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Winter 2004

Vol. 27 No. 4
From the Cover

MOME in Hindsight

By Ronald J. Gilson and Reiner Kraakman

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

Incentives Askew?

By William R. Emmons and Gregory E. Sierra

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

Conservation Cartels

By Jonathan H. Adler

Competition policy can conflict with environmental protection.

Features

The FDA’s 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?

Mercatus Reports
Final Word