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About the Authors

Adam C. Smith is an assistant professor of economics and director of the Center for Free Market Studies at Johnson and Wales. He has published articles in the
Journal of Economic Behavior and Organization
; the
European Journal of Political Economy, Social Choice and Welfare
; and
Public Choice
, as well as
Regulation
magazine. He is also a visiting scholar with the Regulatory Studies Center at George Washington University.

Bruce Yandle is dean emeritus of the College of Business and Behavioral Science and Alumni Distinguished Professor of Economics Emeritus at Clemson University and Distinguished Adjunct Professor of Economics, Mercatus Center at George Mason University. He is a member of the editorial board of the
European Journal of Law and Economics
and the academic advisory board of the
Independent Review
. Yandle is also the author of scores of journal articles and special reports, and has authored or edited 16 books.

Cato Institute

Founded in 1977, the Cato Institute is a public policy research foundation dedicated to broadening the parameters of policy debate to allow consideration of more options that are consistent with the traditional American principles of limited government, individual liberty, and peace. To that end, the Institute strives to achieve greater involvement of the intelligent, concerned lay public in questions of policy and the proper role of government.

The Institute is named for
Cato’s Letters
, libertarian pamphlets that were widely read in the American Colonies in the early 18th century and played a major role in laying the philosophical foundation for the American Revolution.

Despite the achievement of the nation's Founders, today virtually no aspect of life is free from government encroachment. A pervasive intolerance for individual rights is shown by government's arbitrary intrusions into private economic transactions and its disregard for civil liberties.

To counter that trend, the Cato Institute undertakes an extensive publications program that addresses the complete spectrum of policy issues. Books, monographs, and shorter studies are commissioned to examine the federal budget, Social Security, regulation, military spending, international trade, and myriad other issues. Major policy conferences are held throughout the year, from which papers are published thrice yearly in the
Cato Journal
. The Institute also publishes the quarterly magazine
Regulation
.

In order to maintain its independence, the Cato Institute accepts no government funding. Contributions are received from foundations, corporations, and individuals, and other revenue is generated from the sale of publications. The Institute is a nonprofit, tax-exempt, educational foundation under Section 501(c)3 of the Internal Revenue Code.

C
ATO
I
NSTITUTE
1000 Massachusetts Ave., N.W.
Washington, D.C. 20001
www.cato.org

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