Celebrating humanity's flourishing through the spread of capitalism and the rule of law
28 Oct 2024 Leave a comment
in development economics, economics of crime, economics of regulation, growth disasters, law and economics, politics - USA, property rights Tags: Mexico
This month, there is a new case on the docket after the Supreme Court granted certiorari in Smith & Wesson Brands v. Estados Unidos Mexicanos. The First Circuit reversed a trial court that dismissed the case, alleging that the American firearms industry is legally responsible for violence in Mexico. I believe the First Circuit is […]
Over the Border: Gun and Torts Liability to Collide in Mexican Case Before the Supreme Court
16 Oct 2024 1 Comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, economics of bureaucracy, growth disasters, growth miracles, history of economic thought, income redistribution, law and economics, macroeconomics, Marxist economics, property rights, Public Choice, public economics, regulation, rentseeking Tags: economics of colonialism, India
I’m back from my first trip to India, where I visited Mumbai, Delhi, Agra, and Amritsar. I enjoyed fine company in all four cities. In Mumbai, my new friend Sachin Aggarwal, head of the local EconTalk Club, rolled out the red carpet — and ACX Mumbai joined the festivities. (Thank you, Scott Alexander, for creating…
Reflections on India
15 Oct 2024 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, economics of bureaucracy, economics of regulation, growth disasters, growth miracles, history of economic thought, income redistribution, macroeconomics, Public Choice, public economics, rentseeking
The Nobel prize goes to Daron Acemoglu, Simon Johnson and James Robinson for their work on institutions, prosperity, and economic growth. Here is a key piece summarizing their work: Institutions as a Fundamental Cause of Long-Run Growth. This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of […]
Acemoglu, Johnson and Robinson Win Nobel Prize for Institutions and Prosperity
15 Oct 2024 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic history, growth disasters, growth miracles, history of economic thought
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 has been awarded to Daron Acemoglu, Simon Johnson and James Robinson “for studies of how institutions are formed and affect prosperity.” Each year, the Nobel Committee helpfully publishes both a “Popular information” overview of of the award and a “Scientific Background” essay that goes into greater depth.…
A Nobel for Acemoglu, Johnson, and Robinson: Institutions and Prosperity
16 Sep 2024 Leave a comment
in development economics, economic growth, economic history, growth disasters, history of economic thought, income redistribution, liberalism, macroeconomics, Marxist economics, politics - USA, Public Choice Tags: regressive left, useful idiot, Venezuela
I sometimes make the theoretical case against socialism. Usually, this means exposing the flaws of the core components of the socialist ideology. Government ownership of the means of production is a recipe for resource misallocation. Central planning has a miserable track record of failure because consumer preferences are ignored. Price controls distort incentives to make […]
It Happened Again! The New York Times Writes about Venezuela’s Collapse and Fails to Mention Socialism
06 Sep 2024 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic history, economics of bureaucracy, entrepreneurship, growth disasters, growth miracles, history of economic thought, income redistribution, industrial organisation, international economics, labour economics, law and economics, liberalism, Marxist economics, poverty and inequality, property rights, Public Choice, rentseeking, survivor principle Tags: Argentina, Chile, Poland, regressive left, Venezuela
About 10 days ago, i showed that Milton Friedman was a much better economist than Joseph Stiglitz by comparing Chile (which followed Friedman’s ideas) and Venezuela (which followed Stiglitz’s ideas). It was a slam-dunk win for Friedman. Chile started poor and has become relatively prosperous. The opposite happened in Venezuela, which started relatively prosperous and […]
Friedman vs Stiglitz: Estonia and Poland vs. Argentina and Venezuela
02 Sep 2024 Leave a comment
in development economics, economics of crime, growth disasters, International law, law and economics, laws of war, war and peace Tags: Gaza Strip, Middle-East politics, regressive left, war against terror
It’s unbelievable that the bulk of American progressive liberals and academics seems to sympathize with a group of terrorist thugs who not only invaded Israel and killed 1,139 people, many in gruesome ways, including killing women after raping them, but also took 250 hostages of various nationalities, including children, into Gaza to use as bargaining […]
Six young Israeli hostages murdered by Hamas
