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.
Using an unbiased rubric to evaluate political doctrines reveals that spectrum polarization depends on three conditions: attitudes toward private property, individual freedom, and wealth redistribution.
In some cultures, entrepreneurial achievement and capital accumulations are viewed with high levels of suspicion and envy. This can be disastrous for economic progress.
Today would have been Burt Blumert's ninety-second birthday
In recent decades, Chile set itself apart from the rest of Latin America with successful market reforms and a stable political system. Average Chileans prospered. But now that's all at risk.
As we face a second wave of coronavirus outbreak in Europe, we know that the March measures and aggressive lockdowns were a grave mistake.
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.
