January 6, 2005 8:30 AM
by Mises Institute Publications
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Volume 7, no. 3 (Fall 2004)
- CONTESTABLE MARKET THEORY AS A REGULATORY FRAMEWORK: AN AUSTRIAN POSTMORTEM, by John Brätland. Under contestability theory, multi-product monopolists restrain their pricing behavior by the threat of entry by competitors. Hence, industry structure provides no a priori rationale for regulation. Yet, the analytical elements of contestability theory purport to define and, through regulatory means, attain an efficient industry structure producing at lowest cost without profit. . . .
- MONETARY REFORM FROM A COMPARATIVE-THEORETICAL PERSPECTIVE, by Anthony M. Carilli, Gregory M. Dempster, and J. Rory Rohan. The revival of institutional approaches to economic theorizing over the past three decades has led to a reevaluation of the fundamental propositions on which our current monetary system is based. Austrian economists and fellow-travelers have been at the forefront of this revival. . . .
- REFLEXIVITY, BUSINESS CYCLES, AND THE NEW ECONOMY, by Joseph Calandro, Jr. Finance is a popular academic discipline, but it is first and foremost a profession. Financial practice generally mirrors financial theory, but there are significant divergences. One such divergence pertains to market theory. . . .
- SCIENCE BOUGHT AND SOLD: ESSAYS IN THE ECONOMICS OF SCIENCE, edited by Philip Mirowski and Esther-Mirjam Sent. A review essay by Allan Walstad. There exists a modest but steadily growing literature on the economics of science. Much of it concerns the funding of research and the reaping of societal benefits there from, but one also sees increasing interest in applying economic concepts to the conduct of research itself . . .
