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The US is in the midst of yet another “debate” over the debt ceiling. In the twenty-first century, this is a ritual that Washington politicos and journalists go through every few years when the prospect of default and government shutdown is used as a way to hold Americans hostage until they cave to a debt-ceiling hike. I won’t bore you with the details of which politicians are voting against a higher debt ceiling this time around. Outside a tiny handful of principled eccentrics of the Ron Paul variety, virtually everyone in Washington favors more deficit spending.

In my article on the gold standard published in the Journal of Libertarian Studies back in May, I suggested that the destruction of the gold standard led to changing consumption patterns, specifically to a drop in the consumption of beef.

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.