Gordon L. Brady

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Gordon L. Brady is an American Economist, Professor and Writer and resides in Vienna, Virginia.

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Gordon Brady received his B.A. from the University of North Carolina at Chapel Hill in 1967, a M.A. in economics from the University of North Carolina at Chapel Hill in 1973, a Ph.D. in economics from the Virginia Polytechnic Institute and State University in 1976 and Master of Studies in Law from Yale Law School . He has published more than 70 papers and 3 books, including Government: Whose Obedient Servant? A Primer on Public Choice. With Arthur Seldon and Gordon Tullock (2000), On the Trail of Homo Economicus: Essays by Gordon Tullock Edited with Robert Tollison (1994) and Duncan Black: Selected Works of the Unpublished Legacy Edited with Gordon Tullock (1995).

Selected publications

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Papers

Related Research Articles

Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science." Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents and their interactions, which can be represented in a number of ways—using standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.

<span class="mw-page-title-main">James M. Buchanan</span> American economist (1919–2013)

James McGill Buchanan Jr. was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.

The term Homo economicus, or economic man, is the portrayal of humans as agents who are consistently rational and narrowly self-interested, and who pursue their subjectively defined ends optimally. It is a wordplay on Homo sapiens, used in some economic theories and in pedagogy.

This aims to be a complete article list of economics topics:

In neoclassical economics, economic rent is any payment to the owner of a factor of production in excess of the cost needed to bring that factor into production. In classical economics, economic rent is any payment made or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities. In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" exclusivity, such as labor guilds and unofficial corruption.

Duncan Black, FBA was a Scottish economist who laid the foundations of social choice theory. In particular he was responsible for unearthing the work of many early political scientists, including Charles Lutwidge Dodgson, and was responsible for the Black electoral system, a Condorcet method whereby, in the absence of a Condorcet winner, the Borda winner is chosen.

<span class="mw-page-title-main">Law and economics</span> Application of economic theory to analysis of legal systems

Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance.

Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, risk of growing political bribery, and potential national decline.

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Gordon Tullock was an American economist and professor of law and economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He was one of the founding figures in his field.

Government failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market. The costs of the government intervention are greater than the benefits provided. It can be viewed in contrast to a market failure, which is an economic inefficiency that results from the free market itself, and can potentially be corrected through government regulation. However, Government failure often arises from an attempt to solve market failure. The idea of government failure is associated with the policy argument that, even if particular markets may not meet the standard conditions of perfect competition required to ensure social optimality, government intervention may make matters worse rather than better.

Arnold Carl Harberger is an American economist. His approach to the teaching and practice of economics is to emphasize the use of analytical tools that are directly applicable to real-world issues. His influence on academic economics is reflected in part by the widespread use of the term "Harberger triangle" to refer to the standard graphical depiction of the efficiency cost of distortions of competitive equilibrium. His influence on the practice of economic policy is manifested by the high positions attained by his followers in national agencies such as central banks and ministries of finance, and in international agencies such as the World Bank.

Environmental policy is the commitment of an organization or government to the laws, regulations, and other policy mechanisms concerning environmental issues. These issues generally include air and water pollution, waste management, ecosystem management, maintenance of biodiversity, the management of natural resources, wildlife and endangered species. For example, concerning environmental policy, the implementation of an eco-energy-oriented policy at a global level to address the issues of global warming and climate changes could be addressed. Policies concerning energy or regulation of toxic substances including pesticides and many types of industrial waste are part of the topic of environmental policy. This policy can be deliberately taken to influence human activities and thereby prevent undesirable effects on the biophysical environment and natural resources, as well as to make sure that changes in the environment do not have unacceptable effects on humans.

The Virginia School of political economy is a school of economic thought originating at the Thomas Jefferson Center for Studies in Political Economy of the University of Virginia in the 1950s and 1960s. Some of its proponents established the Center for Study of Public Choice at Virginia Tech in 1969, moving it to George Mason University in 1983. The school focuses primarily on public choice theory, constitutional economics, and law and economics.

<span class="mw-page-title-main">Robert Ekelund</span> American economist (1940–2023)

Robert Burton Ekelund Jr. was an American economist.

<span class="mw-page-title-main">Bootleggers and Baptists</span>

Bootleggers and Baptists is a concept put forth by regulatory economist Bruce Yandle, derived from the observation that regulations are supported both by groups that want the ostensible purpose of the regulation, and by groups that profit from undermining that purpose.

<span class="mw-page-title-main">Robert Tollison</span> American economist

Robert D. Tollison was an American economist who specialized in public choice theory.

Vincent Alfred Ostrom was an American political economist and the Founding Director of the Ostrom Workshop based at Indiana University and the Arthur F. Bentley Professor Emeritus of Political Science. He and his wife, the political economist Elinor Ostrom, made numerous contributions to the field of political science, political economy, and public choice.

<span class="mw-page-title-main">Jeff Ray Clark</span> Economist

Jeff Ray Clark is an American economist specializing in public finance, public choice, and managerial economics. He is the Scott L. Probasco, Jr. Chair of Free Enterprise at the University of Tennessee at Chattanooga.

<span class="mw-page-title-main">William F. Shughart II</span> American economist and researcher (born 1947)

William Franklin Shughart II is an American economist who is the J. Fish Smith Professor in Public Choice at the Jon M. Huntsman School of Business at Utah State University. He is research director and senior fellow at The Independent Institute. He is the editor-in-chief of Public Choice, senior associate editor of the Southern Economic Journal and associate editor of the Independent Review.

Economic ethics is the combination of economics and ethics that uses judgements from both disciplines to predict, analyze, and model economic phenomena.

References

  1. Reviews of Government: Whose Obedient Servant? and Government Failure:
    • John D. Donahue, Journal of Policy Analysis and Management, JSTOR   3326198
    • Ulrich M. Gassner, Zeitschrift für Politik, JSTOR   24228443
    • Franklin G. Mixon Jr., Public Choice, JSTOR   30026345
  2. Review of Formal Contributions to the Theory of Public Choice: Bernard Grofman, Public Choice, JSTOR   30024334