Winter 2004

Vol. 27 No. 4


From the Cover

Securities & Exchange

  • MOME in Hindsight

    How has “The Mechanisms of Market Efficiency” fared over the past 20 years? By Ronald J. Gilson and Reiner Kraakman PDF

Banking & Finance

  • Incentives Askew?

    Fannie Mae and Freddie Mac’s executive pay arrangements may be inappropriate. By William R. Emmons and Gregory E. Sierra PDF
  • The Collapse of a Noble Idea

    The failure of the L.A. Community Development Bank epitomizes how good intentions often become bad policy. By Robert Krol and Shirley Svorny PDF



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? By Paul H. Rubin PDF


Telecommunications & Technology


  • What is a Life Worth?

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

For the Record

Mercatus Reports

Briefly Noted

In Review

Final Word