Economic History
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The Swinging Sixties, Chicago School Style
At the height of the cultural revolution, a group of Chicago economists was quietly launching one of its own.
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Debt Jubilees Only Change Who Pays
A debt jubilee can erase an obligation on paper, but it cannot erase the underlying economic cost.
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The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.
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What Slaughtered Pigs Can Teach Us About Europe’s Wine Policy
There’s a senselessness to Europe’s attempt to manage wine supply and dictate prices that echoes the New Deal’s effort to alleviate poverty by destroying millions of pigs.
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The Lesson of 1971 Was Never About Gold
President Nixon abandoned the gold standard. The deeper problem was a monetary system dependent on political judgment.
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Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
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When ‘Consumer Protection’ Protects Producers from Competition
Claims to “protect consumers” often shield established industries from competition. The century-old battle over the definition of “whiskey” shows how.
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What’s Worse — Authoritarian Capitalism or Democratic Socialism?
Dictatorship is always a tragedy. But history suggests that a tyrant who allows markets does far less damage than one who abolishes them.
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What the Olympics Really Cost: Rio’s 10-Year Legacy of Debt and Destruction
Rio 2016, like many ambitious projects, combined political cronyism and weak market discipline. Ordinary Brazilians are still paying the bill.
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The Constitution’s Forgotten Economic Tradeoffs
The Articles of Confederation are often remembered as a failure. But their limits on taxing and commercial power offered greater protection for economic freedom than the Constitution that replaced them.
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•
The Swinging Sixties, Chicago School Style
At the height of the cultural revolution, a group of Chicago economists was quietly launching one of its own.
-
•
Debt Jubilees Only Change Who Pays
A debt jubilee can erase an obligation on paper, but it cannot erase the underlying economic cost.
-
•
The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.
-
•
What Slaughtered Pigs Can Teach Us About Europe’s Wine Policy
There’s a senselessness to Europe’s attempt to manage wine supply and dictate prices that echoes the New Deal’s effort to alleviate poverty by destroying millions of pigs.
-
•
The Lesson of 1971 Was Never About Gold
President Nixon abandoned the gold standard. The deeper problem was a monetary system dependent on political judgment.
-
•
Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
-
•
When ‘Consumer Protection’ Protects Producers from Competition
Claims to “protect consumers” often shield established industries from competition. The century-old battle over the definition of “whiskey” shows how.
-
•
What’s Worse — Authoritarian Capitalism or Democratic Socialism?
Dictatorship is always a tragedy. But history suggests that a tyrant who allows markets does far less damage than one who abolishes them.
-
•
What the Olympics Really Cost: Rio’s 10-Year Legacy of Debt and Destruction
Rio 2016, like many ambitious projects, combined political cronyism and weak market discipline. Ordinary Brazilians are still paying the bill.
-
•
The Constitution’s Forgotten Economic Tradeoffs
The Articles of Confederation are often remembered as a failure. But their limits on taxing and commercial power offered greater protection for economic freedom than the Constitution that replaced them.