Economics: Political Economy 
Essential
The Law
By Frédéric Bastiat: An English translation of one of Bastiat’s most famous pamphlets, written as part of his opposition to the growth of socialism in France in the 1840s and where he states that “the state is the great fiction by which everyone tries to live at the expense of everyone else”.
The Concise Encyclopedia of Economics (CEE)
This encyclopedia contains articles by leading economists on basic concepts, economic systems, schools of economic thought, macroeconomics, economic policy, taxes, money and banking, economic regulation, environmental regulation, discrimination, labor issues, international economics, corporations, financial markets, the marketplace, the economics of special markets, economies outside the U.S., and biographies of famous economists.
Selected Essays on Political Economy
By Frédéric Bastiat: "Bastiat directed his arguments against certain ever recurring fallacies as they were employed in his time. Few people would employ them today quite as naively as it was still possible to do then. But let the reader not deceive himself that these same fallacies no longer play an important role in contemporary economic discussion: they are today expressed merely in a more sophisticated form and are therefore more difficult to detect."- F.A. Hayek
Economic Sophisms
By Frédéric Bastiat: "Bastiat was not primarily an original economic theorist. What he was, beyond all other men, was an economic pamphleteer, the greatest exposer of economic fallacies, the most powerful champion of free trade on the European Continent."- Henry Hazlitt
The Market Economy and the Distribution of Wealth
By Ludwig M. Lachmann: "Everywhere today in the free world we find the opponents of the market economy at a loss for plausible arguments. Of late the “case for central planning” has shed much of its erstwhile luster. We have had too much experience of it. The facts of the last forty years are too eloquent."
Frederic Bastiat - What is Seen and What is Not Seen
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
The Use of Knowledge in Society
By Friedrich August von Hayek: "One of Hayek’s most important contributions to economic theory is his demonstration of the part prices play in disseminating widely diffused knowledge about consumer demand and the availability of economic resources in order to make rational economic calculation possible."
Milton Friedman on "Greed"
In an interview with Phil Donahue, Milton Friedman explains why societies have historically always flourished when they've embraced a political and economic system that encourages economic self-interest -- "greed."
Recommended
Four Reasons Why Big Government Is Bad Government
In this Economics 101 video created by the Center for Freedom and Prosperity Blayne Bennett from Students For Liberty explains that excessive government spending undermines prosperity by diverting resources from the productive sector of the economy. Moreover, the two main ways of financing government -- taxes and borrowing -- cause additional economic damage.
Peace On Earth, Free Trade For Men
This oldie but goodie from Cato trade policy expert Daniel Griswold argues that the gifts stacked under the tree might actually play a substantial role in creating lasting peace on earth and goodwill to all. Free trade encourages people and nations to live in peace with one another, raises the cost of war by making nations more economically interdependent, makes it more profitable for people of one nation to produce goods and services for people of another nation than to conquer them, and, by promoting communication across borders, trade increases understanding and reduces suspicion toward people in other countries. It seems it’s better to give and receive!
What Republicans Can & Can't Do
Michael Tanner, a senior fellow and health care reform specialist at the Cato Institute, lays out what Republicans can and can't do regarding the healthcare bill that congressional Democrats forced to passage this past spring. More than reveling in their symbolic victory, Republicans need to work around the barriers erected by Democrats, the president, or legal procedure. Forcing Dems to answer specific questions on-the-record removes deniability and encourages accountability. Tanner notes that complete repeal is quite unlikely before 2012, but Republicans can responsibly represent voters' discontent by beginning "the step-by-step dismantling of ObamaCare," adding free-market reforms or defunding it entirely. A lot has changed now that the “power of the purse” has changed hands.
Old Stealing from Young under Obama's 'Reforms'
Cato's Gene Healy likens American youth to the rioting masses of French youth who are decrying marginal austerity attempts, protecting their parents’ and grandparents' generations over their own interests. With both countries facing burgeoning public debt, youth are energetic about advocating big government provisioning programs (e.g. pensions and universal healthcare), which they will be forced to support but will never receive. Healy asks, humorously, “Are America's youth as dumb as the French?” He notes that while American youth seem less prone to riot in the streets than their French counterparts, they are widely unimpassioned about politics -- leading one to wonder which is better, active though misplaced engagement or apathetic acquiescence? Either way, substantive change cannot occur until “younger voters wise up and start defending their interests.”
