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Mercantilism

Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries. The goal of these policies was, supposedly, to achieve a “favorable” balance of trade that would bring gold and silver into the country...
CEE By E. Roy Weintraub
Neoclassical Economics
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Economists publicly disagree with each other so often that they are easy targets for standup comedians. Yet noneconomists may not realize that the disagreements are mostly over the details—the way in which the big picture is to be focused on the small screen. When it...

We undervalue our sense of hearing and we under-appreciate the impact sweet sounds and disturbing noises have on our well-being. Neuroscientist Nina Kraus of Northwestern University talks about her book, Of Sound Mind. Kraus argues that our listening affects our minds and brains in ways we ignore at our peril.

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  Scott Sumner

The Economist has an interesting story on laws allowing for physician assisted dying for people with certain health conditions. The first such law was passed in Northern Australia back in 1995. More recently, many other jurisdictions have adopted similar laws. This map caught my eye:With the exception of Hawaii, every ...

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  David Henderson

Let people choose for themselves. No one knows how hard it is. No one knows what we're doing every day and what the challenges are. We were invisible basically, except portrayed as children who wouldn't do what the president wanted to have done. But it was our lives, not his. The above quote is from Anita DeFrantz, w...

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  Pierre Desrochers

Another UN Conference of the Parties (COP) held to “unite the world to tackle climate change” recently came to a close. While critical discussions of the scientific and policy rationales promoted at these meetings typically address the validity of climate models, the costs and benefits of various proposals and the ...

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If you're currently parenting a 5-year old or remember what that was like, you can skip over the next few paragraphs. You've lived this story before. For the rest of you, here's the scene. It's 6:30 on a school night. Daniela has finished her dinner. (And, no, the names have not been changed to protect the innocen...

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  Pierre Lemieux

To paraphrase the incipit of the Manifesto of the Communist Party (my apologies to Karl Marx), a specter is haunting America---the specter of wokeness. But wokeness has intellectual feet of clay. By the time you read this post, the news of the fake article published by Wiley’s academic journal Higher Education Quarte...

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Recipient of the Nobel Memorial Prize in Economic Sciences, Milton Friedman (1912-2006) has long been recognized as one of our most important economic thinkers and a leader of the Chicago school of economics. He is the author of many books and articles in economics, including A Theory of the Consumption Function and A ...

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One of the most popular definitions of recessions is that they are periods when real gross national product (GNP) has declined for at least two consecutive quarters. In 1990, real GNP declined between the third and fourth quarters and again between the fourth quarter of 1990 and the first quarter of 1991. Hence, there ...

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Economics in the hands of its masters is an expert critique of rule by expertise. And even among its masters, there are many differing visions of the role of economics. —Pete Boettke Robert Skidelsky wrote a magisterial three-volume biography of John Maynard Keynes.1 It is important to note that he titled the sec...

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