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, development economics, economics of regulation, growth disasters, history of economic thought, income redistribution, law and economics, property rights, Public Choice, public economics, regulation, rentseeking, transport economics, urban economics Tags: Argentina, rent control
One of Argentine President Milei’s radical reforms was to “take a chainsaw” to rent control laws. Argentina had had some of the most restrictive rent control regimes ever. All of that was abandoned almost over night. Many media outlets noted with glee that rents fell dramatically. Even most economists were surprised by how much supply…
Argentine Rental Market Natural Experiment
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
29 Oct 2025 Leave a comment
in development economics, growth disasters, growth miracles, liberalism, libertarianism Tags: Argentina
Passed along to me by the excellent Gonzalo Schwarz, I will not double indent: “Against all odds, Javier Milei achieved a major national victory, surpassing the expectations of polls that had predicted a technical tie, and doing so in a context where markets were deeply pessimistic and heavily dollarized. Despite having most of the media […]
Agustín Etchebarne on Milei and the election
28 Oct 2025 Leave a comment
in development economics, growth miracles, liberalism, libertarianism Tags: Argentina
The good part about being a libertarian or classical liberal is that you are always morally and economically correct. The bad part is that very few elections ever produce unambiguously happy outcomes. Here’s my list: 1980 presidential election in the United States. 1994 and 2010 congressional elections in the United States.* 2016 vote for Brexit […]
Another 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
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
28 Aug 2025 Leave a comment
in applied price theory, Austrian economics, development economics, economic growth, economics of regulation, fiscal policy, growth disasters, labour economics, labour supply, law and economics, liberalism, libertarianism, macroeconomics, monetary economics, Public Choice, unemployment Tags: Argentina
Javier Milei has generated amazingly good results in just 20 months. But more reform is needed to undo the damage of 80 years of Peronism, which is why I explain that Argentina’s mid-term elections will be very important. Milei wants to turn Argentina into the world’s freest economy. That won’t be possible so long as […]
The Most Important Election(s) of 2025
17 Aug 2025 1 Comment
in development economics, economic growth, economics of bureaucracy, economics of regulation, fiscal policy, growth disasters, income redistribution, industrial organisation, labour economics, law and economics, liberalism, libertarianism, macroeconomics, Marxist economics, monetary economics, property rights, Public Choice, public economics, rentseeking, unemployment Tags: Argentina
I’m back in Argentina, the South American country with the world’s best leader. What Javier Milei has accomplished is amazing. And the economic effects have been wonderful. One of my meetings earlier this week was with Marcelo Elizondo, the head of the International Chamber of Commerce for Argentina. He shared a presentation with me that […]
Milei’s Achievements…and Challenges
25 Jul 2025 Leave a comment
in development economics, growth disasters, growth miracles, international economics, liberalism, libertarianism Tags: Argentina, tariffs
Part I of this series celebrated Javier Milei’s amazing success, Part II pointed out that labor market liberalization is still a big challenge, while Part III noted that the tax system still needs to be fixed. This final video in the series explains the need for free trade. As noted in the video, Milei inherited […]
Expanding the Milei Miracle: Trade Liberalization
23 Jul 2025 Leave a comment
in applied price theory, budget deficits, comparative institutional analysis, constitutional political economy, development economics, economic growth, fiscal policy, growth disasters, growth miracles, law and economics, liberalism, libertarianism, macroeconomics, property rights Tags: Argentina
I almost feel sorry for the 108 leftist economists who predicted back in 2023 that Argentina would suffer if Javier Milei won the presidential election. Not only were they disappointed when he enjoyed a landslide victory, but the subsequent events in Argentina have shown that they were wildly wrong (all of which is discussed in […]
The Milei Miracle, Part II
12 Jul 2025 1 Comment
in development economics, economics of bureaucracy, economics of regulation, growth disasters, labour economics, labour supply, Public Choice Tags: Argentina, employment law
Part I of this video series gave a brief summary of how Javier Milei’s free market policies have rejuvenated Argentina’s economy. But more reform is needed and this second video makes the case for labor market deregulation. Politicians impose so-called employment protection laws because of “public choice.” To be more specific, they understand that the […]
Expanding the Milei Miracle: Labor Market Deregulation
27 Mar 2025 Leave a comment
in applied price theory, development economics, economics of information, economics of regulation, growth disasters, health economics, industrial organisation, labour economics, law and economics, liberalism, Marxist economics, property rights, regulation Tags: Argentina
Cato has a good summary of Deregulation in Argentina: The end of Argentina’s extensive rent controls has resulted in a tripling of the supply of rental apartments in Buenos Aires and a 30 percent drop in price. The new open-skies policy and the permission for small airplane owners to provide transportation services within Argentina has […]
Argentina’s DOGE
10 Jan 2025 Leave a comment
in applied price theory, Austrian economics, budget deficits, business cycles, comparative institutional analysis, constitutional political economy, development economics, economic growth, economics of regulation, financial economics, fiscal policy, growth disasters, growth miracles, history of economic thought, income redistribution, international economics, labour economics, law and economics, liberalism, libertarianism, macroeconomics, Marxist economics, monetarism, monetary economics, political change, politics - USA, property rights, Public Choice, public economics, rentseeking, unemployment Tags: Argentina
It’s easy to mock economists. Consider the supposedly prestigious left-leaning academics who asserted in 2021 that Biden’s agenda was not inflationary. At the risk of understatement, they wound up with egg on their faces.* Today, we’re going to look at another example of leftist economists making fools of themselves. It involves Argentina, where President Javier […]
Left-Wing Economists Were Wildly Wrong about Javier Milei and his Libertarian Agenda for Argentina
29 Dec 2024 Leave a comment
in budget deficits, comparative institutional analysis, development economics, economic growth, economics of bureaucracy, economics of regulation, F.A. Hayek, financial economics, fiscal policy, growth disasters, income redistribution, international economics, labour economics, law and economics, liberalism, libertarianism, macroeconomics, Milton Friedman, monetarism, monetary economics, property rights, Public Choice, rentseeking, unemployment Tags: Argentina
Argentina’s bonds have already rallied dramatically. One gauge of the nation’s hard-currency debt, the ICE BofA US Dollar Argentina Sovereign Index, has generated a total return of about 90% this year. Meanwhile, the S&P Merval Index has risen more than 160% this year through Monday, far outpacing stock benchmarks in developed, emerging and frontier markets […]
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