Many mainstream economists believe that economic stability refers to an absence of excessive fluctuations in the overall economy. An economy with constant output growth and low and stable price inflation is likely to be regarded as stable, while an economy with frequent boom-bust cycles and variable price inflation would be seen as unstable.
With the impending burial of the United Kingdom’s Queen Elizabeth II, republicans from London to Sydney have ramped up their efforts to end the British monarchy. The resulting war of words between monarchists and their opponents has highlighted the sheer diversity of opinions over the desirability of monarchy. Indeed, it would be impossible to enumerate all the different criteria on which different groups and individuals judge monarchy as an institution.
Free Market: The History of an Idea
by Jacob Soll
Basic Books, 2022; viii + 326 pp.
Jacob Soll is a distinguished historian, and Free Market contains much of value, but the book cannot be considered a success, and indeed as it reaches the twentieth century, it becomes a disaster. Even in the parts of the book worth reading, Soll is in the iron grip of a central thesis, one that his historical approach by its nature makes impossible to prove.
The link between the transatlantic slave trade and industrial growth in Britain is a recurring theme in public discussions. There is a widespread assumption that the profitability of the slave trade requires Britain to compensate the descendants of Africans, since slavery helped to enrich some institutions.
With primaries having concluded, the stage is set for an uncertain midterm election just six weeks from now. Whereas even six months ago the betting money would have been on the Democrats receiving an historic two-chamber shellacking, a combination of factors have resulted in the tables possibly having turned, with the Democrats now projected to keep control of the Senate. Of those factors, several stand out.
As population began to outgrow the means of subsistence, which mankind had not yet learned to increase by artificial methods, primitive society was compelled to choose between the elimination of excess population, or the seizure of hunting grounds, or sources of agricultural supply, belonging to some neighbouring tribe. The strong again survived and the weak disappeared. But the new system of association was already securing a certain leisure and a degree of relief from the need for continuous effort.
