Once upon a time in the Wild West : The Good, the Bad and the State
Talking about the Gold Rush and the Wild West immediately conjures up fortune seekers and anarchy, but certainly not economic analysis. Yet economists have demonstrated how the presence of state institutions significantly reduced criminality in these areas, both back then and ever since, using data on mining in the Great American West. But what about the violence prevalent in states (or regions) before state institutions were established to ensure some form of property rights regulation?