Conservatism is allegedly grounded in a recognition of the natural limits of humanity. But when it comes to free trade, conservatives throw all that out the window.
Tariffs and trade controls are little more than tax increases and a chance to further empower a bloated bureaucracy. Not surprisingly, Biden doesn't appear to be enthusiastic about embracing free trade.
The 2021 Nobel Prize in Economics has been awarded to Berkeley's David Card, MIT's Josh Angrist, and Stanford's Guido Imbens for their work on "natural experiments," a currently fashionable approach to estimating the causal impact of one economic variable on another.
Most people understand that it's a good thing when others invest money and capital in your community. But when Canadian investors offered to pour money into France as part of a deal to buy a French company, the regime said no thanks.
The impossibility theorem, developed by Nobel-winning economist Robert Mundell, paints a false tradeoff between the free movement of capital, fixed exchange rates, and effective monetary policy. Under a gold standard, all three are a possibility.
In a normal world, American spending would have sharply declined during the past year. But a flood of newly printed money has juiced spending and imports.
The problem with the European Union is not that it seeks to integrate Europe's economies. The problem comes from attempts to integrate politics as well.
If Punjabi farmers had been portrayed as affluent, the media would view them as greedy entrepreneurs. But leveraging the political capital of perceived powerlessness has allowed them to obscure their true status as rent seekers.
Every depression generates a clamor among many groups for special privileges at the expense of the rest of society—and the American depression that struck in 1784–85 was no exception.
