Risk, Uncertainty and Profit 100 Years Later
“It is the special function of the entrepreneur to generate unpredictable change and the economic profit or loss, progress or mistakes, that result from it.” ~ Alex J. Pollock
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Adam Smith, Capitation, and the Nonsense That Is the Proposed Wealth Tax
“While the economic implications of this proposal are sufficiently flimsy to discount its claimed purpose of revenue generation, the proposed wealth tax faces a greater obstacle to its adoption: it is blatantly unconstitutional.” ~ Phillip W. Magness
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Diversity, Equity, and Inclusion in the Economics Classroom
“Critics worry that DEI initiatives will lead to watered down, therapeutic curricula, but the DEI push is a great time for economics (and economists!) to shine in the classroom with hard-headed but soft-hearted analysis.” ~ Art Carden
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Was Keynes Right on Short Work Weeks?
“When one takes the time to consider the multiple dimensions of what constitutes human well-being just as Crafts did, it is hard not to engage in hyperboles such as ‘We are infinitely better off than our close ancestors.'” ~ Vincent Geloso
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Cryptocurrencies and the National Bank Act: Learning the Wrong Lessons from History
“Perhaps the cryptocurrency market would benefit from regulatory oversight. But the regulators are certainly wrong to base their case on the historical experience of the US. The lesson they should learn from history is that regulation can be detrimental.” ~ Nicolás Cachanosky & William J. Luther
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An Open Letter to Phil Magness, by Don Boudreaux
“The future of economic analysis would be brighter if economists today were more knowledgeable about its past – and thought as deeply as did earlier scholars such as Buchanan, Stigler, and Dewey about the nature of competition and the complexities of real-world markets.” ~ Donald J. Boudreaux
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Money and the Constitution
“The dubious constitutionality of the Federal Reserve System set up in 1912 might have been overlooked if it had provided price stability, lower unemployment, or enhanced economic growth.” ~ Robert F. Mulligan
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Eyes on the Politicized Prize
“We may conclusively establish that the monopsony scenario of the minimum wage was directly anticipated and discussed by economists for decades before Card and Krueger’s paper.” ~ Phillip W. Magness
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Behind Seemingly ‘Objective’ Statistics
“The seemingly objective and straightforward reality is, in fact, a distorted reality. Government policy based upon such a distorted understanding of reality is likely to worsen the true reality.” ~ Donald J. Boudreaux
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Review of Sheilagh Ogilvie, The European Guilds: An Economic Analysis
“With The European Guilds, Ogilvie has written the definitive treatment of the subject. It is a book that every economist and historian should know about, and I expect it to be the standard work on the topic for many years to come.” ~ Art Carden
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When Grand Histories Go Wrong
“Coggan embarked on an ambitious scheme to tell us about economic growth through the ages. In that he succeeds, but the account leaves much else to be desired.” ~ Joakim Book
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The Political History of Silver in America
“The history of metals as monetary commodities is long, difficult, and highly contentious. With The Story of Silver, William Silber has earned his spot on that part of the library shelf.” ~ Joakim Book
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