Reversing the Null: Regulation, Deregulation, and the Power of Ideas

It has been said that deregulation was an important source of the recent financial crisis. It may be more accurate, however, to say that a deregulatory mindset was an important source of the crisis - a mindset that, to a very significant extent, grew out of profound changes in academic thinking about the role of government. As scholars of political economy quietly shifted their focus from market failure to government failure over the second half of the twentieth century, they set the stage for a revolution in both government and markets, the full ramifications of which are still only beginning to be understood. This intellectual sea-change generated some positive effects, but also some negative ones, including (it seems) an excessively negative impression of the capacity of government to address problems in the marketplace. Today, as we consider the need for new regulation, particularly in the wake of the financial crisis, another fundamental shift in academic thinking about the role of government may be required - involving nothing less than a reversal of the prevailing null hypothesis in the study of political economy.

Rethinking the Role of History in Law & Economics: The Case of the Federal Radio Commission in 1927

In the study of law and economics, there is a danger that historical inferences from theory may infect historical tests of theory. It is imperative, therefore, that historical tests always involve a vigorous search not only for confirming evidence, but for disconfirming evidence as well. We undertake such a search in the context of a single well-known case: the Federal Radio Commission's (FRC's) 1927 decision not to expand the broadcast radio band. The standard account of this decision holds that incumbent broadcasters opposed expansion (to avoid increased competition) and succeeded in capturing the FRC. Although successful broadcaster opposition may be taken as confirming evidence for this interpretation, our review of the record reveals even stronger disconfirming evidence. In particular, we find that every major interest group, not just radio broadcasters, publicly opposed expansion of the band in 1927, and that broadcasters themselves were divided at the FRC's hearings.

What can we say about seed fields for galactic dynamos?

We demonstrate that a quasi-uniform cosmological seed field is a much less suitable seed for a galactic dynamo than has often been believed. The age of the Universe is insufficient for a conventional galactic dynamo to generate a contemporary galactic magnetic field starting from such a seed, accepting conventional estimates for physical quantities. We discuss modifications to the scenario for the evolution of galactic magnetic fields implied by this result. We also consider briefly the implications of a dynamo number that is significantly larger than that given by conventional estimates

Magnetic field reversals and galactic dynamos

We argue that global magnetic field reversals similar to those observed in the Milky Way occur quite frequently in mean-field galactic dynamo models that have relatively strong, random, seed magnetic fields that are localized in discrete regions. The number of reversals decreases to zero with reduction of the seed strength, efficiency of the galactic dynamo and size of the spots of the seed field. A systematic observational search for magnetic field reversals in a representative sample of spiral galaxies promises to give valuable information concerning seed magnetic fields and, in this way, to clarify the initial stages of galactic magnetic field evolution

GPCRTree: online hierarchical classification of GPCR function

Background: G protein-coupled receptors (GPCRs) play important physiological roles transducing extracellular signals into intracellular responses. Approximately 50% of all marketed drugs target a GPCR. There remains considerable interest in effectively predicting the function of a GPCR from its primary sequence. Findings: Using techniques drawn from data mining and proteochemometrics, an alignment-free approach to GPCR classification has been devised. It uses a simple representation of a protein's physical properties. GPCRTree, a publicly-available internet server, implements an algorithm that classifies GPCRs at the class, sub-family and sub-subfamily level. Conclusion: A selective top-down classifier was developed which assigns sequences within a GPCR hierarchy. Compared to other publicly available GPCR prediction servers, GPCRTree is considerably more accurate at every level of classification. The server has been available online since March 2008 at URL: http://igrid-ext.cryst.bbk.ac.uk/gpcrtree

Radio Regulation Revisited: Coase, the FCC, and the Public Interest

It is now more than forty years since Ronald Coase’s seminal article on the Federal Communications Commission first appeared in the pages of the Journal of Law and Economics.1 The article remains important for a number of reasons, not least of which is that it offered his first articulation of the Coase Theorem.2 Of even greater importance for our purposes, the article literally redefined the terms of debate over American broadcast regulation, in both historical and contemporary treatments of the subject. Focusing particularly on the development of radio regulation, Coase rejected the prevailing notion that the establishment of the Federal Communications Commission (FCC) served the public interest. Rather, he concluded that its creation had been a mistake, the product of faulty economic reasoning. The complex regulatory apparatus developed under the Federal Radio Act of 1927 and recodified in the Federal Communications Act of 1934 was built on the flawed assumption that scarce resources—in this case the radio spectrum—had to be allocated by government fiat. A more efficient solution, Coase maintained, would have been to allocate the spectrum like any other scarce resource, on the basis of well-defined property rights and a free market guided by the price mechanism. Indeed, this is why he suggested that the spectrum ought to be cut up and sold at auction rather than regulated by the federal government.

Advantages of the no-scalpel vasectomy technique

The no-scalpel vasectomy (NSV) technique should be used instead of the standard incisional method. (Strength of Recommendation: A, based on systematic reviews, mixed-quality randomized controlled trials [RCTs], cohort studies, and case-control series.) The NSV technique is associated with fewer complications, produces less perioperative and postoperative pain, results in quicker recovery, takes less time to perform, and is as effective as standard incisional vasectomy