Liberty Fund Resources
June 5, 2017
A trade deficit is bad, right? Not so fast. Economists have long known that it's not bad. But the language of "deficit" leads people to think that it is. The authors of this month's Featured Article, economists Daniel Klein and Donald J. Boudreaux, point out that we could just easily regard a trade deficit as a "surplus of stuff." Neither way of thinking, they argue, is informative. Instead, they conclude, "economists ought to speak in a way that ascribes a presumptive mutual gainfulness and rightness to whatever voluntary decisions people make regarding all that is their own." Economists should throw out the "deficit"/"surplus" talk.
MORE ARTICLES BY Daniel B. Klein
MORE ARTICLES BY Donald J. Boudreaux
June 5, 2017
Why does only one species on earth develop a cumulative culture? Arnold Kling delves into evolutionary neuroscience and reviews Kevin Laland's new book, Darwin's Unfinished Symphony. Distinct from other animals, humans generate and sustain common thought patterns and behavior over time. Not only are Laland's insights fascinating, but also his book also offers methodological suggestions to economists for their own research.
MORE ARTICLES BY ARNOLD KLING