The behavioral economics-based "new development economics" is just like the old development economics, say Espinosa and Carreiro. The Austrian theory of dynamic efficiency offers a useful path forward.
Twenty years ago, it looked like Chile was well on its way to joining the world's small club of developed countries. But this path looks less and less likely as Chile abandons its commitment to freedom and markets.
Twenty years ago, it looked like Chile was well on its way to joining the world's small club of developed countries. But this path looks less and less likely as Chile abandons its commitment to freedom and markets.
