Free market economics has made many advances during the past thirty years. These advances are due to the maturing of public choice theory and empirical studies, along with a resurgence of interest in Austrian economic themes like free banking, market process entrepreneurship, and the critique of socialism and interventionism. In addition, new avenues have opened in law and economics and regulatory studies which favor free market ideas. The purpose of this book is to introduce and summarize some of the important advances in contemporary free market economics and policy by introducing the key concepts of public choice, public policy, Austrian economics, and law and economics. This volume is a non-technical compendium of thought which incorporates long quotations from important scholars in each field, ideal for students wishing to survey these topics without having to read dozens of academic articles and books. Also presented is new theory regarding topics such as perverse incentives and allodial real property policy.

The second edition is significantly expanded, including updated information and articles, new research in areas such as family policy, new tables, and is easier to read with improved organization.