Is classical liberalism coming back into style?

Chris Blattman of Columbia University talks to EconTalk host Russ Roberts about a radical approach to fighting poverty in desperately poor countries: giving cash to aid recipients and allowing them to spend it as they please. Blattman shares his research and cautious optimism about giving cash and discusses how infusions of cash affect growth, educational outcomes, and political behavior (including violence). The conversation concludes with a discussion of the limits of aid and the some of the moral issues facing aid activists and researchers.

Last week (July 7) I wrote on this blog about a newly-introduced bill  that would require policy rules for the Fed. Since then a Congressional hearing was held on the bill on July 10, Fed Chair Janet Yellen was cross-examined about it in two more Congressional hearings on July 15 and 16, and the proposal has been widely-covered in the press, social media, blogs, and opeds. And all this occurred just 6 weeks following the Centennial conference we had out here on policy rules for the Fed. What a rollout!

Property rights and the rule of law are essential foundations for a vibrant economy. When they are threatened, or uncertain, the result is inefficiency, rent-seeking, a larger underground economy and capital flight.