From the Cover


Paying Tomorrow’s Military

Non-cash benefits may not be the best way to attract and retain service members.


Real Estate

The Value of Building Codes

Do home buyers value stricter construction requirements in disaster-prone areas?

Health & Medicine

An Uncertain Prescription

Are tax exemptions for nonprofit hospitals an efficient way to fund indigent care?


Cartagena Protocol: A New Trade Barrier

International agreement to control modified organisms could add large new costs to world agricultural commodity trade.

Economic Theory

Paternalism and Psychology

If individuals’ ability to make rational decisions is limited, wouldn’t their ability to make political decisions also be limited?

Politics and Regulatory Policy Analysis

What role does cost-benefit analysis really play in policy making?

Securities & Investment

The End of Securities Fraud Class Action?

Diversified investors experience harm, not relief, from securities class actions.

The Value of Knowing

Did mandatory disclosure requirements enhance stock prices?

Mercatus Reports

Final Word