Celebrating humanity's flourishing through the spread of capitalism and the rule of law
28 May 2026 Leave a comment
in applied price theory, budget deficits, economic growth, fiscal policy, history of economic thought, international economics, macroeconomics, politics - USA
Looking at Part I and Part II, and considering the focus of today’s column, this series should actually be entitled “Trade Deficit Literacy.” That’s because the material I cite explains that a trade deficit is merely the flip side of an investment surplus. And it is good that the United States is a magnet for […]
Trade Deficit Illiteracy, Part III
27 May 2026 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, history of economic thought, macroeconomics
To follow up on Part I and Part II in this series, let’s start with this Stossel video featuring Professor Don Boudreaux of George Mason University. The message is simple and accurate. Starting nearly 100 years ago, we got terrible statist policy from Herbert Hoover, followed by terrible statist policy from Franklin Roosevelt. No wonder […]
Blame Washington for the Great Depression, Part III
02 Apr 2026 Leave a comment
in Austrian economics, budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, labour economics, macroeconomics, monetarism, unemployment
TweetPrager University’s new short video on the Great Recession was inspired by Chapter 5 of Phil Gramm’s and my 2025 book, The Triumph of Economic Freedom. The post On the Great Recession appeared first on Cafe Hayek.
On the Great Recession
27 Mar 2026 Leave a comment
in applied price theory, Austrian economics, budget deficits, business cycles, development economics, growth disasters, macroeconomics, monetary economics Tags: Argentina
I’ve been participating in a conference in Argentina this week on “Understanding Argentina’s Transformations Under Milei.” Part I reviewed the horrible economic conditions that plagued Argentina when Javier Milei took office. Part II looked at Milei’s spending restraint and some of the subsequent improvements in fiscal outcomes. Part III examined Milei’s remarkable progress with regards to […]
Javier Milei Week, Part V: Fixing Argentina’s Monetary Crisis
24 Mar 2026 Leave a comment
in applied price theory, Austrian economics, budget deficits, development economics, economic history, fiscal policy, growth disasters, macroeconomics Tags: Argentina
Part I of this series focused on the horrible economic conditions that led to Javier Milei’s election in late 2023. For Part II, let’s start with this segment from an interview I did last week while in Slovenia. In less than two minutes, I tried to summarize Milei’s achievements. Let’s take a more detailed look, […]
Javier Milei Week, Part II: Good Fiscal Policies, Good Fiscal Results
23 Mar 2026 Leave a comment
in applied price theory, Austrian economics, budget deficits, business cycles, development economics, economic growth, economic history, growth disasters, liberalism, libertarianism, macroeconomics, Marxist economics Tags: Argentina
Given my enthusiasm for Javier Milei and his libertarian reforms, I’m excited to be in Buenos Aires for a week-long program on “Understanding Argentina’s Transformations Under Milei.” This means a heavy does of Milei-ism this week. For today’s column, I’m going to share some slides from a presentation by Alejandro Rodriguez on the “Inheritance” Milei […]
Javier Milei Week, Part I: Inheriting an Economic Crisis
18 Feb 2026 Leave a comment
in applied price theory, budget deficits, economic growth, economic history, economics of education, economics of regulation, fiscal policy, industrial organisation, labour economics, labour supply, macroeconomics Tags: European Union
The good news is that Europe has a lot of economic freedom by world standards. Especially Western Europe. The bad news is that economic freedom has been declining in Western Europe. To make matters worse, Europe has a big demographic problem, with a growing number of older people over time who have been promised benefits […]
Any Hope for a European Economic Renaissance?
