![Media Name: Winter 2004.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/regulation/Winter%202004.jpg?itok=tc-IW5sD) 

# Winter 2004 

Vol. 27 No. 4 

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##### From the Cover 

### [MOME in Hindsight ](/regulation/winter-2004/mome-hindsight)

By Ronald J. Gilson and Reiner Kraakman 

How has "The Mechanisms of Market Efficiency" fared over the past 20 years?

### [Incentives Askew? ](/regulation/winter-2004/incentives-askew)

By William R. Emmons and Gregory E. Sierra 

Fannie Mae and Freddie Mac's executive pay arrangements may be inappropriate.

### [The Collapse of a Noble Idea ](/regulation/winter-2004/collapse-noble-idea)

By Robert Krol and [Shirley Svorny](https://www.cato.org/people/shirley-svorny) 

The failure of the L.A. Community Development Bank epitomizes how good intentions often become bad policy.

### [Conservation Cartels ](/regulation/winter-2004/conservation-cartels)

By Jonathan H. Adler 

Competition policy can conflict with environmental protection.

##### Features 

#### [The FDA’s Antibiotic Resistance ](/regulation/winter-2004/fdas-antibiotic-resistance)

By Paul H. Rubin 

If bacteria are becoming increasingly resistant to current antibiotics, why is the FDA discouraging the development of new antibiotics?

#### [Growing Pressures on Farm Policy ](/regulation/winter-2004/growing-pressures-farm-policy)

By J. Corey Miller 

Criticism at home and abroad may push U.S. agriculture policy back on the path to reform.

#### [Holding Internet Service Providers Accountable ](/regulation/winter-2004/holding-internet-service-providers-accountable)

By Douglas Lichtman 

Would indirect liability reduce costly cyberspace externalities?

#### [What is a Life Worth? ](/regulation/winter-2004/what-life-worth)

By [Ike Brannon](https://www.cato.org/people/ike-brannon) 

Despite its prima facie callousness, determining the value of a human life is necessary for good public policy.

##### For the Record 

##### [America’s Real Vulnerability to Terrorists ](/regulation/winter-2004/americas-real-vulnerability-terrorists)

##### [The Right Answer to Coase’s First Question ](/regulation/winter-2004/right-answer-coases-first-question)

##### Mercatus Reports 

##### [The Bush Administration’s Regulatory Record ](/regulation/winter-2004/bush-administrations-regulatory-record)

By Susan E. Dudley 

##### [Commentary: Wine Wars ](/regulation/winter-2004/commentary-wine-wars)

By Asheesh Agarwal and [Todd Zywicki](https://www.cato.org/people/todd-zywicki) 

##### Briefly Noted 

##### [Suppressing Volunteer Firefighting ](/regulation/winter-2004/suppressing-volunteer-firefighting)

By Marshall Stocker 

##### [NAAQS’s “Where’s Waldo” Problem ](/regulation/winter-2004/naaqss-wheres-waldo-problem)

By Kay H. Jones 

##### [Auctioning Pollution Rights ](/regulation/winter-2004/auctioning-pollution-rights)

By Ted Gayer 

##### [Options Are an Expense, but Mandatory Grant-Date Expensing Is Bad Accounting ](/regulation/winter-2004/options-are-expense-mandatory-grant-date-expensing-bad-accounting)

##### In Review 

##### [Book Review: *Leviathan: The Growth of Local Government and the Erosion of Liberty*](/regulation/winter-2004/book-review-leviathan-growth-local-government-erosion-liberty)

By [Richard L. Gordon](https://www.cato.org/people/richard-gordon) 

##### [Book Review: *Competing with the Government: Anti-competitive Behavior and Public Behavior*](/regulation/winter-2004/book-review-competing-government-anti-competitive-behavior-public-behavior)

By [Richard L. Gordon](https://www.cato.org/people/richard-gordon) 

##### [Book Review: *You Have to Admit It’s Getting Better*](/regulation/winter-2004/book-review-you-have-admit-its-getting-better)

By [Richard L. Gordon](https://www.cato.org/people/richard-gordon) 

##### Final Word 

##### [I’ve Got Mail ](/regulation/winter-2004/ive-got-mail)

By Marni Soupcoff 

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