The Hayek Interviews
This remarkable collection of interviews with Nobel Prize winning economist F. A. Hayek was only recently released. It is an invaluable resources for anyone interested in delving deeper into the ideas of one of the greatest scholars of the twentieth century. And it's searchable!
The Starfish and the Spider
The Tea Party has lately become the topic of many articles, news stories, and conversations. Cato On Campus hosted an event on the issue last month (video here), and last week the Cato Institute hosted Dick Armey and Matt Kibbe of FreedomWorks to discuss their recent book, ‘Give Us Liberty: A Tea Party Manifesto,’ and the rise of the Tea Party (video here). Many are commenting on how the Tea Party grew into a national phenomenon. In that vein, the National Journal has an article that documents several aspects of the Party’s playbook and history. One thing the story discovers is that at the foundation of this political movement is, in fact, a business book, titled: The Starfish and the Spider. Check out the article and 2 minute video!
When History Isn't History
Economics professor Steven Horwitz emphasizes that an accurate understanding of history is paramount in a classical liberal’s approach to change people’s minds. Public knowledge of history shapes people’s views toward policy change; but since history is often misconstrued, many support bad policies for rational (though misplaced) reasons, says Horwitz. He then uses common narratives of the New Deal and how the West got rich to explain that “at the bottom of most disagreements with classical liberalism lies a bad reading of history.” How do you stack up to the narratives Horwitz dissects?
Sweden: A Supermodel for America?
To the American mind there may be nothing more quintessentially Swedish than the leggy, blond supermodel. This video from reason.tv explains that there's another Swedish model that inspires almost as much admiration—the Swedish economic model.
Learn more about Sweden's efforts to reduce the size and scope of government here.
Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending
Huge budget deficits and record levels of national debt are getting a lot of attention, but this video, narrated by former Cato intern Kelly McDonough, explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this Center for Freedom and Prosperity mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending.
21: Is It Time to Lower the Drinking Age?
Today, we all take the drinking age for granted, but should we? In fact, the US is one of only four countries in the world with a drinking age as high as 21—the other three are Indonesia, Mongolia, and Palau. Is the policy working to reduce health and safety issues related to youthful alcohol abuse? What are the unintended consequences of alcohol prohibition for 18-20 year olds? Reason.tv went to the University of Wisconsin-Stout in Menomonie, Wisconsin to get a first-hand look at the war on underage drinking.
Disastrous Economic Fallacies - Terror as Stimulus?
Do natural disasters, earthquakes, or wars stimulate an economy and create growth? Did World War II get the US out of the Great Depression? Frederic Bastiat explained why such thinking is fallacious.
Economics 101: School Choice Example Shows Why Government Monopolies Are Bad
Competition promotes innovation and results in higher quality and lower costs. Government-run schools are a tragic example, by contrast, of why monopolies generate bad results. This video uses the example of school choice to explain why competition is a better approach. www.freedomandprosperity.org
Big Government's Cronies
When government officials and businesses get buddy-buddy on some sort of initiative, it usually behooves a concerned citizen to take a closer look. John Stossel does just that in his look at the Obama administration's connection with Serious Materials, a window manufacturer. Stossel outlines the story of the two parties' relationship, and at one point explains how they literally get in bed with each other, as the official in charge of allocating government stimulus dollars (tax payers' money) is married to one of Serious Materials' vice presidents. Sound funny to you? Stossel thinks so. Check out his article, and also his recent television show describing this same phenomenon, which he refers to as ”Crony Capitalism.”
The Audacity of Posturing
In President Obama's most recent weekly radio address, he decried the Supreme Court's decision to unrestrict free speech and listed various things that he has done in the past year to "clean up" special interest groups in politics. However, it seems his words are just rhetoric. Tim Carney, columnist at the Washington Examiner, explains that "the image of Obama as a reformer is at odds with his behavior as president." Obama has signed bills that benefit big businesses, given handouts to big unions that supported his campaign, and brought multiple lobbyists into his administration. Carney advises that, “we should interpret Obama's teeth gnashing over the court ruling the same way we should take his scolding of Wall Street: as nothing more than political posturing.”
