The Viennese culture of conversation: Understanding and defending fragile orders

by Stefan Kolev* For a better understanding of the turbulences of our time, studying those earlier politico-economic debates which focused on fragile orders of economy and society can certainly prove insightful. In The Viennese Students of Civilization, Erwin Dekker addresses such an age and interprets the works and impact of economists often labeled as the … Continue reading The Viennese culture of conversation: Understanding and defending fragile orders

Globalization Alone Does Not Produce Losers!

by Gunther Schnabl* The Brexit and the election of U.S. President Donald Trump were unexpected and were followed by a search for explanations. Subsequently, the common view spread that globalization is at the root of the frustrations of more and more people who are susceptible to strong nationalist statements from populists. This is surprising because … Continue reading Globalization Alone Does Not Produce Losers!

The Venezuelan Crisis and the Political Costs of Reforms

by Pablo Duarte* Venezuela is in deep political and economic crisis. According to Reuters – quoting a leaked document from the Venezuelan Central Bank – output fell 19% and prices increased 800% during 2016. Even though the “Socialism of the 21st Century”, the political program initiated by former President Hugo Chavez, has been losing support … Continue reading The Venezuelan Crisis and the Political Costs of Reforms

The Socialism of the 21st Century is on its Way out!?

by Andrea L. Tapia-Hoffmann* Rafael Correa was inaugurated as President of Ecuador in 2007. He joined forces with Chavez to promote the idea of a so-called "Socialism of the 21st Century" in Latin America. After Chavez’s death in 2013, Correa became the self-proclaimed leader of the movement. Because the new socialism has led to severe … Continue reading The Socialism of the 21st Century is on its Way out!?

The Fed’s Institutional Design

by Gerald P. O’Driscoll, Jr.[1] I have been reading Central Bank Governance & Oversight Reform, edited by John H. Cochrane and John B. Taylor. It is a conference volume of unusually high quality with all the discussions of presentations included. I plan to write more about the book later, but to highlight one chapter here. … Continue reading The Fed’s Institutional Design

Lessons from the Uber-de Blasio Showdown

by Liya Palagashvili Earlier this summer, de Blasio attempted to cap the number of Uber and other ride-sharing drivers in New York City. Although he ended up dropping the proposal, the event itself serves as a wonderful pedagogical illustration of public choice insights. Here’s an excerpt from my op-ed on this: What can we learn … Continue reading Lessons from the Uber-de Blasio Showdown

APEE: Call for Papers

Jerry O’Driscoll The Association of Private Enterprise Education will hold its annual meeting in Las Vegas, Nevada, April 3rd to 5th, 2016. This year’s conference theme is Capitalism: Free-Market or Crony? Papers are welcome on that topic, as well as other topics relevant to market economies. That list certainly includes Austrian economics, Public Choice, etc. … Continue reading APEE: Call for Papers

Zimbabwean Currencies: Condoms, Sweets and Paper Money

by Alexander Czombera* If there is one single law in economics then it is that markets tend to equilibrium. Or, to align this with Grove’s law  (“Technology will always win. You can delay technology by legal interference, but technology will flow around legal barriers”), the free market will find its ways, whether in white, grey … Continue reading Zimbabwean Currencies: Condoms, Sweets and Paper Money

South Africa and Ending Apartheid: W. H. Hutt and the Free Market Road Not Taken

                  by Richard M. Ebeling* The public eulogies marking the passing of Nelson Mandela at the age of 95 on December 5, 2013 have refocused attention on the long struggle in South Africa to bring about an end to racial discrimination and the Apartheid system. Forgotten or … Continue reading South Africa and Ending Apartheid: W. H. Hutt and the Free Market Road Not Taken