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János Kornai, the Austrians, and the political and economic analysis of socialism

What is the relationship between central planning, pervasive shortages, and soft budget constraints under socialism? In this paper, we address this question by exploring the evolution of János Kornai’s work on the operation of real-world socialism. In doing so, our goal is to reframe Kornai’s contributions to the political economy of socialism by focusing on the epistemic conditions under non-market decision making. From this perspective, we argue that the dysfunction facing socialist...

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Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

Shruti Rajagopalan is a Senior Research Fellow at the Mercatus Center where she leads the programs Indian Political Economy Research and the Emergent Ventures India. Shruti joins David on the podcast to discuss the past, present and future of the Indian economy. Specifically, Shruti and David discuss India’s mid-20th century experiment with socialism, subsequent reforms from 1980 through the 2000s, and how further reforms to manufacturing and to land and labor markets can accelerate its...

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Texas Fares Well With Drone Policy and Has Potential to Become a Leading Locale for the Drone Industry

Chair Hancock, Vice Chair Nichols, and members of the Senate Committee on Business and Commerce, I’m a senior research fellow at the Mercatus Center at George Mason University. By training, I am an attorney, and my research focuses on emerging technologies. I am also a member (nonvoting) of the Texas Department of Transportation’s Connected and Autonomous Vehicle Task Force and a drone law adviser to the Virginia Department of Aviation. Through that work, I have had the pleasure of...

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