Reflections of a Political Economist : Selected Articles on Government Policies and Political Processes

Reflections of a Political Economist collects some of the most incisive and important policy analysis and public choice articles by William A. Niskanen from the last fifteen years. His interests have ranged widely during this time, covering many different areas of public policy, always with an eye toward rigorous economic thinking, fiscal conservatism, and finding shrewd, practical solutions to important problems. In Part I readers will find a discussion of a wide array of policy topics, including taxation, health and retirement funding, terrorism and military preparedness, and corporate governance. These selections bring to the discussion both hard data and theoretical sophistication, making the case for modest, sensible regulations, limited government, and free enterprise. Niskanen rarely lets easy assumptions go unchallenged; one hallmark of his work is to quantify the costs and benefits of a policy and then compare these to the conventional wisdom, which often turns up lacking. In Part II Niskanen turns to public choice, wherein he discusses economic models of various government types, voting, bureaucracy, and constitutional structure. He also reviews several of his recent research interests, including taxation and spending under autocratic, democratic, and optimal governments; European constitutionalism; and various models of bureaucracy and voting. Readers interested in public choice will find more than just summaries of settled questions, however, as Niskanen also discusses several potential research topics in a field that continues to grow. Part III includes a selection of Niskanen's book reviews, in which he considers the works of other notable economists, including Paul Krugman, Mancur Olson, James M. Buchanan, and Alan Greenspan. Part IV offers three more personal reflections, each to some degree removed from economics, but all reflecting Niskanen's thoughtful, understated approach to important issues, wherever he finds them. Table of Contents......Page 6 Introduction: On Maturing as a Political Economist......Page 10 Part I: Policy Analysis......Page 14 1. Oil Is Not Worth a War......Page 16 2. R&D and Economic Growth: Cautionary Thoughts......Page 22 3. Too Much, Too Soon: Is a Global Warming Treaty a Rush to Judgment......Page 38 4. Next Steps toward Health Policy Reform......Page 50 5. The Economic Basis for Military Capability......Page 58 6. Creating Good Jobs and Good Wages......Page 70 7. Should the Ex-Im Bank Be Retired......Page 86 8. On the Death of the Phillips Curve......Page 92 9. The Economic Burden of Taxation......Page 100 10. Increasing Individual Responsibility Would Improve Retirement Security......Page 108 11. An Unnecessary War Is an Unjust War......Page 116 12. Major Policy Lessons from the Corporate Scandals......Page 122 13. An Unconventional Perspective on the Greenspan Record......Page 128 14. The Several Costs of REsponding to the Threat of Terroism......Page 132 15. The Failure to "Starve the Beast"......Page 140 Part II: Public Choice......Page 146 16. Autocratic, Democrati......Page 148 17. A Vote for Perot Was a Vote for the Status Quo......Page 176 18. On the Constitution of a Compound Republic......Page 184 19. Bureaucracy: A Final Perspective......Page 198 20. Bringing Power to Knowledge: Choosing Policies to Use Decentralized Knowledge......Page 216 21. On the Origin and Identification of Government Failures......Page 230 22. The Intellectual Case for a Free Market Economy......Page 238 23. U.S. Elections Are Increasingly Biased against Moderates......Page 246 24. Advice from a Friendly American on the Proposed Constitution for the European Union......Page 252 25. A Case for Divided Government......Page 260 26. Alternative Political and Economic Futures for Europe......Page 264 27. On Wisconsin: Some Friendly Constitutional Advice......Page 276 28. A Reformulation of Voting Theory......Page 290 Part III: Book Reviews......Page 300 29. Pop Internationalism......Page 302 30. Everything for Sale: The Virtues and Limits of Markets......Page 306 31. Perspectives on Public Choice: A Handbook......Page 310 32. Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships......Page 314 33. In Defense of Free Capital Markets: The Case Against a New International Financial Architecture......Page 318 34. Virginia Political Economy: The Selected Works of Gordon Tullock......Page 322 35. Pay Without Performance: The Unfulfilled Promise of Executive Compensation......Page 326 36. The Market for Virtue: The Potential and Limits of Corporate Social Responsibility......Page 330 37. Why I, Too, Am not a Conservative: The Normative Vision of Classical Liberalism......Page 336 38. The Age of Turbulence: Adventures in a New World......Page 340 Part IV: Personal Reflections......Page 344 39. A Reflection on the Major Developments in the World, 1951-2000......Page 346 40. Policy Proposals from the Libertarian Right......Page 354 41. A Personal Reflection on the Trinity......Page 358 Index......Page 362 About the Author......Page 374 Cato Institute......Page 375 Pt. I. Policy Analysis -- 1. Oil Is Not Worth A War -- 2. R & D And Economic Growth : Cautionary Thoughts -- 3. Too Much, Too Soon : Is A Global Warming Treaty A Rush To Judgment? -- 4. Next Steps Toward Health Policy Reform -- 5. The Economic Basis For Military Capacity -- 6. Creating Good Jobs And Good Wages -- 7. Should The Ex-im Bank Be Retired? -- 8. On The Death Of The Phillips Curve -- 9. The Economic Burden Of Taxation -- 10. Increasing Individual Responsibility Would Improve Retirement Security -- 11. An Unnecessary War Is An Unjust War -- 12. Major Policy Lessons From The Corporate Scandals -- 13. An Unconventional Perspective On The Greenspan Record -- 14. The Several Costs Of Responding To The Threat Of Terrorism -- 15. The Failure To Starve The Beast -- Pt. Ii. Public Choice -- 16. Autocratic, Democratic, And Optimal Government : A Sketch -- 17. A Vote For Perot Was A Vote For The Status Quo -- 18. On The Constitution Of A Compound Republic --^ 19. Bureaucracy : A Final Perspective -- 20. Bringing Power To Knowledge : Choosing Policies To Use Decentralized Knowledge -- 21. On The Origin And Identification Of Government Failures -- 22. The Intellectual Case For A Free Market Economy -- 23. U.s. Elections Are Increasingly Biased Against Moderates -- 24. Advice From A Friendly American On The Proposed Constitution For The European Union -- 25. A Case For Divided Government -- 26. Alternative Political And Economic Futures For Europe -- 27. On Wisconsin : Some Friendly Constitutional Advice -- 28. A Reformulation Of Voting Theory -- Pt. Iii. Book Reviews -- 29. 'pop Internationalism' By Paul Krugman -- 30. 'everything For Sale : The Virtues And Limits Of Markets' By Robert Kuttner -- 31. 'perspectives On Public Choice : A Handbook' Edited By Dennis C. Mueller -- 32. 'power And Prosperity : Outgrowing Communist And Capitalist Dictatorship' By Mancur Olson --^ 33. 'in Defense Of Free Capital Markets : The Case Against A New International Financial Architecture' By David F. Derosa -- 34. 'virginia Political Economy : The Selected Works Of Gordon Tullock. Volume 1' Edited By Charles K. Rowley -- 35. Pay Without Performance : The Unfulfilled Promise Of Executive Compensation By Lucian Bebehuk And Jesse Fried -- 36. 'the Market For Virtue : The Potential And Limits Of Corporate Social Responsibilities' By David Vogel -- 37. 'why I, Too, Am Not A Conservative : The Normative Vision Of Classical Liberalism' By James M. Buchanan -- 38. 'the Age Of Turbulence : Adventures In A New World' By Alan Greenspan -- Pt. Iv. Personal Reflections -- 39. A Reflection On The Major Developments In The World, 1951-2000 -- 40. Policy Proposals From The Libertarian Right -- 41. A Personal Reflection On The Trinity. William A. Niskanen. Includes Bibliographical References And Index.