Government: a Transfer Machine
John Stossel, writing for the Foundation for Economic Education, discusses George Bernard Shaw's quotation, “The government who robs Peter to pay Paul can always depend on the support of Paul,” in regards to the current economic and political environment in the U.S. Approximately half of the households in America will pay income taxes this year, while the other half will pay zero or even receive money. This results in a problem, namely, "a growing number of people don’t pay but get benefits from those who do," says Stossel. If the balance tips and more people receive money than pay taxes, what will happen to the growth and standard of living in America? Since a rapid response in needed, and tax reform calls for much debate on possible alternatives, Stossel champions a first step: reduce government spending.
The 'Decade from Hell'? Not Quite.
Sure, the past decade has brought some interesting challenges into the lives of Americans everywhere, but that doesn't mean the good hasn't outweighed the bad, says Cato vice president Gene Healy. Compared to the misery of several past decades in U.S. history – including phenomena such as unemployment, 70 percent tax rates, gas lines, and inflation – the 00's have provided net gains to the American public. The Internet alone has extensively contributed to better quality of life, greater efficiency in work, and supported the exercise of the First Amendment. Healy notes that history runs in cycles, and that the hard times of the 60's and 70's ended when "Americans corrected their course," adding that "the years to come will give us plenty of incentive to put America on the right path again."
Meddling Policies Responsible for Stalling Recovery
Mark Calabria, Cato's Director of Financial Regulation Studies, discusses the underlying reasons for the prolonged recession. He notes that while President Obama inherited the recession, he is definitely making it worse. Calabria indicates that the current Administration's policies are what is keeping the economy from recovering. "Until employers and investors feel it is safe once again to put their businesses and investments at risk, and Washington ends its war on the productive elements of our society, we will not have significant private sector job growth."
Copenhagen: Let the Games Begin!
Cato environmental scholar Pat Michaels comments on the various antics and rivalries already evident at the climate conference that kicked off this week in Copenhagen. Poorer countries, like India, are making demands that the richer nations subsidize them to achieve the costly goals of emission restrictions. Obama, who thinks such subsidies are a good idea, is being reminded by Democratic congressmen that the power to commit to new regulations is not a constitutional role of the executive branch. And politicians, who are sticking voters with the bill for their partisan efforts, will face angry voters in the upcoming 2010 mid-term election. Of the conference, Michaels says, “Expect a lot of heat, not much light, and a punt right into our next election.”
Government: a Gang of Thieves
John Stossel echoes Frédéric Bastiat when he says that the worst part of government is not what is seen but what goes unseen. Namely, even worse than tax increases collected to pay for budget deficits is the government spending that caused and continues to cause such deficits. The public notices when more money is taken from them but they rarely see how much the government actually spends. Stossel says he hopes Americans are ready for a tax revolt, but he doesn't think that will happen until the public begins to see the government elite as "a gang of arrogant bullies that has the audacity to believe that they know how to direct our lives better than we do."
Following China on Education... Bad Idea
Cato education scholar Neal McCluskey compares Obama's education objectives with that of China, where the number of college graduates has been dramatically increasing. Obama has stated a commitment to churn out more college graduates, and he has dedicated the funds to do so. But, McCluskey notes, there are problems when simply increasing the number of graduates. One issue will be, as it already is in China, “(not) nearly enough jobs to employ all the newly credentialed.” If America doesn’t change course, Obama’s investments in education will largely be a waste.
The Effects Of Fiscal Stimulus: A Magical Analysis
NYU economist Mario Rizzo evaluates the results of the massive stimulus packages and bailouts passed early in the year. More than half a year later, he finds that they have had a negative result, at least by traditional measures. But not to fear, politicians these days don't seem to use "traditional" measures. Rizzo says of Obama's stimulus apologists, "They attribute to the stimulus the current state of affairs — but not anything regarding the current state of affairs, just anything that can be construed as better than something else that could have happened."
