Celebrating humanity's flourishing through the spread of capitalism and the rule of law
31 Aug 2024 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, economic growth, economic history, economics of bureaucracy, entrepreneurship, human capital, income redistribution, labour economics, labour supply, liberalism, macroeconomics, Marxist economics, politics - USA, poverty and inequality, Public Choice, public economics, rentseeking, welfare reform Tags: Europe, social insurance
I’ve written many times about how Americans are much richer than Europeans. And I’ve also written many times that the U.S. economy has been growing faster (which shouldn’t happen according to convergence theory). There’s a simple reason for America’s superior performance. The U.S. is burdened by a medium-sized welfare state and a bad tax system […]
European Policies = European Stagnation
28 Apr 2024 Leave a comment
in applied price theory, Austrian economics, history of economic thought, industrial organisation, law and economics Tags: competition law
Tweet… is from page 422 of Robert Bork’s masterful 1978 book, The Antitrust Paradox: Competition in open markets reflects the ideal of equality of opportunity, while antitrust’s longstanding and growing concern for the small and less efficient reflects a preference for equality of outcome. Outcomes are not equal in open competition, hence the pressure for…
Quotation of the Day…
20 Mar 2024 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, entrepreneurship, history of economic thought Tags: entrepreneurial alertness
TC: Let’s say you were Peter Boettke, and looking to pen a critique of Kirzner’s theory of entrepreneurship. You come from a slightly different branch of the Austrian school. How would you use that differential background to express your differences with the Kirznerian theory, which emphasizes alertness above all else as an entrepreneurial characteristic? “If […]
Claude 3 Opus does Austrian economics
15 Mar 2024 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, liberalism, Marxist economics
Tweet… is from page 434 of the final (2016) volume – Bourgeois Equality – of Deirdre McCloskey’s soaring trilogy on the essence of bourgeois values, on their transmission, and on their essential role in modern life: Zero-sum is the default in thinking about my gain and thine. It is the chief error in economic thinking…
Bonus Quotation of the Day…
13 Mar 2024 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, economic history, entrepreneurship, history of economic thought, income redistribution, international economics, labour economics, labour supply, poverty and inequality, Public Choice, rentseeking, survivor principle, unemployment Tags: creative destruction, free trade, tariffs
TweetProf. Angus Deaton Princeton University Prof. Deaton: Over the years I’ve learned much from your writings, and I regard your 2013 The Great Escape as one of the most important books published in the past 15 years. So I was quite surprised and disappointed to read that you, as you say, are now “much more…
An Open Letter to Nobel-laureate Economist Angus Deaton
19 Jan 2024 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, entrepreneurship, growth disasters, growth miracles, history of economic thought, labour economics, law and economics, macroeconomics, property rights Tags: Argentina
Argentina’s President Javier Milei had a warning for those attending the annual WEF meeting in Davos, Switzerland; ‘the Western world is in danger’ from ‘collectivist experiments’ such as Diversity, Equity and Inclusion (DEI), and has called on the world to reject socialism and instead embrace “free enterprise capitalism” to end global poverty. H/T zerohedge “Today, […]
Milei Speaks Truth to WEF Elite Power
12 Jan 2024 Leave a comment
in applied price theory, Austrian economics, public economics Tags: taxation and investment
There are three reasons to be a knee-jerk supporter of tax cuts (or to be a knee-jerk opponent of tax increases). The morality-driven libertarian argument that people should be able to keep the income they earn. The starve-the-beast argument that less revenue at some point may translate into less spending. The economic argument that lower […]
Not All Tax Cuts Are Created Equal
06 Jan 2024 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economic history, growth disasters, growth miracles, history of economic thought, liberalism, Marxist economics Tags: fall of the Berlin wall, The Great Enrichment
01 Jan 2024 Leave a comment
in applied price theory, Austrian economics, behavioural economics, economic history, history of economic thought, human capital, industrial organisation, labour economics, labour supply, occupational choice Tags: capitalism and freedom, evolutionary psychology, The Great Enrichment
Tweet… is from my emeritus Nobel-laureate colleague Vernon Smith‘s splendid speech “Human Betterment Through Globalization,” delivered in September 2005 at the Irvington-on-Hudson then-headquarters of the Foundation for Economic Education: The challenge is that we all function simultaneously in two overlapping worlds of exchange. First, we live in a world of personal, social exchange based on…
Quotation of the Day…
19 Dec 2023 Leave a comment
in applied price theory, Austrian economics, history of economic thought, international economics
TweetAmong the many bits of unearned good fortune that have come my way in life was to have been a student in two of Fritz Machlup‘s classes at NYU. (In Spring 1981 I was a student in the last graduate course he taught on one of his specialities, International Trade. That course was phenomenally good.…
Fritz Machlup (1902-1983)
17 Nov 2023 Leave a comment
in Austrian economics, business cycles, economics of education, Euro crisis, F.A. Hayek, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Here is the audio, video, and transcript. Here is the episode description: Jennifer Burns is a professor history at Stanford who works at the intersection of intellectual, political, and cultural history. She’s written two biographies Tyler highly recommends: her 2009 book, Goddess of the Market: Ayn Rand and the American Right and her latest, Milton Friedman: The […]
My Conversation with the excellent Jennifer Burns
14 Nov 2023 Leave a comment
in applied price theory, Austrian economics, business cycles, comparative institutional analysis, econometerics, economic history, economics of education, economics of regulation, fiscal policy, great depression, history of economic thought, labour economics, liberalism, libertarianism, macroeconomics, Milton Friedman, monetarism, monetary economics Tags: monetary policy
04 Nov 2023 Leave a comment
in applied price theory, Austrian economics
Tweet… is from pages 86-87 of Georgetown University philosopher Jason Brennan’s excellent 2014 book, Why Not Capitalism?: So, to summarize, there is a range of reasons to have private property, even in utopian conditions. People get value from having objects that they can use at will, without having to ask permission from others. They get…
Quotation of the Day…
02 Nov 2023 Leave a comment
in applied price theory, Austrian economics, discrimination, econometerics, economic history, economics of education, gender, health economics, history of economic thought, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap, sex discrimination
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
A History of the Alt-Right
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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