Are There Constants in Economics?

Often, we observe that two pieces of data, which are not supposed to have any relationship, appear to have a very high correlation. What makes the apparent good correlation is that they both exhibit an upward long-term trend. In addition, fluctuations of the data do not seem to converge around the trend but just seem to move in an upward direction. These types of data statisticians label as “non-stationary.”

The Panic of 1857: An Austrian View

Historians often view the Panic of 1857 as being caused, not by economic events, but political ones. Such disparate events as the end of the Crimean War in 1856 involving England, France, Russia and Turkey, the Supreme Court’s Dred Scott decision, the battle over slavery in the Kansas Territory, even the sinking of the SS Central America are all part of the developments bound together as causes of the 1857 panic.

The Political Economy of Pesticides: How to Subsidize a Poison

The “Make America Healthy Again” (MAHA) movement is well-known for its skepticism of chemical additives in foods, and of large-scale pesticide-intensive agriculture. With environmentalist and current US Secretary of Health and Human Services Robert F. Kennedy now leading the movement, many of the long-held concerns of environmentalists about toxins and food quality have found a curious place in t he Trump administration.