In our era of Keynesian economics on steroids, we should ask: How close is current Keyesnian practice to original Keynesian theory? John Maynard Keynes‘s main claim to fame is his advocacy of deficit spending as a tool of economic recovery. In a depressed economy, the argument runs, the government should spend money it doesn’t have. […]
Can We Blame Keynes for Keynesianism? [Good Life series] Read More »
Let me give you some examples of monopolies and ask: Which are good and which are bad? 1. Megan and Ramon begin dating and become enraptured of each other. Soon they are monopolizing each other’s time and decide to form a lifetime, exclusive relationship. 2. A town in a remote area has a few stores
Good Monopoly, Bad Monopoly: When Are Monopolies Actually a Problem? [Good Life series] Read More »
Last month I linked to the 2015 edition of “INSTITUTIONAL QUALITY 2015” [pdf], which ranks 193 countries in three categories: Institutional Quality, Political Institutions, Market Institutions. Here is the new 2016 edition, in Spanish and English. Martín Krause is Professor of Economics and the University of Buenos Aires and a specialist in law and economics
Krause’s 2016 index of institutional quality Read More »
Raise the topic of monopolies, and the ensuing discussion will quickly highlight ideological blind-spots. A colleague with whom I’ve taught courses in business and capitalism sent to me, enthusiastically, this article by Paul Krugman, a Nobel-Prize-winning economist. Krugman attacks Amazon and calls for it to be cut down a few notches. Amazon, he says, has
Who Is Really Serious About Monopolies? [Good Life series] Read More »
You’ve heard the claim: “Deregulation caused the crisis.” In the years leading up to 2008, the story goes, bad economists convinced bad politicians to deregulate the money/banking/finance sector of the economy, and bad capitalists then enjoyed an orgy of greed that caused the system to go haywire. Nobel-Prize-winners Joseph Stiglitz and Paul Krugman have signed
Blamestorming and “Deregulation caused the financial crisis” [Good Life series] Read More »
Martín Krause is Professor of Economics and the University of Buenos Aires and a specialist in law and economics and institutional economics. With Professor Krause’s permission, here is the 2015 edition of “INSTITUTIONAL QUALITY 2015” [pdf], which ranks 193 countries in three categories: Institutional Quality, Political Institutions, Market Institutions. For those interested in the performance
Martín Krause’s index of economic and political institutional quality Read More »
My article “The Moral High Ground of Free Trade” has been published at The Savvy Street. Read the article here. More of my articles at The Savvy Street are located here.
Free Trade’s Moral High Ground — my article at Savvy Street Read More »
Por Stephen Hicks [This is a Spanish translation of “Comparing North and Latin American Economic Performance”, originally published in English at EveryJoe and in Portuguese at Libertarianismo.] Todos queremos que la gente logre vivir en forma adecuada, especialmente las personas pobres que están luchando por ello. Y si somos ambiciosos, queremos además que la gente pueda vivir