Design is the Source of Variation; Selection is the Filter

Vernon Smith. Against Design concerns the impossibility of deliberate design for desirable outcomes when the dynamic processes of social and economic change are decentralized, free and creative. In this brief commentary I want to relate the authors’ theme to specialization,…
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The Perfect Storm for Algal Blooms in Arizona

Christopher J. Waznik. The necessity for clean, usable freshwater has led to countless battles, both physical and legal. Water serves religious purposes, can be aesthetically beautiful, and is the foundational resource behind all life, economic development and the environment. As…
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Countercyclical Regulation and Its Challenges

Patricia A. McCoy. Historically, U.S. financial regulation has normally been procyclical, with federal regulators and Congress relaxing oversight during bull markets and cracking down once financial crises hit. After 2008, the wisdom of this approach came under attack. Critics argued…
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Torts v. Technology: Accommodating Disruptive Innovation

James A. Henderson, Jr. Given that the American legal system supports markets that make technological advancement economically feasible and thus attractive to investors, it may be said that our law generally encourages the development of innovative, albeit sometimes unavoidably dangerous,…
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