Tragedy of Growing Government: More Lobbying, Less Productivity
David Boaz discusses that as government gains more control, more businesses will dedicate their resources to seeking special treatment (just like Hayek said in 1944!). The downside to that transfer is that "businesses will devote their time, money, and brainpower to influencing decisions made in Washington rather than to developing better products and delivering them to consumers." And that results in losses for us all.
Three Cheers to Swiss Government for Resisting U.S. Fiscal Imperialism
Swiss bank accounts have been made famous by their anonymity, an issue with which the US courts have recently struck a dispute. Cato scholar Dan Mitchell describes a recent development in the situation. He explains that "the Swiss government has stepped in to ensure that the bank cannot be extorted."
Fuel Standards Are Killing GM
Cato scholar Alan Reynolds in The Wall Street Journal writes, in a compelling and timely manner, that "General Motors is likely to become profitable only if it is allowed to specialize in what it does best — namely, midsize and large sedans, sports cars, pickup trucks and SUVs. The company can't possibly afford to scrap billions of dollars of equipment used to produce its best vehicles simply to please politicians who would rather see GM start from scratch, wasting more taxpayer money on "retooling" to produce unwanted and unprofitable subcompacts and electric cars. The average mileage of GM's future cars won't matter if nobody buys them."
Wal-Mart Promoting Universal Health-Care..?
Reason Magazine editor Peter Suderman discusses Wal-Mart and health care, stating "Now you can add another corporate behemoth to the list of supporters of advocating more government involvement in health care: Wal-Mart... Why would Wal-Mart do this? In part, because it's a good PR move... it's also a good from a competitive standpoint."
King George III: Obama-esque?
Cato scholar David Boaz succinctly lists many examples of the current administration's tendency toward excessive and business-retarding tax policies. He contrasts the opressive attack on American's back pockets with the historical declaration announced by our nation's founders 233 years ago, quoting the Declaration: "He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance." Strangely familiar? You decide.
Global Warming Debate Heating Up
Forecasting scholars Dr. Kesten C. Green and Dr. J. Scott Armstrong take on MIT's recent Global Warming report: "Policymakers and the public should be made aware that the forecasts from the MIT modellers, as well as those used by the [Intergovernmental Panel on Climate Change], are merely the opinions of some scientists and computer modellers. ...The forecasting procedures were not valid and there is no reason for policymakers to take their forecasts seriously."
Washington: Too Big To Succeed
By Lawrence W. Reed: "Certain private firms are widely believed to be “too big to fail.” So we’re in the process of handing big chunks of them over to the government. Companies that lose billions are being told what to do by an outfit that loses trillions. The question we all should be asking ourselves is this: Are we trusting our economy and our lives to a government that is too big to succeed?"
100 Useful Research Tools for Amateur Economists
"You don’t have to be a professional economist to do some really great research on the web. Whether you’re looking into historical trends, modern buying patterns or the latest stats on the global financial market you won’t find any shortage of information to keep you interested. Here are 100 great resources to utilize that can help you find, organize and understand your economic research."
Nostalgianomics: Liberal economists pine for days no liberal should want to revisit.
By Brink Lindsey: "The rise in income inequality does raise issues of legitimate public concern. And reasonable people disagree hotly about what ought to be done to ensure that our prosperity is widely shared. But the caricature of postwar history put forward by Krugman and other purveyors of nostalgianomics won’t lead us anywhere. Reactionary fantasies never do. "
Globalisation is Good - Johan Norberg on Globalization
The world is an unequal and unjust place, in which some are born into wealth and some into hunger and misery. To explore why, in this controversial Channel Four documentary the young Swedish writer [and senior fellow at Cato] Johan Norberg takes the viewers on a journey to Taiwan, Vietnam, Kenya and Brussels to see the impact of globalisation, and the consequences of its absence. It makes the case that the problem in the world is not too much capitalism, globalisation and multinationals, but too little.
Do Economists Believe American Democracy Is Working?
William L. Davis and Bob Figgins write, "Economics it is said, presumes that status-quo policy has some sense behind it, that it emerges from a political process that works. Has conomics come to a status-quo orientation from a widespread attitude that the political process works?"
The Dictator’s Handbook
By Paul Collier: "Why is democracy failing even as elections proliferate? A thought experiment sheds new light on why aging autocrats remain so hard to dislodge."
