Vol. 27, No. 4, Winter 2004

Cover Story

Securities & Exchange

MOME in Hindsight How has "The Mechanisms of Market Efficiency" fared over the past 20 years? by Ronald J. Gilson and Reinier Kraakman (PDF, 220 Kb)

Features

Banking & Finance

Incentives Askew? Fannie Mae and Freddie Mac's executive pay arrangements may be inappropriate. by William R. Emmons and Gregory E. Sierra (PDF, 1.0M)

The Collapse of a Noble Idea The failure of the L.A. Community Development Bank epitomizes how good intentions often become bad policy. by Robert Krol and Shirley Svorny (PDF, 208K)

Health & Medicine

The FDA's Antibiotic Resistance If bacteria are becoming increasingly resistant to current antibiotics, why is the FDA discouraging the development of new antibiotics? by Paul H. Rubin (PDF, 169K)

Antitrust

Conservation Cartels Competition policy can conflict with environmental protection. by Jonathan H. Adler (PDF, 243K)

Agriculture

Growing Pressures on Farm Policy Criticism at home and abroad may push U.S. agriculture policy back on the path to reform. by J. Corey Miller (PDF, 344K)

Telecommunications & Technology

Holding Internet Service Providers Accountable Would indirect libability reduce
costly cyberspace externalities? by Douglas Lichtman (PDF, 98K)

Risk

What is a Life Worth? Despite its prima facie callousness, determining the
value of a human life is necessary for good public policy. by Ike Brannon (PDF, 109K)

For the Record

America's Real Vulnerability to Terrorists | The Right Answer to Coase's First Question (PDF, 111K)

Mercatus Reports

The Bush Administration's Regulatory Record | Commentary: Wine Wars (PDF, 550K)

Briefly Noted

Suppressing Volunteer Firefighting, by Marshall L. Stocker | NAAQS's 'Where's Waldo' Problem, by Kay H. Jones | Auctioning Pollution Rights, by Ted Gayer | Options Are an Expense, but Mandatory Grant-Date Expensing Is Bad Accounting, by Junning Cai (PDF, 788K)

In Review

Leviathan, by Clint Bolick | Competing with the Government, by R. Richard Geddes | You Have to Admit It's Getting Better, by Terry L. Anderson (PDF, 251K)

The Final Word

I've Got Mail by Marni Soupcoff (PDF, 62K)