Celebrating humanity's flourishing through the spread of capitalism and the rule of law
25 Nov 2025 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economic growth, economics of regulation, fiscal policy, growth disasters, labour economics, labour supply, liberalism, libertarianism, macroeconomics, Marxist economics, unemployment Tags: Argentina
I’m still riding high after Javier Milei’s political party won a landslide in last month’s mid-term elections in Argentina. And I’m very much hoping and expecting that gives him enough legislative support to enact big reforms next year to further liberate the Argentinian economy (tax reform, free trade, and labor market liberalization). But let’s take […]
The Milei Miracle, Part III
24 Nov 2025 Leave a comment
in applied price theory, economic growth, economics of regulation, industrial organisation, international economics, macroeconomics Tags: Brexit
I supported Brexit for two reasons. The European Union is a sinking ship and a vote for Brexit spares British taxpayers from being on the hook when massive bailouts occur. Leaving the European Union would give the United Kingdom more leeway to choose a pro-market, Singapore-on-Thames policy agenda. The good news is that Point #1 […]
Was Brexit a Mistake?
22 Nov 2025 Leave a comment
in economic growth, fiscal policy, labour economics, labour supply, macroeconomics, welfare reform
Honest leftists (the “Okunites“) generally acknowledge that laissez-faire policies deliver more growth, but they nonetheless favor high taxes and redistribution because they argue that social equality matters a lot. However, according to this chart, there’s a negative relationship between bigger government and social welfare indicators such as health, education, unemployment, and exclusion. Looking specifically at […]
The Adverse Consequences of High-Tax Welfare States
21 Nov 2025 Leave a comment
in applied price theory, economic growth, entrepreneurship, history of economic thought, industrial organisation, macroeconomics, survivor principle Tags: creative destruction
Antitrust should center on dynamic market forces that drive major technological change, rather than on static “big is bad” market analysis, based on the work of the 2025 economics Nobel Prize winners. Antitrust enforcers in the United States and around the world could benefit by incorporating these insights into their policy development. Focus on Dynamic […]
Nobel Prize Winners’ Work Supports Dynamic Antitrust Enforcement
14 Nov 2025 Leave a comment
in economic growth, economic history, macroeconomics Tags: European Union
The Constitution of Innovation The continent faces two options. By the middle of this century, it could follow the path of Argentina: its enormous prosperity a distant memory; its welfare states bankrupt and its pensions unpayable; its politics stuck between extremes that mortgage the future to save themselves in the present; and its brightest gone…
Europe at a crossroad
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
27 Oct 2025 Leave a comment
in budget deficits, development economics, economic growth, fiscal policy, growth disasters, growth miracles, macroeconomics, monetary economics Tags: Argentina
I explained two months ago that Argentina’s mid-term elections are critically important, and here’s some of what I said in an interview with Austin Peterson. I’ll be paying close attention to the results later today for three reasons. The mid-term elections will determine whether Milei has legislative support for the additional reforms that are desperately […]
The Out-Sized Importance of Today’s Mid-Term Elections in Argentina
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
15 Oct 2025 Leave a comment
in applied price theory, economic growth, fiscal policy, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
I wrote a column about taxes and growth in 2020. Let’s augment that analysis by digging into some details. I decided to address the issue today after seeing a tweet with this helpful summary of how different taxes cause different levels of economic damage (the Tax Foundation also has a table that ranks different taxes, […]
Taxes and Growth, Part II
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
09 Oct 2025 Leave a comment
in applied price theory, economic growth, economics of regulation, law and economics, macroeconomics, politics - New Zealand, property rights
Governments of the left like to claim they are transformational, when they’re not. The Ardern Government achieved so little it was the opposite. They used wellbeing as a slogan, and did a couple of disastrous mergers. They spent a lot of money. To be fair the Clark Government did actually achieve some major stuff such […]
We do actually have a transformational government
04 Oct 2025 Leave a comment
in applied price theory, comparative institutional analysis, economic growth, economic history, income redistribution, industrial organisation, labour economics, law and economics, liberalism, libertarianism, macroeconomics, Public Choice Tags: The Great Enrichment
01 Oct 2025 Leave a comment
in business cycles, economic growth, fiscal policy, international economics, liberalism, libertarianism, macroeconomics, monetary economics, politics - USA Tags: Argentina
Earlier this month, shortly after some depressing results in a regional election in Argentina, I was interviewed by Patrick Young. In this clip, I express concern Argentine voters will backslide to Peronism. As one might expect, some people are concerned the Peronist victory in the Buenos Aires regional election could be a harbinger of bad […]
Understanding Financial Instability in Argentina
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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