24 Aug 2024 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: India
By Paul Homewood h/t Dennis Ambler The latest Issue of World Coal contains a feature on India: https://issuu.com/palladianpublications/docs/worldcoal_issue2_2024/11 Unfortunately the report cannot be downloaded, but below are some of the key highlights: “As of April 2023, the Geological Survey of India reported coal reserves amounting to 378 billion tonnes. India’s coal production […]
Coal To Remain Cornerstone Of India’s Energy
23 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history, economics of crime, growth disasters, history of economic thought, law and economics, liberalism, Marxist economics, politics - New Zealand, Public Choice Tags: Cuba
A guest post by Lucy Rogers: Today (as of the time of writing) I saw Associate Professor Michael Mawson of the theology faculty at Auckland University advertise on Facebook an event hosting Professor Miguel De La Torre, a Cuban academic specialising in liberation theology. The event is to be held at the Maclaurin Chapel at […]
Guest Post: Criticising Cuba
16 Aug 2024 Leave a comment
in development economics, economic growth, economic history, economics of regulation, entrepreneurship, growth disasters, growth miracles, history of economic thought, income redistribution, labour economics, law and economics, liberalism, macroeconomics, Marxist economics, Milton Friedman, politics - USA, poverty and inequality, property rights, Public Choice, public economics, rentseeking Tags: Chile, free speech, political correctness, regressive left, The Great Enrichment, Venezuela
I’ve repeatedly praised Chile’s pro-market reforms (see here, here, and here) and I’ve repeatedly condemned Venezuela’s shift to socialism (see here, here, and here). But if you don’t have time to read all those columns, this chart from the Maddison database tells you everything you need to know. Simply stated, Chile’s reforms have delivered huge […]
Friedman vs Stiglitz, Chile vs Venezuela
13 Aug 2024 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, economics of bureaucracy, growth disasters, growth miracles, income redistribution, law and economics, macroeconomics, property rights, Public Choice, rentseeking Tags: The Great Enrichment
The recipe for economic growth is not complicated. You can put it in very simple terms, as Adam Smith did a few hundred years ago. Or you can develop and utilize data-heavy indexes like the ones published by the Fraser Institute and Heritage Foundation. In either case, the result will be the same. If you […]
The (Non) Mystery of Economic Growth
05 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, economics of crime, growth disasters, income redistribution, labour economics, labour supply, law and economics, Marxist economics, property rights, Public Choice, public economics Tags: Cuba
The Miami Herald reports: A stunning 10% of Cuba’s population — more than a million people — left the island between 2022 and 2023, the head of the country’s national statistics office said during a National Assembly session Friday, the largest migration wave in Cuban history. Isn’t it such a weird coincidence that the queue […]
Communism still doing well in Cuba
31 Jul 2024 Leave a comment
in development economics, economic history, economics of bureaucracy, economics of crime, growth disasters, income redistribution, law and economics, liberalism, Marxist economics, property rights, Public Choice, rentseeking, resource economics Tags: Venezuela
Jeffrey Clemens points us to some bonkers editorializing in the NYTimes coverage of the likely stolen election in Venezuela. The piece starts out reasonably enough: Venezuela’s authoritarian leader, Nicolás Maduro, was declared the winner of the country’s tumultuous presidential election early Monday, despite enormous momentum from an opposition movement that had been convinced this was […]
Venezuela under “Brutal Capitalism”
27 Jul 2024 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: climate alarmism
Sierer’s analysis hits the nail on the head that climate activism is more likely to be harming the world’s poor rather than helping them.
Utah’s The Independent is Right, Climate Activism Ignores or Harms the World’s Poor
17 Jul 2024 Leave a comment
in development economics, economic history, growth disasters, growth miracles, labour economics, labour supply, population economics Tags: China, economics of fertility
I’m in China this week, teaching about fiscal policy, convergence theory, and inequality at Northeastern University in Shenyang. So it’s a good opportunity to write about some pluses and minuses of Chinese economic policy. We’ll start this series by looking at demographics, which almost surely is the biggest long-run challenge for Chinese policymakers. How big […]
Chinese Economic Policy, Part I: The Demographic Challenge
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