Celebrating humanity's flourishing through the spread of capitalism and the rule of law
13 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, economics of bureaucracy, fiscal policy, growth disasters, growth miracles, history of economic thought, income redistribution, labour economics, macroeconomics, Public Choice, public economics, rentseeking, Ronald Coase Tags: Argentina
Argentina has a very interesting, but also rather tragic, economic history. During first half of the 20th century, it was one of the world’s richest nations. But thanks to dirigiste economic policies (known locally as Peronism) starting after World War II, Argentina has suffered a dramatic decline in relative living standards. However, something shocking has […]
An Upside-Down Economic History of Argentina
12 Dec 2023 Leave a comment
in applied price theory, budget deficits, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, fiscal policy, growth disasters, income redistribution, international economics, labour economics, liberalism, libertarianism, macroeconomics, Marxist economics, Milton Friedman, monetary economics, Murray Rothbard, Public Choice Tags: Argentina
My trip to Argentina last year motivated me to write Part I of this series, which focused on whether things might get better in that tragic country for the simple reason that they couldn’t possibly get any worse. In Part II of this series, I analyzed whether a libertarian candidate’s surprisingly strong performance in Argentina’s […]
Can Argentina Be Rescued, Part III
12 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, fiscal policy, growth disasters, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Inflation rates have come down since their peak in mid-2022. Does the Federal Reserve need to continue its inflation-fighting ways, keeping interest rates high? Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, and WeiZhao of the IMF look to historical and international experience in “One Hundred Inflation Shocks: Seven Stylized Facts” (September 2023, WP/23/190). As…
Lessons from Fighting 100 Inflations Since the 1970s
08 Dec 2023 Leave a comment
in development economics, economic history, energy economics, environmental economics, global warming, growth disasters, growth miracles
By Paul Homewood Electricity generation in China and India, and oil and gas production in the US, have produced the biggest increases in global greenhouse gas emissions since 2015, when the Paris climate agreement was signed, new data has shown. Emissions of methane, a greenhouse gas 80 times more powerful than carbon dioxide, […]
Many Countries Don’t Accurately Report Emissions
08 Dec 2023 Leave a comment
in development economics, economic growth, economics of regulation, entrepreneurship, financial economics, growth disasters, macroeconomics, monetary economics Tags: Argentina
Milei’s November election win — on a pledge to rapidly overhaul Argentina’s dysfunctional economy — has triggered a burst of market exuberance. The local Merval stock index is up 28 per cent, while prices for Argentina’s closely watched sovereign bonds maturing in 2030 — some of the most liquid — have risen 22 per cent…
Argentina projection of the day
05 Dec 2023 Leave a comment
in applied price theory, development economics, economic history, growth disasters, growth miracles, history of economic thought, income redistribution, international economics, liberalism, Marxist economics, Public Choice, rentseeking Tags: Age of Enlightenment, The Great Enrichment, The Great Escape
If you want to drink deeply of unabashedly pro-globalization essays, the Cato Institute has a “Defending Globalization” project underway. The well-written essays are mostly short or mid-length, and clearly aimed at the general public–including undergraduate students. I can’t hope to summarize the essays here, and indeed, more essays are on their way (and you can…
A Pro-Globalization Banquet
05 Dec 2023 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: India
The reality of economic imperatives, however, will eventually expose the folly of decarbonization plans.
Economic Progress and Fossil Fuels: The Elephant in the Room at U.N. Climate Conference
02 Dec 2023 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: China
The Biden administration has pledged millions of dollars to a de facto international “climate reparations” fund at the United Nations (UN) climate summit in the United Arab Emirates (UAE).
Biden Admin Pledges Millions To International ‘Climate Reparations’ Fund
01 Dec 2023 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: India
“India cannot survive without coal as it has no other options.” The post COP28: India doubles down on right to increase coal power and CO2 emissions first appeared on Watts Up With That?.
COP28: India doubles down on right to increase coal power and CO2 emissions
30 Nov 2023 Leave a comment
in defence economics, development economics, economic history, economics of crime, growth disasters, law and economics Tags: Somalia
Caado la gooyaa car alle ayey leedahay (‘The abandonment of tradition calls forth the wrath of Allah’, Somali proverb, quoted in The World’s Most Dangerous Place, page 398) James Fergusson worked on this book with help from a grant from the Airey Neave Trust, a charity whose objective is to promote research ‘designed to make […]
The World’s Most Dangerous Place: Inside the Outlaw State of Somalia by James Fergusson (2013)
30 Nov 2023 Leave a comment
in budget deficits, business cycles, currency unions, development economics, fiscal policy, growth disasters, macroeconomics, monetary economics Tags: Argentina, dollarisation
Yes, I do still favor it, but here is part of the problem, as I explain in my latest Bloomberg column: The simplest way for Argentina to dollarize would be to inflate the peso even more. For purposes of argument, imagine a peso inflation rate of one billion percent a year. Pesos would be worthless, […]
Why Argentina’s dollarization is likely to come in sudden, messy ways
28 Nov 2023 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters, Marxist economics
Green British academic pushing a non GDP measure of social progress which gives a high score to Cuba.
Claim: The Cuban Economy is a Model for Successful Green Degrowth
28 Nov 2023 Leave a comment
in development economics, energy economics, environmental economics, global warming, growth disasters
Why climate-finance ‘flows’ are falling short of $100bn pledge is an informative article from CarbonBrief. Excerpts below in italics followed by a comment from Bjorn Lomborg. One of the biggest and most contentious issues in climate politics is the provision of money to help poorer countries cut emissions and protect themselves from climate impacts. In […]
Follow the Climate Money Updated
28 Nov 2023 Leave a comment
in applied price theory, comparative institutional analysis, development economics, growth disasters, growth miracles
Several disciplines in social sciences have shown that institutions that promote cooperation facilitate mutually beneficial exchanges and generate prosperity. Drawing on these insights, this paper develops a Reservation Economic Freedom Index that classifies institutions on a sample of Indian reservations concerning whether these intuitions will enhance the prosperity of Indians residing on these reservations. The…
Freer Indian reservations prosper more
25 Nov 2023 Leave a comment
in development economics, growth disasters, monetary economics
With President Milei’s election in Argentina, dollarization is suddenly on the table. I’m for it. Here’s why. Why not? A standard of valueStart with “why not?” Dollarization, not a national currency, is actually a sensible default. The dollar is the US standard of value. We measure length in feet, weight in pounds, and the value of…
Pro Dollarization
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