Economists used to believe that economic growth arose from sudden, dramatic breakthroughs—the steam engine in the eighteenth century, the transistor in our own. Yet according to Hoover fellow Paul M. Romer, “this account gets things exactly backward.” The founder of New Growth Theory explains himself.
Is the average American worker better off today than thirty years ago? Yes—and no. By Hoover media fellow Peter Brimelow.
The profit motive is good—for more reasons than you might think. By Hoover fellow David R. Henderson.
Milton and Rose D. Friedman recall what it was like when Milton received the Nobel Prize in 1976: The Nobel Committee was gracious enough, but the demonstrators in Stockholm were another matter. An excerpt from the Friedmans’ new memoir, Two Lucky People.
Milton and Rose D. Friedman recently published their memoirs, Two Lucky People. Herewith tributes paid to the Friedmans at the dinner the Hoover Institution hosted in their honor on the Stanford Quad.
A controlled experiment in the field of economics? The last fifty years of history have provided just that. The free economy: Hong Kong. The mixed economy: the United States. The socialist economies: Great Britain and Israel. Nobel laureate and Hoover fellow Milton Friedman evaluates the results.
Malthus versus Ricardo, Friedman versus Keynes—for more than 150 years the study of economic growth has been a field of battle. Hoover fellow John B. Taylor argues that the smoke has finally begun to clear.
Ever since Joseph Schumpeter’s work at the turn of the century, economists have understood that entrepreneurial activity—what Schumpeter called creative destruction—creates economic growth. Nobel laureate and Hoover fellow Gary S. Becker just wishes a few of the world’s finance ministers understood it too.
The countries that have suffered the most in the Asian financial meltdown are those that engaged most heavily in state planning. Hoover media fellow William McGurn explains.
Boom? Bust? Inflation? Deflation? Nobel laureate and Hoover fellow Milton Friedman peers into the future, making predictions on price levels in the United States, stagnation in Japan, and the new currency in Europe. A freewheeling discussion with Hoover media fellow Peter Brimelow.
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