Free Markets Under Siege: Cartels, Politics and Social Welfare - Hardcover

Epstein, Richard A.

Hardcover

ISBN 10: 0255365535 ISBN 13: 9780255365536

Publisher: Institute Of Economic Affairs, 2004

Synopsis

In this paper, Richard A Epstein, Professor of Law at the University of Chicago, explains how there are substantial gains to be made from countries getting 'easy' policy decisions correct. Societies collapse and become impoverished when they do not accept the basic principles of freedom to contract and competition. Even in the developed world these principles have not been accepted in key areas such as agricultural and labour markets. Significant welfare gains could be achieved from liberalisation in both areas. Epstein explains how liberal economists, politicians and civil servants often spend much time discussing 'difficult' cases. While these issues may be important to particular groups in society, the implications of getting 'difficult' cases wrong is not serious. Thus policy-makers and their advisers, Epstein says, would do well to concentrate on the 'easy' cases. In his study, Professor Epstein uses evidence and analysis derived from the disciplines of both law and economics. Professor Geoffrey E Wood provides a commentary that elucidates Epstein's argument and shows how it can be further applied to policy issues relevant to the UK.

About this title

About the Author:

Richard A. Epstein is the James Parker Hall Distinguished Service Professor of Law at the University of Chicago, where he has taught since 1972. He has been the Peter and Kirstin Bedford Senior Fellow at the Hoover Institution since 2000 and a visiting professor at New York University Law School since 2007. He has written extensively on constitutional law, law and economics, and labor law.

About this edition

• Publisher: Institute Of Economic Affairs
• Publication date: 2004
• ISBN 10: 0255365535
• ISBN 13: 9780255365536
• Binding: Hardcover
• Number of pages: 144