group of living legends in the field of political economics. This volume provides an entree to the mind of an original thinker. Professor Rowley provides deliberately sparse contextual introduction to each volume, opting to allow the very able and eloquent Tullock to speak for himself.

This unique collection of largely unpublished papers brings together the founding fathers of law and economics to provide their own views on the origins and intellectual history of the field. Law and economics emerged as a separate field of scholarship during the early 1960s, fueled by two seminal papers, one by Ronald Coase and one by Guido Calabresi. The ideas generated by scholars researching in the field have deeply influenced the major disciplines of economics and the law. These 16 essays (including three by Nobel Laureates in Economic Sciences) provide an impressive blend of differing experiences and varying perspectives, reflecting on the intellectual foundations of the field, its early struggles for recognition, and its remarkable advance during the last four decades of the twentieth century, and into the twenty-first. The essays clearly outline, and contribute new insights into, all of the central issues of this still vibrant research programme. A unifying theme of the book is the central importance attached by each scholar to scientific analysis, rather than to any particular ideology or dogma. This book provides an absorbing intellectual history of law and economics, and will be a fascinating read for academics and researchers with an interest in law and economics, the history of economic thought, public choice and public policy.

This is the fourth volume in Liberty Funds "The Selected Works of Gordon Tullock". This volume includes some of Gordon Tullocks most noteworthy contributions to the theory and application of public choice, which is a relatively new science that links economics and political action. This volume combines the best parts of two of his books, Private Wants: Public Means and On Voting, as well as his famous monograph The Vote Motive. The common thread is the importance of the bond between Homo politicus and Homo economicus: they are the same species, each driven largely by self-interest in vigorous pursuit of such personal objectives as wealth, power, prestige, and income security within the confines of society. "The Economics of Politics" covers such diverse public choice topics as: the nature and origins of public choice, the power of using economic analysis to understand and predict the behaviour of politically influenced markets, and an evaluation of voting rules and political institutions. Equally confident in both the normative and the positive branches of the discipline, and well-versed in the wide variety of institutions and practices of democracy throughout history, Tullock takes the reader on a journey that goes well beyond the conventional horizon of public choice.

In this book, Tullock focuses attention on the organisation of science, raising important questions about scientific inquiry and specifically about the problems of science as a social system. Tullock poses such questions as: how do scientists engage in apparently co-operative contributions in the absence of hierarchic organisation and why are scientific contributions worthy, for the most part, of the publics trust? Throughout The Organization of Inquiry, Tullock answers these questions and many more through a pioneering exploration of the interrelationship between economics and the philosophy of science, much of which had defied then-conventional wisdom. Anyone interested in scientific endeavour will find the combination of Tullocks powerful logic, his sharp forensic skills, and his barbed wit elucidating and helpful.

Gordon Tullock is among a small group of living legends in the field of political economics. This volume provides an entree to the mind of an original thinker. Professor Rowley provides deliberately sparse contextual introduction to each volume, opting to allow the very able and eloquent Tullock to speak for himself.

This major reference collection presents in three volumes the key articles and papers on social choice theory.Volume One centres attention on key aspects of the debate on Arrow's impossibility theorem, carefully counter-poising differing viewpoints and embracing competing methodologies. In a field prone to the excessive use of mathematics and of arcane high theory, Charles Rowley skilfully presents a literature which is accessible to non-mathematicians and yet which offers full coverage of all the major debates. Volumes two and three extend the coverage of social choice theory to review the attempts of leading scholars to resolve the ageless problems of determining social goals and reconciling apparent inconsistencies among such goals. Professor Rowley carefully guides the reader through a litany of approaches, both methodological individualist and social engineering, ends-related and process-related in nature. Volume two reprints leading contributions to the utilitarian and contractarian ethics while volume three completes this exercise with material on the social justice and contractarian ethics. Professor Rowley's own introductory essay exposes the social choice research programme to his own Virginian critique, while integrating a large, diffuse literature into a unified whole.

This monograph provides a detailed explanation how the Great Depression and the current financial crisis and economic contraction in the United States were both caused by and exacerbated by government, not by capitalism. The monograph provides a well-reasoned free market alternative to current statist policies with respect to economic recovery in the United States.

Volume 8 in "The Selected Works of Gordon Tullock" draws from two highly acclaimed and path-breaking books by Gordon Tullock, The Social Dilemma (1974) and Autocracy (1987). In this work, Tullock explores political market behaviour that is based on conflict rather than on bargaining and thus behaviour that results in wealth reduction rather than in gains from trade. "The Social Dilemma: The Economics of War and Revolution" was written in response to the tumultuous events of the 1960s and 1970s. Specifically, after the constitutional crisis caused by the Watergate scandal, Tullock acknowledged the Hobbesian nature of democracy. He posed that political figures are locked in wealth-reducing circumstances by the nature of the political game and inherent problems found in democracy. In Autocracy, Tullock provides a scientific analysis of dictatorships, using a rational choice model to analyse the behaviour of individuals under autocracy. Whereas most scholars have applied public choice theory only to co-operative, democratic states, Tullock extends the theory into new territory. In addition, his insights contribute to the discussion of pressing current issues, such as the transformation of autocracies into democracies.