Cato Conference: Lessons from the New Deal and Great Depression
With the economy in a deep recession and policymakers turning to massive government intervention in an attempt to create jobs and bolster the financial system—it feels like the 1930s all over again. Today’s new New Deal is rapidly unfolding, with the Obama administration and many lawmakers making it clear that any question of the success of FDR’s New Deal policies was resolved long ago: government intervention worked, and history bears repeating. Join us at the Cato Institute on June 1 to be a part of a highly informative half-day conference. Recognized national experts will discuss the economic and legal impact of the New Deal, and how its legacy is being used and misused to shape policy responses to current economic hardships.
Alex Tabarrok: How ideas trump economic crises -- a surprising lesson from 1929
"The 'dismal science' truly shines in this optimistic talk, as economist Alex Tabarrok argues free trade and globalization are shaping our once-divided world into a community of idea-sharing more healthy, happy and prosperous than anyone's predictions."
February Op-Ed of the Month
Congratulations to Samuel Sharp for winning the February Cato on Campus Op-Ed of the Month! Arguing against protectionist policies, Samuel highlights the increased costs and economic harms that result when governments interfere in free trade.
Ask the Expert: Dan Griswold on Work Visas
Dan Griswold, Director of the Center for Trade Policy Studies at Cato, argues that the current H1-B work visa policy hinders economic growth and scolds U.S. companies "for seeking the human capital they need abroad while at the same time denying them the ability to expand their skilled workforce at home."
Jeffrey Miron on the Stimulus
A friend of the Cato Institute, Professor Jeffrey Miron, writes that "Bailout 2.0, like its previous incarnation, is a dangerous gamble for the Treasury and the economy."
Keep the Banks Private
Donald Boudreaux, an advisor for Cato's Center for Trade Policy Studies, argues that "When government takes over, political meddling is sure to follow."
Cato on Campus Challenges the Stimulus
Cato on Campus is proud to bring Cato's message directly to your campus. Cato on Campus is publishing a full page ad in 15 of the U.S.'s most prestigious universities providing a statement, signed by 200 economists, that government intervention in the economy is not a means of producing economic growth. Check out this page to find updates on campus op-eds, letters-to-the-editor, and teach-ins related to the Cato ad and the stimulus package/Keynesian economics in general.
Ask the Expert: Tad DeHaven on Digging Ditches and the Stimulus
A common justification for the stimulus package is that government spending can counteract economic shortfalls. Tad DeHaven explains why this is a common mistake and that the jobs we see created by government stimulus does not encompass the lost jobs and investment that we don't see.
Hundreds of Economists Sign on to Cato Institute Ad
There is plenty of disagreement on whether a big-government stimulus project is the best way to bring the United States out of recession. The Cato Institute purchased a full-page ad in major newspapers across the country listing the names of several hundred economists who object to massive deficit spending as an economic stimulus. Cato scholars and ad signatories have made their case on television since the spending program was proposed.
History Passing By Cornell?
Andrew Loewer, President of the College Libertarians at Cornell University, wrote this letter to the editor of the Cornell Daily Sun, arguing that the stimulus package presents an epochal moment in history that deserves more attention than the Cornell Daily Sun has given it.
Mr. President, We Disagree
President Obama says that "economists from across the political spectrum agree" on the need for massive government spending to stimulate the economy. In fact, many economists disagree. Hundreds of them, including Nobel laureates and other prominent scholars, have signed the statement that appears in the Cato Institute's newspaper ad.
Ask the Expert: Dan Mitchell on Keynesian Economics
Dan Mitchell explains why the current economic crisis is the result of government policy mistakes and why more government intervention will not end the crisis any sooner than the market.
The Road Ahead
The Obama administration comes into office with an overwhelming slate of challenges. From the economy to global warming, from the energy debate to US foreign policy, the new administration will have a host of important issues to deal with immediately after taking power. Check out this collection of studies, op-eds, podcasts, and publications by Cato's scholars on the policy decisions ahead.
America Does Not Need More Czars
Will Wilkinson, a research fellow at the Cato Institute, writes that, "In tough times like these, America does not need a dose of tragic Russian authoritarianism."
What is the DEA Smoking?
