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Abstract This paper provides a framework for understanding optimal lockdowns and makes three contributions. First, it theoretically analyzes lockdown policies and argues that policy makers systematically enact too strict lockdowns...
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Abstract This paper provides a framework for understanding optimal lockdowns and makes three contributions. First, it theoretically analyzes lockdown policies and argues that policy makers systematically enact too strict lockdowns because their incentives are misaligned with achieving desired ends and they cannot adapt to changing circumstances. Second, it provides a benchmark to determine how strongly policy makers in different locations should respond to COVID-19. Finally, it provides a framework for understanding how, when, and why lockdown policy is expected to change.
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Private Anti-Piracy Navies: How Warships for Hire are Changing Maritime Security is an examination of the private efforts to quell pirate attacks around the Horn of Africa, focusing mainly on these activities since 2008 but also i...
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Private Anti-Piracy Navies: How Warships for Hire are Changing Maritime Security is an examination of the private efforts to quell pirate attacks around the Horn of Africa, focusing mainly on these activities since 2008 but also including a historical discussion of pirate activities since the 1991 collapse of Siad Bane's government in Somalia. The private response to piracy in this region is a recent phenomenon designed to fill the gaps left by large military vessels. These military vessels, the authors describe, are highly effective at deterring piracy in general but, owing to their size and cost, are unable to effectively prevent smaller pirate ships that are widely dispersed. As they put it, "navy warships are like Iker Casillas, the top [soccer] goalkeeper in the world. Although Casillas can block almost any shot he can reach, if a dozen small children are taking shots on goal simultaneously, even Casillas cannot keep all the balls out of the net" (76). This book is primarily targeted towards a more general audience, but academic readers will also find it to be a source of new and engaging questions for future research. It consists of ten chapters, with the first being a brief introductory chapter to the project as a whole and the next two providing a historical background of piracy in general and the specific case of the Somali-pirate epidemic. Chapters four and five provide a description of current and proposed forces to combat and other, what they call "economic," solutions to the problem of piracy, such as sailing further from shore, at faster speeds, etc. Chapters six and seven detail legal/regulatory issues as well as operations and tactical challenges, which chapter eight then discusses in a familiar cost-benefit analysis. Finally, chapters nine and ten provide policy implications and a conclusion.
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Competition, Coordination, and Diversity: From the Firm to Economic Integration is a book that seeks to present an Austrian approach to understanding the determination of the degrees of homogeneity and diversification within socie...
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Competition, Coordination, and Diversity: From the Firm to Economic Integration is a book that seeks to present an Austrian approach to understanding the determination of the degrees of homogeneity and diversification within society. The author, in the introductory chapter, describes the basic premise of the book by saying, "the determination of the optimal degree of diversification and, therefore, the optimal degree of homogenization, is one of the great problems all societies have to solve," (Salin 2015, xiii). What the author is getting at here is the idea that, rather than believe in the idea of strict homogenization, as the neoclassical model of perfect competition seems to, markets tend to promote diversification as entrepreneurs find new ways to satisfy consumers. However, we should also acknowledge that there is a limit to the benefits of diversification-as the author notes, having a common language is vital as "the relations between individuals, which are essential to their survival, would be impossible if they did not share common languages," (Salin 2015, xiii). The book is comprised of various works, published or unpublished, that the author has written over the last several years, and is woven together into five parts: (1) firms, markets and competition, (2) globalization and international economic problems, (3) monetary integration, (4) money, finance, and economic policies, and (5) foundations of economic theory.
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