The Concise Encyclopedia of Economics
FEATURED TOPIC

Property Rights

Armen Alchian

One of the most fundamental requirements of a capitalist economic system--and one of the most misunderstood concepts--is a strong system of property rights. For decades social critics in the United States and throughout the Western world have complained that "property" rights too often take precedence over "human" rights, with the result that people are treated unequally and have unequal opportunities. Inequality exists in any society. But the purported conflict between property rights and human rights is a mirage. Property rights are human rights....

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ALSO OF INTEREST

Fiscal Policy

Wolfgang Kasper

Fiscal Sustainability

Laurence J. Kotlikoff

Industrial Revolution and the Standard of Living

Clark Nardinelli

Standards of Living and Modern Economic Growth

John V. C. Nye

Public Choice

William F. Shughart II

Immigration

George J. Borjas

Health Care

Michael A. Morrisey

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FEATURED BIOGRAPHY

James J. Heckman

(1944-)

In 2000, James Heckman, along with Daniel McFadden, received the Nobel Prize in economics. Heckman won the prize for "his development of theory and methods for analyzing selective samples," highly technical work that it is difficult to explain to the layman. Nevertheless, the work rewarded by the Nobel committee has been valuable for economists' studies of many issues that laymen do care about. The main technical problem on which Heckman has spent much of his professional life involves self-selection....

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