Uncovering the cause of disparities in long-term economic performance across societies is of paramount importance to economists. Differences in institutional quality and geographical advantages are usually invoked as reasons for the divergence in economic performance. Although both factors possess explanatory power there is renewed interest in exploring how culture impacts economic development. For decades, we have known that culture can shape economic progress. But recent research has enriched our understanding of cultural forces in explaining income disparities across societies.

Remember the movie Groundhog Day? The protagonist, played by Bill Murray, is stuck in a cycle where he relives the same day, February 2, every time he awakens in the small town of Punxsutawney, Pennsylvania. The same events happen throughout the day, time and time again. The events agitate Murray’s character, but he falls into a rhythm. Knowing what the town’s denizens will do before they do is a source of comfort.

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Today, the ideas of Ludwig von Mises are as important as ever. During his career, he discredited the ideas of socialism, identified the role central banks play in creating financial booms and busts, and established himself as the most powerful defender of capitalism.

Why does the dollar bill in our pockets have value? According to some commentators, money has value because the government in power says so. For other commentators the value of money is on account of social convention. What this implies is that money has value because it is accepted, and why is it accepted? … because it is accepted!

In 2016, we watched time and time again as polls stated that people liked Donald Trump because he is a businessman and came from outside the world of politics. Dozens of factors led to his election but there is no doubt that among voters this mindset of the potential for a savvy businessman in charge was at play. However, looking at it in hindsight, can we really say that a savvy businessman was ever in charge?

The state strives for power, and what grants power is fear and dependence. The state is making people dependent on it, both as means for control and as an outcome of many policies intended to provide relief.

After years of controversy surrounding Nord Stream 2 the project is nearing its light at the end of the tunnel. The natural gas pipeline will connect Germany directly to Russia by way of the Baltic Sea. In an instance of the U.S. not interfering in foreign affairs, President Joe Biden has decided against sanctions in favor of stabilizing transatlantic relations.