Far away in the backdrop of the 2012 Presidential election, laid a secondary story that would make for primetime headlines on any other given day. That particular secondary story was none other than the states of Colorado and Washington successfully passing constitutional amendments that legalized recreational use of marijuana. [More]

The national debt of the United States now exceeds $16 trillion. Current estimates suggest that the present year’s deficit will amount to approximately $1.1 trillion, a negligible improvement upon 2011’s $1.3 trillion deficit. The present unemployment rate is one of the highest of the past sixty years, with approximately eight percent of Americans unable to find work. Unless significant changes are made in both federal income and expenditure, the economic livelihood of future generations is bleak. [More]

Many of today’s high school students are led to believe that, should they wish to be competitive in the job market, a bachelor’s degree, and often a post-graduate degree to boot, is necessary. Flocking to universities across the nation, America’s youth are betting against their uncertain futures and burying themselves under mountains of debt. Too often, these students find themselves overwhelmed after they have graduated and the bill collectors come knocking. [More]

Security in ones’ property has been a fundamental tenant of our society since its inception. The Fifth Amendment enumerates this vital right and has served as a refuge against the government unjustly interfering with individual property rights for centuries. But, as judicial interpretation develops over time, a startling trend has emerged that could profoundly shape the future of the taking of private lands by the government. The landmark case of Kelo v. City of New London marked a radical shift in what could be construed as a legitimate taking based on a state’s police power. (1) This ruling has resulted in many states drafting new legislation in an attempt to temper the controversial ruling. (2) Regardless of how the legislature approaches the issue, it is clear that the takings landscape has fundamentally changed in ways that were unintended and unforeseen. Have we entered an age of disintegrating property rights? [More]

For years the implications of the Coase Theorem have guided policy debates concerning the efficient allocation of property rights. Recently, many studies have pointed to the existence of the Endowment Effect. The Endowment Effect suggests that initial entitlement to certain property rights may matter, and has led many Scholars to re-examine previous assumption based on the main tenet of the Coase Theorem – absent transaction costs property rights will be allocated efficiently. This article will give an overview of the Coase Theorem, Rational Choice Theory, and the Endowment Effect and how they impact the bargain for exchange. [More]