From the Cover

Securities & Exchange

MOME in Hindsight

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

Banking & Finance

Incentives Askew?

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

The Collapse of a Noble Idea

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

Antitrust

Conservation Cartels

Competition policy can conflict with environmental protection.

Features

Health & Medicine

The FDA’s Antibiotic Resistance

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

Agriculture

Growing Pressures on Farm Policy

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

Telecommunications & Technology

Holding Internet Service Providers Accountable

Would indirect liability reduce costly cyberspace externalities?

Risk

What is a Life Worth?

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

Final Word