As part of his continuing series Making Sense of financial news, Paul Solman has a unique look at the legacy of economist John Maynard Keynes, who first introduced the concept of government intervention in the economy, and his countertenor Friedrich Hayek. . . .
More resources including lyrics and a free download of the song are here. . . .
Hoover fellow Russell Roberts is using rap music to make the dismal science far less dismal. By Charles Lindsey.
The White House’s new China policy splits the US foreign policy community.
There’s a debate going on in the punditsphere about whether America is ungovernable. . . .
One of the depressing parts of the New Deal was its willingness to help big labor and big business, a classic case of the seen and the unseen...
When I first took economics, I learned from my textbook (Samuelson) the fallacy of post hoc, ergo propter hoc...
At Big Think, they used one of my questions in their interview with Barney Frank: Question: How can Fannie and Freddie be structured to avoid the moral hazard problem and a too-cozy relationship with regulators? . . .
A review of episodes in economic and intellectual history indicates the superiority of a limited government market economy over the alternative models of economic organization. The siren calls of pundits, politicians, and even some economists in favor of communist central planning during the Great Depression; market socialism after World War II; and, more recently, massive welfare states and/or extensive government micromanagement of markets each ran afoul of their own problems and comparisons to the limited government (based on sound criteria) capitalist model. The limited government capitalist model, once again under attack from those who would greatly expand the role of government, needs its defenders, as the alternative models have proven historically, intellectually, and practically bankrupt.
Radically different conclusions about a whole range of issues have been common for centuries...
These are exciting though scary revolutionary times, akin to the constant acrimony in the fourth-century BC polis, mid-nineteenth century revolutionary Europe, or — perhaps in a geriatric replay — the 1960s. . . .
California is a rich state — as the world found out the last century. . . .
Two centuries ago, when there were plans to create a huge fund of money to pay off Britain's national debt...
Does Wall Street's meltdown presage the end of the American century?...
Alan Greenspan, that grandmaster of good timing, last week described the current financial crisis as “probably a once-in-a-century event”...
Douglas Irwin, professor of economics at Dartmouth College, explains and defends free trade.
Drought may not be destiny, but a critical ingredient for democratic societies does seem literally to fall from the skies. By Stephen H. Haber and Victor Menaldo.
For an economist, these are the best of times and the worst of times. . . .
Peter Berkowitz on God and Gold: Britain, America, and the Making of the Modern World by Walter Russell Mead