Celebrating humanity's flourishing through the spread of capitalism and the rule of law
26 Sep 2025 Leave a comment
in applied price theory, economic growth, entrepreneurship, fiscal policy, human capital, labour economics, labour supply, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
From a big-picture economic perspective, I worry most about the damage of high tax burdens on innovation, entrepreneurship, and investment. Those are things that generate enormous benefits for society, yet also things that are very sensitive to bad tax policy (specifically high marginal tax rates and the tax code’s bias against saving and investment). Sadly, […]
Part I: Yes, Taxes Change Behavior
25 Sep 2025 1 Comment
in applied price theory, human capital, income redistribution, labour economics, labour supply, occupational choice, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment
The super-rich are super-mobile. So, if a country decides to increase taxes on the super-rich (for example, with a wealth tax), some (but not all) of the super-rich will simply move elsewhere. This should not be a surprise to anyone. And yet, simplistic proposals to tax the super-rich are a favourite policy for some political…
Newsflash! The super-rich are mobile, and higher taxes incentivise them to move away
25 Sep 2025 Leave a comment
in economics of bureaucracy, inflation targeting, macroeconomics, politics - New Zealand, Public Choice
A couple of weeks ago the editor of Central Banking magazine (something of an house journal for central bankers, and for whom I’ve done book reviews for some years) invited me to write a fairly full article for a non-NZ audience on the extraordinary events of recent months. Having been so caught up in the […]
Article for Central Banking magazine on Orr/Quigley/Willis saga, and lessons
23 Sep 2025 1 Comment
in constitutional political economy, economic history, economics of bureaucracy, Public Choice Tags: British constitutional law, British politics
On September 10, 2022, Penny Mordaunt presided over the King’s Accession Council. Since then, there has been some confusion regarding the nature of her role. Was she Lord President or merely Acting Lord President? What seems like a straightforward question at first glance turns out to be surprisingly complex. Appointing the Lord President The […]
A very British fudge
23 Sep 2025 Leave a comment
in economics of bureaucracy, economics of regulation, environmental economics, environmentalism, law and economics, liberalism, libertarianism, Marxist economics, politics - New Zealand, property rights, Public Choice, transport economics, urban economics Tags: housing affordability, land supply, regressive left, zoning
Libertarians don’t like local government much, generally. While some aspire for maximum devolution, similar to Switzerland, so that most government power (outside defence, foreign affairs and border control) is at the more local level, that would require a transformational constitutional change. Switzerland works because its best and brightest get concentrated at the canton level, and…
Local government elections 2025 for a libertarian
21 Sep 2025 Leave a comment
in international economic law, international economics, International law, labour economics, labour supply, politics, Public Choice Tags: economics of immigration, Germany
Our estimates indicate that the AfD’s vote share would shrink by as much as 75% if the CDU adopted its immigration stance. These results suggest that the electoral success of populist parties is strongly linked to genuine policy preferences, rather than being driven solely by dissatisfaction with political elites or protest voting. That is from […]
German political parties remain too far from the median voter
17 Sep 2025 Leave a comment
in applied price theory, economic growth, economic history, economics of regulation, labour economics, labour supply, macroeconomics, Public Choice, rentseeking Tags: European Union
I put a lot of focus on “convergence” and “divergence” because economic theory says rich countries should not grow faster than poor countries. So when there are examples of divergence, especially when looking at decades of data, we can learn very important lessons about economic policy. Those lessons, in every single case, teach us that […]
The United States vs. Europe, Part IV
17 Sep 2025 Leave a comment
in economics of bureaucracy, politics - New Zealand, Public Choice
The NZ Initiative has put out a great report proposing a much more efficient structure for both Cabinet and the wider Executive. NZ currently has 81 ministerial portfolios, 28 ministers and 43 executive agencies. By comparison Ireland has 15 Ministers and 18 departments. The Initiative propose a Cabinet of 15 Ministers, being: Incidentally I proposed […]
A blueprint for better Government
15 Sep 2025 Leave a comment
in applied price theory, economic growth, economics of education, fiscal policy, income redistribution, labour economics, labour supply, macroeconomics, poverty and inequality, Public Choice, public economics, rentseeking Tags: Denmark, Finland, Norway, Sweden
Maybe it’s just because I live in Minnesota, a state where the differences between immigrants from Sweden, Norway, and Finland are still apparent in the names of towns and the surnames of people. But when I run into people who would prefer that the US distribution of income be more equal, they often point to…
Predistribution, Not Redistribution, in the Nordic Countries
13 Sep 2025 Leave a comment
in applied price theory, economics of bureaucracy, economics of regulation, environmental economics, income redistribution, labour economics, labour supply, law and economics, occupational regulation, property rights, Public Choice, rentseeking Tags: France
I’ve written endlessly about the negative effect of high tax rates on productive behavior, as well as some quirky examples of how taxes lead to some unintended consequences. Today, let’s consider how government regulations distort behavior. We’ll start with a video from Reason about government policies that backfire. In this case, note the second example. […]
Red Tape and Unintended Consequences
13 Sep 2025 1 Comment
in economics of bureaucracy, financial economics, inflation targeting, macroeconomics, monetary economics, politics - New Zealand, Public Choice
A couple of nights ago, shortly after the Minister and Treasury finally released the suite of texts between Willis and Rennie, ZB featured interviewer Heather du Plessis-Allan talking to Herald journalist Jenee Tibshraeny (who has been over the Orr/Quigley/Willis saga issue from day one). There wasn’t anything concrete that was new in the conversation but […]
Outstanding questions
12 Sep 2025 Leave a comment
in applied price theory, Austrian economics, Public Choice
20th anniversary of my prize-winning paper with Ed Stringham
Mises, Bastiat, Public Opinion, and Public Choice
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
10 Sep 2025 Leave a comment
in applied price theory, economics of regulation, industrial organisation, Marxist economics, politics - New Zealand, Public Choice, public economics Tags: competition law
Radio NZ reports: But the Greens’ commerce and consumer affairs spokesperson Ricardo Menéndez March told RNZ that was only “one part of the puzzle” and the government needed to explore all its options – including breaking up the supermarket duopoly. “While we support having new players in the market, Nicola Willis is banking on big […]
Greens say taxing supermarkets more will lower food prices!
09 Sep 2025 Leave a comment
in constitutional political economy, politics, Public Choice Tags: France
The National Assembly of France today voted against a confidence measure in the cabinet of Premier François Bayrou. As a result, per Art. 50 of the constitution, the premier must resign and the government is ousted. President Emmanuel Macron had appointed Bayrou last December after the previous premier, Michel Barnier, had been ousted in a […]
French cabinet loses confidence vote
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
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
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
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
A History of the Alt-Right
Econ Prof at George Mason University, Economic Historian, Québécois
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
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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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
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
WORLD WAR II, MUSIC, HISTORY, HOLOCAUST
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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.”
Researching the House of Commons, 1832-1868
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