The U.S. government has recently argued that it is succeeding in the war on drugs because the price of drugs has risen, indicating a shortage of supply. However, Cato's vice president for defense and foreign policy studies, Ted Galen Carpenter points out, "The reality is that street prices for illegal drugs act like the famous observation about prices in the stock market: they will vary."
Bush and Obama Opt for Corporatism Over Freewheeling Capitalism
The auto industry just got its bailout. Cato's Executive Vice President, David Boaz, explains that with the recent bailouts, "the government is seeking to support existing businesses. That isn't laissez-faire. It isn't what free-market advocates support. But it is what Bush is doing and Obama wants to continue."
When Corporations Hate Markets
In this month's lead essay, philosopher and libertarian theorist Roderick Long draws a sharp contrast between corporatism and libertarianism properly understood. He argues that liberals, conservatives, and even libertarians have all been guilty to some degree of obscuring this difference, and that the quality of our political discourse has suffered accordingly.
Heroes of Capitalism
Heroes of Capitalism is a new blog that highlights a new capitalist every day and describes how they have made a difference in the world through capitalism. Recent heroes have included the inventor of a mousetrap, an Objectivist banker, and the inventor of cocoa powder.
An Open Letter to my Friends on the Left
By Steven Horwitz: "In the last week or two, I have heard frequently from you that the current financial mess has been caused by the failures of free markets and deregulation. I have heard from you that the lust after profits, any profits, that is central to free markets is at the core of our problems. And I have heard from you that only significant government intervention into financial markets can cure these problems, perhaps once and for all. I ask of you for the next few minutes to, in the words of Oliver Cromwell, consider that you may be mistaken."
Ticking Time Bomb Explodes, Public is Shocked
By Robert Higgs: "The failure of Fannie Mae and Freddie Mac, setting in motion the biggest government bailout/takeover in U.S. history, brings a grim sense of fulfillment to competent economists. After all, what did people expect, that water would flow uphill forever?"
Three Days After Klein's Response, Another Attack
By Johan Norberg: "In May I wrote a critical Cato paper on Naomi Klein's attack on economic liberalisation, The Shock Doctrine: The Rise of Disaster Capitalism, which I claimed was hopelessly flawed on virtually every level. Now Naomi Klein has responded to some of my claims. This response is in itself an example of the methods Klein regularly uses in her works, what I have called disaster polemics."
Economics Does Not Lie
By Guy Sorman: "If economics is finally a science, what, exactly, does it teach? With the help of Columbia University economist Pierre-André Chiappori, I have synthesized its findings into ten propositions. Almost all top economists—those who are recognized as such by their peers and who publish in the leading scientific journals—would endorse them (the exceptions are those like Joseph Stiglitz and Jeffrey Sachs, whose public pronouncements are more political than scientific)."
New on Free Will: Bruce Caldwell on Hayek
"This week, I talk with Bruce Caldwell, author of Hayek’s Challenge, a wonderfully lucid, comprehensive, and penetrating account of the development of Hayek’s economic and methodological ideas. Hayek is one of my enthusiasms, so I had a great time talking to Bruce, who knows as much about Hayek as anyone." - Will Wilkinson
FARC Politics, FARConomics
By Ibsen Martinez: "Shortly after noon, on Wednesday, I finally sat down to write my monthly column when I received news that 15 hostages, including three U.S. defence contractors, held for years by the Revolutionary Armed Forces of Colombia, or FARC, the infamous drug-trafficking guerrilla, branded a terrorist organization by the United States and European Union, had been rescued by a successful army operation. Most eminent among the hostages was the 46-year-old former presidential candidate Ingrid Betancourt."
Munger on the Political Economy of Public Transportation
"Mike Munger and Russ Roberts deliver one of the best podcasts ever. Munger describes the way in which moving from a private bus system to a public system in Santiago Chile made essentially everyone in the city worse off. The puzzle that Roberts keeps pushing Munger to resolve is why the political incentives do not work to abolish the public system and revert to a private system." - Bryan Caplan
In Defense of "Sweatshops"
Benjamin Powell: "Because sweatshops are better than the available alternatives, any reforms aimed at improving the lives of workers in sweatshops must not jeopardize the jobs that they already have."
Everyone in Favor, Say Yargh!
