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A May 29 article in the IMF’s FD Magazine argues in favor of using U.S. tariffs as a policy tool. It begins by questioning the argument for free trade, claiming that economists have based U.S. and global trade policy on theoretical models rather than empirical evidence: “Tariffs were not tried and found wanting but rejected [] The post A Brief History of Strategic Tariffs in the U.S. appeared first on Econlib.
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 [] The post The Cost of the American Revolution appeared first on Econlib.
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 [] The post A Mutual Sympathy of Sentiments appeared first on Econlib.
In the 1830s, a French aristocrat named Alexis de Tocqueville traveled through the United States and returned home with Democracy in America, a penetrating analysis of a society marked by energetic voluntary associations and a restless spirit of enterprise. Tocqueville admired much of what he saw, but his verdict was not uncomplicated. Near the end [] The post Freddy the World Cup Tourist and Tocqueville’s Hopes for America appeared first on Econlib.
A small industry within the history of economic thought continues to churn through the historical record in search of direct links between European ideas in political economy and the American Revolution and Founding. The attraction is understandable. Of particular interest is the alluring prospect of Adam Smith’s influence on the Founders. Put simply, if it was [] The post 1776 and All That: Thomas Jefferson on Adam Smith appeared first on Econlib.
We are approaching the 250th anniversary of the United States’ Declaration of Independence on July 4th, 1776. However, that same year carries a different meaning in Latin America. Rather than the beginning of a system based on limits to power and individual freedom in the United States, 1776 represented a major turning point in the [] The post 1776 in the US and Latin America appeared first on Econlib.
Sam Enright works on innovation policy at Progress Ireland, an independent policy think tank in Dublin, and runs a publication called The Fitzwilliam. Most relevant to us, on his personal blog, he writes a popular link roundup; what follows is an abridged version of his and Links for May. Blogs and short links 1. Yudhister [] The post Sam’s Links: June Edition appeared first on Econlib.
We rely on experts for a lot of our information. By “expert,” I mean someone who is paid for their opinion. Roger Koppl uses this definition in his 2018 book Expert Failure, and I use the same definition in my research, which is based on his book. This definition is useful because it allows us [] The post Bureaucratic Information Gathering appeared first on Econlib.
Question: Consider the markets for fresh vegetables and instant noodles. Assume that fresh vegetables are a normal good, while instant noodles are an inferior good. Suppose Congress bans a commonly used fertilizer and pest-control chemical in vegetable farming. Without this input, vegetable yields fall due to increased spoilage and pest damage. (a) Using a supply [] The post Cutsinger’s Solution: Veggies and Noodles appeared first on Econlib.
I first met Gordon Wood in the late 1980s, when I was a graduate student attending a roundtable organized by the Institute for Humane Studies, an organization devoted to exploring ideas of freedom and the open society, now based at George Mason University. For a young academic, it was an important occasion, bringing together several [] The post Remembering Gordon Wood, 1933–2026 appeared first on Econlib.
