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Conversation Arts: Civility, Incivility, and Persuasion, Family and Self-Help, Psychology, the Brain, and the Mind
Economics, as it has been taught historically, often departs from a static analysis of society in which economic activities are in perfect equilibrium. It is only after this baseline is given that more realistic assumptions are added for the economics students to be trained in more practical economic models. To the extent that economic theory .. MORE
Time Preference and Market Responses It is common in economic literature to use the term “time preference” to mean a preference for the present over the future. However, this need not be the case. It is counterfactual, but literally true, that if the future is preferred over the present, the marginal holders of present scarce .. MORE
An Economist Looks at Europe
In a Country where Clamour always intimidates and faction often oppresses the Government, the regulations of Commerce are commonly dictated by those who are most interested to deceive and impose upon the Public. Adam Smith1 Few are those who fully understand the workings and benefits of international commerce—especially so, it seems, President Donald Trump. That .. MORE
Economics of Crime
Conversation Arts: Civility, Incivility, and Persuasion
Books: Reviews and Suggested Readings
Poet and author Dana Gioia talks about his book Studying with Miss Bishop with EconTalk host Russ Roberts. They talk about the craft of being a poet, the business world, mentorship, loss, why poetry no longer seems to matter, and how it might begin to matter again.
Richard Reinsch, editor of Law and Liberty and the host of the podcast Liberty Law Talk, talks with EconTalk host Russ Roberts about the Enlightenment. Topics discussed include the search for meaning, the stability of liberalism, the rise of populism, and Solzhenitsyn’s indictment of Western values from his Harvard Commencement Address of 1978.
A few weeks back, I blogged on the successful economies in the Persian Gulf area: I used to believe that Norway was unique—an oil-rich country with an equally high quality non-oil sector. Now I wonder if the Gulf states are not becoming successful in much the same way. I hope so, as the world needs .. MORE
Books: Reviews and Suggested Readings
Recently, David Friedman posted a response to an argument from Michael Huemer about when one should defer to experts or attempt to figure out the truth of some issue directly. David Friedman argued more in the direction of working out the truth directly, while Huemer seemed to argue more in favor of deferring to experts. .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
In 1884 The Fabian Society was founded in England with the aim of bringing about a socialist society by means of intellectual debate, the publication of books and pamphlets, and the “permeation” of socialist ideas into the universities, the press, government institutions, and political parties. This was in marked contrast to the other means of .. MORE
Mr. Bagehot left behind him some materials for a book which promised to make a landmark in the history of economics, by separating the use of the older, or Ricardian, economic reasonings from their abuse, and freeing them from the discredit into which they had fallen through being often misapplied. Unfortunately he did not complete .. MORE
A Book Review of Escaping Paternalism: Rationality, Behavioral Economics, and Public Policy, by Mario J. Rizzo and Glen Whitman.1 Are you saving enough for retirement? How do you know? How can I tell? What if there is a benchmark against which to compare your savings? If you meet it, all is well. But what if .. MORE
A Book Review of Cogs and Monsters: What Economics Is, and What It Should Be, by Diane Coyle.1 Economics has arguably been under greater scrutiny than ever before. Its ontological premises, methodological postulates, conceptual insights, and analytical techniques are under intense appraisal within the academy, with social scientists from non-economic disciplines and even heterodox economists .. MORE
The twentieth century witnessed the unparalleled expansion of government power over the lives and livelihoods of individuals. Much of this was the result of two devastating world wars and totalitarian ideologies that directly challenged individual liberty and the free institutions of the open society. Other forms of expansion in the provision of social welfare and .. MORE
A professor at the Graduate School of Business at the University of Chicago in the 1960s and a primary figure in Chicago School Economics and in the field of Law and Economics, Harold Demsetz has contributed original research on the theory of the firm, regulation in markets, industrial organization, antitrust policy, transaction costs, externalities, and .. MORE
The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.
Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.
The modern history of drug regulation in the United States has been marked by the simultaneous pursuit of two goals—safety and efficacy. Since passage of the 1962 amendments to the Food and Drug Act, most members of the medical and regulatory establishment have regarded those two goals as complementary. By the early seventies, however, critics .. MORE
Monetarism is a macroeconomic school of thought that emphasizes (1) long-run monetary neutrality, (2) short-run monetary nonneutrality, (3) the distinction between real and nominal interest rates, and (4) the role of monetary aggregates in policy analysis. It is particularly associated with the writings of Milton Friedman, Anna Schwartz, Karl Brunner, and Allan Meltzer, with early .. MORE
“ Free market” is a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents. These two individuals (or agents) exchange two economic goods, either tangible commodities or nontangible services. Thus, when I buy .. MORE
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-Frederic Bastiat Full Quote >>