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Summer 2024

ISSN 0890-913X

Volume 39, Number 2

Incentive Economics

John H. Cochrane, Hoover Institution at Stanford University

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Cochrane,JohnH.2024.“IncentiveEconomics.”JournalofPrivateEnterprise,39(2):1–8.IncentiveEconomicsJohnH.Cochrane*HooverInstitutionatStanfordUniversityUnitedStatesofAmericaAbstractFocusingonincentivesratherthandistributionsolvesknottyeconomicpolicyproblems,offeringaradicalimprovementofoureconomiclifeandawayoutofleft-rightdebates.HowevermanyissuesrequireaMarieKondo–stylecleanupofourlegalandregulatorysystems,whichhavegrownupinasequenceofpatchesforunintendedconsequences.Implementingincentive-basedreformsinademocracyrequiresspreadingtheideasoffreedom,nottryingtogetapolitician’sear.Weshouldnottailoradvicetoamateurideasofwhatispoliticallypopularorfeasible,andinsteadspeaksimpletruthsclearlyandpatiently.JELCodes:G18,L51,H10Keywords:privateenterprise;freemarkets;libertarianism;classicalliberalismIamdeeplyhonoredtoreceivethisaward,especiallygivenwhoitisnamedafter.Asawriter,IneverknowifpeoplereadandappreciatewhatIhavetosay.Youhavegivenmemuchencouragement.WhyiswhatIdo,whatyoudo,andwhattheAssociationofPrivateEnterpriseEducationpromotessoimportant?Iamnotquitesurewhattocallus.Privateenterprise?Freemarket?Libertarian?Classicalliberal?Orjustliberal?AstheLefthasstartedtouseprogressive,theyaregivingusagoodwordback,whichIamhappytoseemoreandmoreused.Eachisgood,buteachhassomeunfortunateconnotationstotheuntrainedear.IamstartingtocallwhatIdoincentiveeconomics.Fundamentally,wewantasocietyandgovernmentthatareorganizedtoprovidetherightincentives.Privateenterpriseandfreemarkets*ThisessayisbasedonremarksIgaveonreceivingtheAdamSmithAwardattheAssociationofPrivateEnterpriseEducation2024annualmeeting.

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Metadata [hide]

Title	Incentive Economics
Authors/Creators:	John H. Cochrane, Hoover Institution at Stanford University
Year:	2024
Volume:	39
Number:	2
Pages:	1 - 8
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	private enterprise; free markets; libertarianism; classical liberalism

Citation:
Cochrane, John H. / 2024. "Incentive Economics." The Journal of Private Enterprise, 39(2): 1-8.