Celebrating humanity's flourishing through the spread of capitalism and the rule of law
26 Mar 2026 Leave a comment
in financial economics, international economic law, international economics
I heard a story some years back about a court case that involved following a blizzard of cross-border financial payments. Apparently, even the lawyers were having a hard time tracking, and the jury was completely at sea. But the lawyers and the judge all knew that only one thing actually mattered in the trial. Would…
Snapshots of “Cross-Border Financial Centers”
11 Mar 2026 Leave a comment
in international economic law, International law, transport economics Tags: space
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
19 Dec 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, economic growth, international economic law, international economics, macroeconomics Tags: British politics, economics of customs unions, free trade, tariffs
How we connect economically with the world is critical. Brian Easton writes – The British Labour Government is struggling. Partly it is because they were badly prepared in opposition: the Conservative Government was making such a charlie of itself that Labour expected that it would do better and gave little thought as to how it […]
Lessons from Brexit
07 Nov 2025 Leave a comment
in applied price theory, applied welfare economics, economic history, economics of bureaucracy, income redistribution, international economic law, international economics, International law, politics - USA, Public Choice Tags: free trade, tarrifs
It seems as if a few times every week, I see a headline about President Trump announcing a new tariff or repealing a tariff, sometimes involve many countries and sometime just a few. However, it is not at all clear that any president has a right to alter tariffs. This question was raised before Trump…
Economists on the Trump Tariffs Supreme Court Case
28 Sep 2025 1 Comment
in applied price theory, economics of education, international economic law, international economics, politics - USA, Public Choice, rentseeking Tags: free trade, tariffs
Assume the courts do not strike this down (perhaps they will?). Will foreigners still be hired at the entry level with an extra 100k surcharge? I would think not,as university budgets are tight these days. I presume there is some way to turn them down legally, without courting discrimination lawsuits? What if you ask them […]
H1-B visa fees and the academic job market
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
15 Jul 2025 Leave a comment
in applied price theory, international economic law, international economics, politics - USA Tags: free trade, offsetting behavior, tarrifs
In our textbook, Tyler and I give an amusing example of how entrepreneurs circumvented U.S. tariffs and quotas on sugar. Sugar could be cheaply imported into Canada and iced tea faced low tariffs when imported from Canada into the U.S., so firms created a high-sugar iced “tea” that was then imported into the US and […]
Tariff Shenanigans
05 Jul 2025 Leave a comment
in international economic law, international economics, International law, labour economics, labour supply, politics - USA Tags: economics of immigration
In Washington, D.C., District Court Judge Randolph Moss has issued a notable decision against the Trump Administration in Refugee and Immigrant Center for Legal and Educational Services v. Noem. Judge Moss rejected the use of Trump’s January 20 “invasion” executive proclamation to block undocumented immigrants from pursuing asylum applications and other legal pathways. The court essentially rules […]
Federal Judge Rules Against Trump on Use of “Invasion” Powers to Expedite Deportations
04 Jul 2025 1 Comment
in applied price theory, development economics, growth miracles, international economic law, international economics, politics - USA Tags: tarrifs, Vietnam
TweetMr. Howard Lutnick Secretary, U.S. Department of Commerce Washington, DC Mr. Lutnick: Yesterday you tweeted this: Our trade deal with Vietnam is a massive win for America’s businesses, manufacturers, and farmers! For the FIRST TIME EVER, Vietnam will open its market to the United States. They will pay 20% to sell their products here, and…
Another Open Letter to Howard Lutnick
02 Jun 2025 Leave a comment
in budget deficits, business cycles, currency unions, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, history of economic thought, international economic law, international economics, macroeconomics, monetarism, monetary economics, Public Choice Tags: European Union
That is the new book by John H. Cochrane, Luis Garicano, and Klaus Masuch, and the subtitle is Challenges, Evolution, and Future of the Euro. Excerpt: Our main theme is not actions taken in crises, but that member states and EU institutions did not clean up between crises. They did not reestablish a sustainable framework […]
*Crisis Cycle*
30 May 2025 Leave a comment
in international economic law, international economics, politics - USA Tags: tarrifs
Below is my column in the New York Post on the decision yesterday finding that the Trump tariffs are invalid. What happens now will be, if nothing else, interesting. Dusk has come to Liberation Day. Trump has options, but the pressure will now be greater on Congress as bilateral trade agreements are moving forward. Here […]
Liberation Dusk? Court Strikes Down Trump Tariffs in the Midst of Trade Negotiations
22 Apr 2025 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic history, history of economic thought, industrial organisation, international economic law, international economics, labour economics, politics - USA, unemployment Tags: 2024 presidential election, free trade, tariffs
This occurred in Knoxville, you can watch it here. Lots of fun, and p.s. I am more of a free trader than he is. We did have some disagreements.
My debate with Dani Rodrik about tariffs and free trade
20 Apr 2025 Leave a comment
in applied price theory, economic history, history of economic thought, industrial organisation, international economic law, international economics, liberalism, libertarianism, politics - USA, Public Choice, rentseeking Tags: free trade, tariffs
TweetWhen President Ronald Reagan delivered this address in November 1982, I was a 24-year-old graduate student. Radically libertarian at that point for almost six years, I was sufficiently astute enough to know that Reagan wasn’t terrible on most of the issues that I cared about, but I was nevertheless insufficiently mature and astute enough to…
Ronald Reagan in 1982 on Free Trade
04 Apr 2025 Leave a comment
in applied price theory, economic history, income redistribution, industrial organisation, international economic law, international economics, International law, politics - USA, Public Choice, rentseeking Tags: 2024 presidential election, free trade, tariffs
The White House released a list of countries and the tariff rates they charged the US. It was clearly wrong as NZ has an average tariff of around 1.7% on US imports and the list said 20%. I thought it was because they were including our GST of 15%. That would have been very dumb, […]
Trump’s tariff claims are even stupider than anyone thought
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