Volume 8 in "The Selected Works of Gordon Tullock" draws from two highly acclaimed and path-breaking books by Gordon Tullock, The Social Dilemma (1974) and Autocracy (1987). In this work, Tullock explores political market behaviour that is based on conflict rather than on bargaining and thus behaviour that results in wealth reduction rather than in gains from trade. "The Social Dilemma: The Economics of War and Revolution" was written in response to the tumultuous events of the 1960s and 1970s. Specifically, after the constitutional crisis caused by the Watergate scandal, Tullock acknowledged the Hobbesian nature of democracy. He posed that political figures are locked in wealth-reducing circumstances by the nature of the political game and inherent problems found in democracy. In Autocracy, Tullock provides a scientific analysis of dictatorships, using a rational choice model to analyse the behaviour of individuals under autocracy. Whereas most scholars have applied public choice theory only to co-operative, democratic states, Tullock extends the theory into new territory. In addition, his insights contribute to the discussion of pressing current issues, such as the transformation of autocracies into democracies.

Gordon Tullock is among a small group of living legends in the field of political economics. This volume provides an entree to the mind of an original thinker. Professor Rowley provides deliberately sparse contextual introduction to each volume, opting to allow the very able and eloquent Tullock to speak for himself.

This final volume of 'The Selected Works of Gordon Tullock' series, presents an eclectic mix of essays by Gordon Tullock. The first three sections highlight his pioneering application of rational choice theory to fields outside the usual purview of economics, including criminal behaviour, sociobiology, and behaviour in non-human societies. The final four sections, all concerned with more traditional areas of economics, still show Tullock at his innovative best, challenging conventional thinking in such fields as public finance and monetary economics.

In this book, Tullock focuses attention on the organisation of science, raising important questions about scientific inquiry and specifically about the problems of science as a social system. Tullock poses such questions as: how do scientists engage in apparently co-operative contributions in the absence of hierarchic organisation and why are scientific contributions worthy, for the most part, of the publics trust? Throughout The Organization of Inquiry, Tullock answers these questions and many more through a pioneering exploration of the interrelationship between economics and the philosophy of science, much of which had defied then-conventional wisdom. Anyone interested in scientific endeavour will find the combination of Tullocks powerful logic, his sharp forensic skills, and his barbed wit elucidating and helpful.

This book offers an analytic history of Britannia (first England and Wales and then Great Britain) over eight hundred years of political turmoil, intermingled with economic stagnation, followed by the engine of the industrial revolution. The book draws on economics, political science, public choice, philosophy and the law to probe in depth into the evolution of Britannia from an impoverished feudal and then post-feudal autocracy into a constitutional monarchy with limited suffrage that provided the fulcrum for industrial and commercial success, making Britannia, by 1884, the richest nation, per capita, on the planet. The book challenges head-on the Whiggist liberal notion of Macaulay and Trevelyan that the path from oppression to freedom was one of unimpeded progress. Among its novel features, the book draws upon the dictator’s handbook, as modeled by Bueno de Mesquita and Alistair Smith to evaluate the period of varying autocracy, 1066-1688. The book draws upon modern public choice theory and legal history to evaluate the fragile, corrupt constitutional monarchy that oversaw the initial phase of post-Glorious Revolution Britannia, 1689-1775. At each stage, the philosophical battle between those who sought order and unity and those who sought individual liberty is meticulously outlined. The book draws on the contributions of the Scottish Enlightenment (Hume, Ferguson and Smith) and of classical liberal philosophy (John Stuart Mill) to explain the final vault of Britannia from a weak and corrupt to a robust and admired constitutional monarchy grounded on the rule of law, over the period 1776-1884.

This book offers an analytic history of Britannia (first England and Wales and then Great Britain) over eight hundred years of political turmoil, intermingled with economic stagnation, followed by the engine of the industrial revolution. The book draws on economics, political science, public choice, philosophy and the law to probe in depth into the evolution of Britannia from an impoverished feudal and then post-feudal autocracy into a constitutional monarchy with limited suffrage that provided the fulcrum for industrial and commercial success, making Britannia, by 1884, the richest nation, per capita, on the planet. The book challenges head-on the Whiggist liberal notion of Macaulay and Trevelyan that the path from oppression to freedom was one of unimpeded progress. Among its novel features, the book draws upon the dictator's handbook, as modeled by Bueno de Mesquita and Alistair Smith to evaluate the period of varying autocracy, 1066-1688. The book draws upon modern public choice theory and legal history to evaluate the fragile, corrupt constitutional monarchy that oversaw the initial phase of post-Glorious Revolution Britannia, 1689-1775. At each stage, the philosophical battle between those who sought order and unity and those who sought individual liberty is meticulously outlined. The book draws on the contributions of the Scottish Enlightenment (Hume, Ferguson and Smith) and of classical liberal philosophy (John Stuart Mill) to explain the final vault of Britannia from a weak and corrupt to a robust and admired constitutional monarchy grounded on the rule of law, over the period 1776-1884.