![Media Name: cato-journal-v8n1.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/cato-journal/cato-journal-v8n1.jpg?itok=ivTS0qGf) 

# Spring/​Summer 1988 

Vol. 8 No. 1 

James M. Buchanan on market failure, Douglass C. North on ideology and institutions, and more...

##### Articles 

#### [MarketFailure and Political Failure ](/cato-journal/spring/summer-1988/marketfailure-political-failure)

By [James M. Buchanan](https://www.cato.org/people/james-buchanan) 

#### [Ideology and Political/​Economic Institutions ](/cato-journal/spring/summer-1988/ideology-politicaleconomic-institutions)

By Douglass C. North 

#### [Contract, Utility, and the Evaluation of Institutions ](/cato-journal/spring/summer-1988/contract-utility-evaluation-institutions)

By J. Charles King 

#### [Democracy, Interest Groups, and the Price of Votes ](/cato-journal/spring/summer-1988/democracy-interest-groups-price-votes)

By Gary M. Anderson and Robert Tollison 

#### [Visual Artists’ Rights Act of 1987: A Case of Misguided Legislation ](/cato-journal/spring/summer-1988/visual-artists-rights-act-1987-case-misguided-legislation)

By Ben Bolch, William W. Damon, and C. Elton Hinshaw 

#### [Hard Coals Make Bad Law: Congressional Parochialism versus National Defense ](/cato-journal/spring/summer-1988/hard-coals-make-bad-law-congressional-parochialism-versus-national)

By [Robert Higgs](https://www.cato.org/people/robert-higgs) 

#### [The Struggle over Electricity Transmission Access ](/cato-journal/spring/summer-1988/struggle-over-electricity-transmission-access)

By Kenneth W. Costello 

#### [Should We Sell the Fed? ](/cato-journal/spring/summer-1988/should-we-sell-fed)

By William A. Kelly, Jr., Clark Nardinelli, and Myles S. Wallace 

#### [An Institutional Explanation for Corruption of Criminal Justice Officials ](/cato-journal/spring/summer-1988/institutional-explanation-corruption-criminal-justice-officials)

By Bruce L. Benson 

#### [Entrepreneurship and Rent Seeking in India ](/cato-journal/spring/summer-1988/entrepreneurship-rent-seeking-india)

By Roby Rajan 

#### [Revolution, Reputation Effects, and Time Horizons ](/cato-journal/spring/summer-1988/revolution-reputation-effects-time-horizons)

By Todd G. Buchholz 

#### [It’s Time to Free the Mails ](/cato-journal/spring/summer-1988/its-time-free-mails)

#### [On Interpreting Keynes: Reply to Leijonhufvud ](/cato-journal/spring/summer-1988/interpreting-keynes-reply-leijonhufvud)

By [Leland B. Yeager](https://www.cato.org/people/leland-yeager) 

#### [Did Keynes Mean Anything? Rejoinder to Yeager ](/cato-journal/spring/summer-1988/did-keynes-mean-anything-rejoinder-yeager)

By Axel Leijonhufvud 

##### Book Review 

##### [*The Peasant Betrayed* by John P. Powelson and Richard Stock](/cato-journal/spring/summer-1988/peasant-betrayed-john-p-powelson-richard-stock)

By Stephen F. Williams 

##### [*A Nation in Debt: Economists Debate the Federal Budget Deficit* edited by Richard H. Fink and Jack C. High](/cato-journal/spring/summer-1988/nation-debt-economists-debate-federal-budget-deficit-edited-richard-h)

By Milton H. Marquis 

##### [*The New Protectionist Threat to World Welfare* edited by Dominick Salvatore](/cato-journal/spring/summer-1988/new-protectionist-threat-world-welfare-edited-dominick-salvatore)

By [Leland B. Yeager](https://www.cato.org/people/leland-yeager) 

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