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FEATURED ARTICLES

Pierre Lemieux

In Defense of Google

Pierre Lemieux
May 4, 2015

Last month, the European Commission accused Google of "abusing a dominant position." The EC's accusation is a striking illustration of the poverty of antitrust doctrine. In this month's Feature Article, economist Pierre Lemieux points out that in a free market, firms typically achieve "dominant positions" by innovating, and that Google is no exception. He notes that the prospect of domination is a strong incentive to innovate and that Google has provided huge benefits to hundreds of millions of consumers. Moreover, writes Lemieux, dominance tends to be short-lived. The EC's dominance of Europe's economy, on the other hand? Unfortunately, that tends to last.
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Arnold Kling

The Elusive Goal of Political Stability

Arnold Kling
May 4, 2015
This month, Arnold Kling looks at two recent analyses of democracy, and concludes that no form of state is inherently stable. Each type has some sort of fatal flow. But if all states are flawed, which should we prefer--democracy, anarchy, or tyranny?
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FEATURED COLUMNS

AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

Sound Money through Monetary Competition

Pedro Schwartz
May 4, 2015
In this month's column, Pedro Schwartz offers an interesting proposal for Greece's fiscal woes, a parallel currency regime, modeled on the Peruvian example.
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THINKING STRAIGHT

Anthony de Jasay

Austerity, Growth, and 'The Tap'

Anthony de Jasay
May 4, 2015
'Times change, and the meaning of words often changes with them. The changed meaning, in turn, changes the times. The word "austerity," currently one of the prominent buzz words in politics and economics, is a powerful example of how a change in meaning generates changes in conduct.' Read more in Anthony de Jasay's article this month.
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