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Dec 26 2023
High taxes, sometimes by diminishing the consumption of the taxed commodities, and sometimes by encouraging smuggling, frequently afford a smaller revenue to government than what might be drawn from more moderate taxes. From Adam Smith, The Wealth of Nations. Notice that there are two "leakages" due to the ...
Dec 25 2023
The Latin phrase Nemo judex in causa sua can be roughly translated as: No man can judge his own cause. This ancient maxim is a bedrock principle of English common law. In this post I'll argue that violation of this principle has caused great damage to the field of macroeconomics. Macroeconomists have sat in ju...
Dec 25 2023
READER COMMENTS
Dylan
Dec 26 2023 at 8:41am
Merry Christmas. Thank you for all the years of free (to me) content.
David Henderson
Dec 27 2023 at 10:07am
Thanks, Dylan. And you’re welcome.
Mark Brady
Dec 26 2023 at 12:31pm
Happy Boxing Day to you and yours, and to the team at EconLog!
David Henderson
Dec 27 2023 at 10:08am
Thanks, Mark. Ditto to you.
Walter Boggs
Dec 27 2023 at 9:06pm
Happy Holidays! I think I get a Christmas present every time I read EconLog.
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