A Brief History of Strategic Tariffs in the U.S.

The core of this argument is that the American Founding set the United States on a unique path that made it one of the richest and freest places in the world. Yet, this causal connection requires a leap of faith. Few have attempted to conjure a counterfactual in which America remained a British colony or… MORE

In The Theory of Moral Sentiments, Adam Smith explains that we want to establish a “mutual sympathy of sentiments.” We want people to agree with our views, and we want to agree with their views. Smith first expanded on this idea—that we are constantly searching for ways to cooperate with one another—in The Theory of… MORE

Ego, pride, wrath, fear, gods, superheroes, mortals, and lots of killing. Welcome to Homer’s Iliad, which reads at times like a script for a Tarantino film or the latest installment of the Avengers franchise. In the first episode of the EconTalk Book Club on the Iliad, Ido Hevroni of Shalem College speaks with EconTalk’s Russ… MORE

Many people believe that only government intervention prevents rampant discrimination in the private sector. Economic theory predicts the opposite: market mechanisms impose inescapable penalties on profits whenever for-profit enterprises discriminate against individuals on any basis other than productivity. Though bigoted managers may hold sway for a time, in the long run the profit penalty makes… MORE

When economists speak of the “gender gap” these days, they usually are referring to systematic differences in the outcomes that men and women achieve in the labor market. These differences are seen in the percentages of men and women in the labor force, the types of occupations they choose, and their relative incomes or hourly… MORE

  Robert Fogel was corecipient (with Douglass C. North) of the 1993 Nobel Prize in economics “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.” Fogel earned his master’s degree in economics at Columbia University in 1960, learning economics from george stigler… MORE

On April 10, 2013, Liberty Fund and Butler University sponsored a symposium, “Capitalism, Government, and the Good Society.” The evening began with solo presentations by the three participants–Michael Munger of Duke University, Robert Skidelsky of the University of Warwick, and Richard Epstein of New York University. (Travel complications forced the fourth invited participant, James Galbraith… MORE

A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here.   Below are some discussion prompts related to this video:   Part 1: The Invisible Hand… 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

Economic historian Joel Mokyr’s work explains how ideas and culture generate compounding technological progress that can accumulate and sustain economic growth. For this work, he, along with Philippe Aghion and Peter Howitt, won the 2025 Nobel Prize in Economic Sciences for “having identified the prerequisites for sustained growth through technological progress.” Joel Mokyr. Photo courtesy… MORE

In 2015, Angus Deaton was awarded the Nobel Prize in Economic Science for his “analysis of consumption, poverty, and welfare.” One of his contributions that the Nobel Committee singled out was his 1980 article, co-authored with John Muellbauer, titled “An Almost Ideal Demand System,” on how demand for various consumption goods depends on prices and… MORE

CEOs of multinational corporations, exotic dancers, and children with lemonade stands have at least one thing in common. They all expect a return for their effort. Most workers get that return in a subtle and ever-changing combination of money wages and working conditions. This article describes how they changed for the typical U.S. worker during… MORE