04 Feb 2026 Leave a comment
in applied price theory, budget deficits, economic growth, economic history, fisheries economics, history of economic thought, income redistribution, industrial organisation, international economic law, international economics, macroeconomics, politics - USA, Public Choice, rentseeking Tags: free trade, tarrifs
Donald Trump, who describes himself as “Tariff Man,” recently wrote a column in defense of his protectionist trade policy for the Wall Street Journal. After reading the column, my first thought was that Trump was trying to show he is more economically illiterate than Joe Biden (a big challenge, as seen here and here). And […]
Debunking Trump’s Error-Filled WSJ Column
17 Jan 2026 Leave a comment
in budget deficits, financial economics, fiscal policy, macroeconomics, monetary economics
“Fiscal dominance” refers to a situation where government debt grows so large that the nation’s central bank feels that it has little choice except to focus on making sure the government does not default–even if it means a surge of inflation. Janet Yellen described the issue and risks of fiscal dominance concisely in her comments…
Yellen on Fiscal Dominance
27 Dec 2025 Leave a comment
in applied price theory, Austrian economics, budget deficits, comparative institutional analysis, constitutional political economy, development economics, economic growth, economics of bureaucracy, economics of regulation, fiscal policy, growth disasters, history of economic thought, income redistribution, industrial organisation, labour economics, liberalism, libertarianism, macroeconomics, Public Choice, rentseeking, unemployment Tags: Argentina
As explained in my four-part series (here, here, here, and here) and in this clip from a recent interview, Javier Milei’s first two years have been amazingly successful. There are two points in the interview that deserve emphasis. First, Javier Milei’s libertarian policies already have been extremely beneficial for the Argentine economy. Inflation has dramatically […]
Celebrating Two Years of Libertarian Success in Argentina
16 Dec 2025 Leave a comment
in budget deficits, economic growth, fiscal policy, labour economics, labour supply, macroeconomics, public economics Tags: ageing society, European Union, population bust
If you want to know why I’m pessimistic about Europe (particularly compared to the U.S.), this chart is a good example. It shows that many European nations have enormous long-run liabilities for their Social Security systems. It’s an understatement to observe that Spain, Austria, and Italy have very grim fiscal futures. Keep in mind that […]
Europe’s Grim Fiscal Future
11 Dec 2025 Leave a comment
in budget deficits, fiscal policy, macroeconomics, politics - New Zealand, Public Choice, public economics
Eric Crampton writes – StatsNZ has put up its year-end accounts for the government, split out across functional areas. Their data goes back to 2009 in the main table; I’m sure earlier data’s available somewhere in Infoshare. But sticking with the Excel sheet they’ve provided, we can lob in June-year population statistics and June quarter […]
The state of the books
09 Dec 2025 Leave a comment
in budget deficits, economic growth, economic history, fiscal policy, income redistribution, labour economics, labour supply, macroeconomics, Public Choice, public economics Tags: ageing society, Germany
A lot has happened if you look at the past 100 years of German economic policy. Hyperinflation leading to Hitler’s National Socialists taking power. An impressive free-market revival after World War II. A growing welfare state after the imposition of a value-added tax in the 1960s. Some semi-impressive spending restraint starting in the mid-1990s. Very […]
Germany’s Accelerating Fiscal and Economic Decline
03 Dec 2025 Leave a comment
in budget deficits, economic growth, economic history, financial economics, fiscal policy, macroeconomics, population economics, public economics Tags: ageing society, Japan, population bust
I often get asked when the United States will suffer a Greek-style fiscal crisis. My answer is always “I don’t know,” though I freely admit we are heading in that direction. My lack of specificity isn’t merely because economists are lousy forecasters. I tell people it’s all about investor sentiment, and it’s hard to know […]
Japan’s Growing Burden of Government Means an Inevitable Fiscal Crisis
29 Oct 2025 Leave a comment
in budget deficits, development economics, economic growth, fiscal policy, growth disasters, growth miracles, liberalism, libertarianism, macroeconomics Tags: Argentina
In yesterday’s column, I celebrated the huge victory for Javier Milei and his libertarian LLA party in Argentina’s mid-term elections. Today, let’s contemplate the consequences. Starting with this video. The above video is from an interview yesterday with the great Ross Kaminsky of KOA in Denver. He wanted to know the big-picture meaning of Sunday’s […]
Implications of the (Second) Libertarian Landslide in Argentina
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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