Celebrating humanity's flourishing through the spread of capitalism and the rule of law
05 Sep 2025 Leave a comment
in history of economic thought
During my travels in Europe, I managed to get through reading Lives of the Laureates, which includes autobiographical accounts written by Nobel Prize winners in economics. The source material is an ongoing lecture series hosted by Trinity University in Texas, who invite recent Nobel laureates from US institutions to reflect on their ‘evolution as an…
Book review: Lives of the Laureates
30 Aug 2025 Leave a comment
in applied price theory, development economics, econometerics, economic history, economics of bureaucracy, growth disasters, history of economic thought, industrial organisation, law and economics, Marxist economics, property rights, Public Choice Tags: Cuba
I’ve written several articles about the failure of Cuban socialism (2024, 2022, 2021, 2019, and 2016). My leftist friends almost always respond by claiming that U.S.-imposed trade restrictions are the primary reason for Cuba’s terrible economy. Since I like free trade, I certainly agree that trade restrictions are bad for growth (a lesson I wish […]
The Ongoing Tragedy of Cuban Socialism
28 Aug 2025 Leave a comment
in applied price theory, history of economic thought
A person does not really read Voltaire’s Philosophical Dictionary (1764)–or at least I don’t –but instead surfs through it from time to time, trying to hit some of the high spots. Here are a couple of comments for reflection on a summer’s day, from the 1901 translation by William Fleming. In the entry under “Presbyterian,”…
Voltaire on the Civility of Markets
28 Aug 2025 Leave a comment
in applied price theory, applied welfare economics, development economics, history of economic thought, international economics, politics - USA Tags: tarrifs
TweetThe Civitas Institute at UT-Austin just published a superb symposium on tariffs, with contributions by Richard Epstein, Samuel Gregg, Dirk Mateer, Dominic Pino, and my intrepid Mercatus Center colleague, Veronique de Rugy. Below are some slices. “The Man Who Knew Too Little: Donald Trump on Tariffs” (Richard Epstein): It is a dangerous state of affairs…
Civitas Institute’s Tariff Symposium
24 Aug 2025 Leave a comment
in applied price theory, development economics, economic history, entrepreneurship, growth miracles, history of economic thought, industrial organisation, international economics, politics - USA, Public Choice, rentseeking Tags: free trade, tariffs
TweetHere’s a second note to a commenter at my Facebook page. Mr. Schlomach: Commenting on my Facebook page, you allege that China ‘dumps’ goods in the U.S. and, in doing so, “has used our love of cheap stuff to suck our country of strategically critical technology/industry.” By suggesting that your fellow Americans buy stuff simply…
More On Alleged Chinese Dumping
11 Aug 2025 1 Comment
in applied price theory, economic history, history of economic thought, international economics, politics - USA Tags: tarrifs
TweetFareed Zakaria, writing in the Washington Post, eloquently corrects many of the fallacies believed by MAGA-types (and also by many – most? – progressives’) about the American economy. Two slices: The Organization for Economic Cooperation and Development’s measure of median disposable household income in America was higher than in all but one advanced industrial economy…
Some Links
08 Aug 2025 1 Comment
in applied price theory, economic history, economics of regulation, history of economic thought Tags: price controls, Roman empire
By Tarnell Brown. At EconLog.”The Roman Empire was in trouble. During the fifty-plus years known as the Crisis of the Third Century (235-284 AD), the throne of Rome changed some 26 times, with the Roman Army engaging in a steady diet of crowning and removing claimants to the throne. These autocrats, known as “barracks emperors,”…
Diocletian, the Roman Empire, and Forever Failing Price Controls
26 Jul 2025 Leave a comment
in applied price theory, economics of regulation, history of economic thought, income redistribution, international economics, International law, labour economics, labour supply, Marxist economics, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, regressive left, tarrifs
Many of Trump’s signature policies overlap with those of the American progressive left—e.g. tariffs, economic nationalism, immigration restrictions, deep distrust of elite institutions, and an eagerness to use the power of the state. Trump governs less like Reagan, more like Perón. As Ryan Bourne notes, this ideological convergence has led many on the progressive left […]
Horseshoe Theory: Trump and the Progressive Left
14 Jul 2025 1 Comment
in development economics, health economics, history of economic thought, industrial organisation, international economics Tags: technology diffusion
Willis Carrier invented modern air conditioning around 1904 but technological innovations often take a long time to travel to less developed regions of the world. FT.
Technology Transfer and Development Economics
12 Jul 2025 1 Comment
in discrimination, history of economic thought, Marxist economics Tags: political correctness, racial discrimination, regressive left
“Cultural Marxism” is a controversial term originally referring to the application of Marxist theory to culture, society, and institutions, but today often used critically to describe a perceived ideological influence on modern Western culture and institutions. Historical Context and Origin: Originally, Marxism focused on economics, class struggle, and capitalism. However, some Marxist theorists (notably Antonio […]
Cultural Marxism and AntiSemitism
11 Jul 2025 1 Comment
in applied price theory, Austrian economics, economics of education, history of economic thought
I played it in each class I taught. A former colleague taught it to me many years ago. As far as I know, I use the game invented by Edward Chamberlin and refined by Vernon Smith. Click here to see the Lessons From the Supply and Demand Game. Or just read it all here. Part…
The Supply And Demand Game
07 Jul 2025 Leave a comment
in applied price theory, history of economic thought, industrial organisation, international economics, politics - USA, Public Choice, rentseeking Tags: tarrifs
TweetEvery time Victor Davis Hanson comments on the economics of international trade he displays his utter ignorance of the most basic facts and theories of that topic. Editor, Real Clear Politics Editor: Victor Davis Hanson’s declaration of victory for Trump’s tariffs is premature and confused (“The Decline and Fall of Our So-Called Degreed Experts,” July…
Victor Davis Hanson Continues to Write Foolishly About Economics
28 Jun 2025 1 Comment
in applied price theory, Austrian economics, comparative institutional analysis, development economics, economic history, history of economic thought, income redistribution, industrial organisation, international economics, liberalism, politics - USA, Public Choice
TweetAt CapX, I explain what motivated Phil Gramm and me to write our book, The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism. A slice: Likewise with America’s own industrial revolution, the ‘Gilded Age’. American schoolchildren are taught that the final third of the 19th century witnessed John D. Rockefeller and…
Bad Economic History Fuels Bad Present-Day Economic Policies
27 Jun 2025 1 Comment
in applied price theory, econometerics, history of economic thought, labour economics, unions Tags: union power
Unionized plants have worse incentive alignment: 26% less likely to offer performance-based bonuses. 11% less likely to promote based on performance 13% less likely to dismiss workers for poor performance. Consequently, unionized plants have: Higher rates of business closures, lower investment slower employment growth BOTTOM LINE: right-to-work states (no unions) have higher employment and better outcomes. CITE:Maksimovic, Vojislav and…
Weaker incentives in unionized plants make them more likely to close
25 Jun 2025 Leave a comment
in applied price theory, economic history, history of economic thought, human capital, labour economics, labour supply, politics - USA, poverty and inequality Tags: economics of immigration, employment law, monopsony
A quarter century ago, economist Price Fishback published “Operations of ‘Unfettered’ Labor Markets: Exit and Voice in American Labor Markets at the Turn of the Century” 1,762 more words
Unfettered: Fishback 25 Years Later
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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