Novel externalities are social activities for which the emerging cost (or benefit) of the
spillover is unknown and must be discovered. Negative novel externalities have regained …

New institutional economics (NIE) and Austrian economics (AE) both emphasize the role
that institutions play in facilitating or impeding entrepreneurship and hence economic …

Is economic freedom compatible with social justice? Hayek (1976) argues that social justice
is not only incompatible with market societies but that the concept itself is inapplicable to any …

Property rights are the rules governing ownership in society. This Element offers an
analytical framework to understand the origins and consequences of property rights. It …

The libertarian case for legal titling is that formalization of the economic (de facto) rights of
those who own land and buildings improves prospects for capitalism and, ultimately …

The Austrian school of economics has played a key contribution toward an improved
understanding of the characteristics of economic innovation. Over recent decades the …

This Element explores the topics of terrorism, counterterrorism, and the US government's
war on terror following the September 11, 2001 terror attacks. It draw on insights from …

The boom in shale gas production has been accompanied by concerns that polycentricity,
whereby multiple levels of government share regulatory authority, has resulted in an …

Ludwig Lachmann is a central but underappreciated figure within the Austrian school of
economics. Although his understanding of institutions, his appreciation of the heterogeneity …

Blockchains improve on previous ledgers on several margins, including transparency,
immutability, and openness. Though cryptocurrency tokens such as Bitcoin and nonfungible …