Jeffrey A. Miron


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Can Gun Control Work?

Is Eliminating Gun Ownership a Desirable Policy Goal?

JULY 06, 2010 by JEFFREY MIRON

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Do We Need Deposit Insurance?

APRIL 24, 2009 by JEFFREY MIRON

f banks can suspend convertibility, depositors know that runs merely precipitate suspension. This greatly reduces depositor incentive to panic and run. Allowing banks the right to suspend would probably not eliminate all runs, but it would plausibly limit them to banks that are insolvent rather than merely illiquid. The question, then, is whether a banking system with less regulation--no prohibition on suspension and no deposit insurance--might work better than current regulation--prohibitions on suspension, combined with deposit insurance and balance-sheet regulation. The evidence from the pre-1914 era suggests that the regime with less regulation has promise. Banks were not legally allowed to suspend convertibility during this era, but many did so anyway, sometimes with explicit approval of, or even encouragement from, regulators. This did not eliminate runs and panics, but the record suggests that suspension reduced contagion and failure in these episodes.

Book Review

A Primer on America's Schools

Who Should Decide What Students Learn?

JULY 01, 2002 by JEFFREY MIRON

CURRENT ISSUE

October 2014

Heavily-armed police and their supporters will tell you they need all those armored trucks and heavy guns. It's a dangerous job, not least because Americans have so many guns. But the numbers just don't support these claims: Policing is safer than ever--and it's safer than a lot of common jobs by comparison. Daniel Bier has the analysis. Plus, Iain Murray and Wendy McElroy look at how the Feds are recruiting more and more Americans to do their policework for them.
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