By Joanna Weiss: "Long before they made their way into the workings of modern government, the democratic tenets we hold so dear were used to great effect on pirate ships. Checks and balances. Social insurance. Freedom of expression. So Leeson, an economics professor at George Mason University, will argue in his upcoming book, The Invisible Hook: The Hidden Economics of Pirates."
Bernstein on the History of Trade
"William Bernstein talks with EconTalk host Russ Roberts about the history of trade. Drawing on the insights from his recent book, A Splendid Exchange: How Trade Shaped the World, Bernstein talks about the magic of spices, how trade in sugar explain why Jews ended up in Manhattan, the real political economy of the Boston Tea Party and the demise of the Corn Laws in England."
Incentives, Incentives, Incentives
By Allen R. Sanderson: "If incentives work so well, maybe there are ways to improve public sector outcomes through the application of these same 'incentives matter' principles."
Tim Hartford on BHTV
Cato's own Will Wilkinson speaks with author and economist Tim Hartford about his new book, The Logic of Life. "Tim’s book isn’t just another foray into pop econ. It’s a fascinating and entertaining overview and synthesis of a good deal of the most important recent research in economics." - Will Wilkinson
Don Boudreaux on Globalization and Trade Deficits
"Don Boudreaux, of George Mason University, talks about the ideas in his book, Globalization. He discusses comparative advantage, the winners and losers from trade, trade deficits, and inequality with EconTalk host Russ Roberts."
Boettke on Austrian Economics
Pete Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the origins and tenets of Austrian economics.
Pigs Don't Fly: The Economic Way of Thinking about Politics
By Russell Roberts: "Politicians are just like the rest of us. They find it hard to do the right thing. They claim to have principles, but when their principles clash with what is expedient, they often find a way to justify their self-interest."
Munger on Fair Trade and Free Trade
"Mike Munger, frequent guest and longtime Econlib contributor, speaks with EconTalk host Russ Roberts about fair trade coffee and free trade agreements. Does the premium for fair trade coffee end up in the hands of the grower? What economic forces might stop that from happening?"
Adam Smith - A Primer
"Despite his fame, there is still widespread ignorance about the breadth of Adam Smith’s contributions to economics, politics and philosophy. In Adam Smith – A Primer, Eamonn Butler provides an authoritative introduction to the life and work of this ‘founder of economics’. "
Why We Trade
By Russell Roberts: "We’re used to shrugging off all sorts of rhetorical gobbledygook from our politicians. But when you hear U.S. presidential candidates start to mouth off about free trade, watch your wallet: A discredited 14th-century theory of economics is enjoying a dangerous renaissance in the 2008 campaign. "
The Political Economy of Force-Feeding
By Anthony de Jasay: "Compulsory education is delivering contestable results. Governments seek a remedy by providing more of it."
The Tragedy of the Commons and the Implications for Environmental Regulation
Bruce Yandle of Clemson University and George Mason University's Mercatus Center looks at the tragedy of the commons and the various ways that people have avoided the overuse of resources that are held in common.
So You Want to be a Masonomist
By Arnold Kling: "Years from now, perhaps people will be saying that something big got started recently at the George Mason University department of economics. Maybe if you become a Masonomist now, you will be getting in early on a trend that will soon catch on much more widely."
Democracy and Other Failures
By Doug Campbell: "The theory of public choice helps explain why we get stuck with so many bad economic policies. Or does it?"
Rent Seeking Behind the Green Curtain
Jonathan H. Adler explains that "due to the cost and complexity of environmental rules, the environmental policy arena presents an extremely attractive target for those who wish to seek rents in Washington. Indeed, if there is one consistent interest group, it is the inside-the-beltway consultants, lobbyists, and litigators, who benefit from the continuation of a Byzantine regulatory structure, the intimate knowledge of which is incredibly valuable and rare."
The Fundamentals of Rent Seeking
By Gordon Tullock: "Once the concept of rent seeking was discovered - and defined as the outlay of resources by individuals and organizations in the pursuit of rents created by government - there followed a flourishing of research as relevant ideas began to disseminate throughout economics. It is now rare to find an issue of an economics journal that does not refer at least implicitly to the concept of rent seeking."