Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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
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…
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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
Res ipsa loquitur - The thing itself speaks
In Hume’s spirit, I will attempt to serve as an ambassador from my world of economics, and help in “finding topics of conversation fit for the entertainment of rational creatures.”
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The truth about the great wind power fraud - we're not here to debate the wind industry, we're here to destroy it.
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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