Celebrating humanity's flourishing through the spread of capitalism and the rule of law
21 Oct 2025 Leave a comment
in development economics, economic growth, economic history, history of economic thought, macroeconomics
A historian’s perspective on how to deal with the Nobel frenzy I generally try to stay away from the Economics Nobel frenzy, if only because the hyper-personalization of scientific achievements it entails it at odds with how we historians understand credit dynamics in science. Economics research has become increasingly collective, drawing on expertise in theory, […]
What does a Nobel Prize on ‘innovation-driven economic growth’ actually reward?
20 Oct 2025 Leave a comment
in applied price theory, business cycles, economic growth, entrepreneurship, history of economic thought, macroeconomics
Has AI been propping up the American economy? For instance “the Bureau of Economic Analysis’s category for investment in information processing equipment and software accounts for over 90 percent of economic growth in the first half of 2025.” The key question is what would have been done with those resources otherwise. Regardless of their specific […]
Some simple economics of AI and macro cycles
19 Oct 2025 Leave a comment
in applied price theory, business cycles, economic history, fiscal policy, great depression, history of economic thought, macroeconomics, monetary economics Tags: monetary policy
Here is the audio, video, and transcript. Here is part of the episode summary: Tyler and George discuss the surprising lack of fiscal and monetary stimulus in the New Deal, whether revaluing gold was really the best path to economic reflation, how much Glass-Steagall and other individual parts of the New Deal mattered, Keynes’ “very […]
My excellent Conversation with George Selgin
15 Oct 2025 Leave a comment
in history of economic thought
That is the title of a book co-authored by Philippe Aghion, one of this this year’s winners of the Nobel Prize in economics. See The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations.Here is the Amazon summary:”Inequality is on the rise, growth stagnant, the environment in crisis. Covid seems to have exposed every…
The Power of Creative Destruction
14 Oct 2025 Leave a comment
in applied price theory, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, history of economic thought, macroeconomics
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 was awarded this morning for “for having explained innovation-driven economic growth.” The award was divided between Joel Mokyr ““for having identified the prerequisites for sustained growth through technological progress” to Philippe Aghion and Peter Howitt “for the theory of sustained growth through…
A Nobel for Innovation-Driven Economic Growth: Aghion, Howitt, and Mokyr
14 Oct 2025 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, history of economic thought, macroeconomics, monetarism, monetary economics
05 Oct 2025 Leave a comment
in applied price theory, history of economic thought, international economics
Tweet… is from page 196 of Arnold Kling‘s excellent 2004 book, Learning Economics: [O]utsourcing is symmetric. For every job that we outsource to India, India outsources a job to us. That giant sucking sound you hear is jobs being created in the U.S. to meet the needs of Indian consumers. That is guaranteed to happen.…
Quotation of the Day…
30 Sep 2025 Leave a comment
in applied price theory, Austrian economics, entrepreneurship, history of economic thought, industrial organisation
Back in the early 1990s, I wrote a paper called “The Creative-Destroyers: Are Entrepreneurs Mythological Heroes?” A reviewer at a journal said “The conclusion that entrepreneurs are heroes seems to be very dangerous!” That was in 1993.There is a picture of this review below. After that is a link to where I posted this paper here…
Is it dangerous to say that entrepreneurs are heroes?
28 Sep 2025 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, history of economic thought, macroeconomics, monetary economics
25 Sep 2025 Leave a comment
in applied price theory, development economics, economic history, growth disasters, growth miracles, history of economic thought, Marxist economics Tags: East Germany, economics of central planning, West Germany
24 Sep 2025 Leave a comment
in applied price theory, economic history, history of economic thought, Marxist economics
21 Sep 2025 Leave a comment
in Adam Smith, history of economic thought, Milton Friedman
TweetHere’s a letter to the Wall Street Journal. Editor: Glory Liu argues that, in reality, Adam Smith wasn’t as favorably disposed to free markets as Milton Friedman portrayed him as being (“Adam Smith Is Known for His ‘Invisible Hand’ Theory. The Truth Is More Complex.” September 13). Her evidence for this thesis is thin. While,…
Milton Friedman Did Not Concoct a False Image of Adam Smith
12 Sep 2025 1 Comment
in budget deficits, business cycles, currency unions, fiscal policy, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics Tags: monetary policy
11 Sep 2025 Leave a comment
in applied price theory, development economics, economic history, economics of bureaucracy, history of economic thought, income redistribution, international economics, politics - USA, Public Choice, rentseeking Tags: free trade, tariffs
TweetMy emeritus Nobel-laureate colleague, Vernon Smith, sent the following email to me in response to this post. I share Vernon’s note with his kind permission. Don, Trump, like all businesspersons turned political, wants government favors, that is Mercantilism which is as bad today as when Adam Smith railed against such cozy relationships. Same for labor…
Vernon Smith on Donald Trump’s Protectionism
09 Sep 2025 Leave a comment
in applied price theory, constitutional political economy, David Friedman, economic history, economics of crime, Gordon Tullock, history of economic thought, law and economics, liberalism, libertarianism, property rights, Public Choice
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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