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!?

Call for Papers: Austrian Monetary Economics Conference

I would like to bring the following to your attention: – Call for Papers – Monetary Policy in the 21st Century: The Renaissance of Austrian Monetary Economics Madrid, November 2nd and 3rd, 2017 Submission deadline: June 30th, 2017 The Faculty of Political Economy in co-operation with the Master Programme in Economics of the Austrian School … Continue reading Call for Papers: Austrian Monetary Economics Conference

Beware of Financial Repression

by Andreas Hoffmann Government debt levels in many advanced economies, especially in Southern Europe, in the US and in Japan, have reached peacetime records. People are worried and rightly so: C. Reinhart and K. Rogoff have provided evidence that elevated debt-to-GDP ratios may contribute to stagnation or even debt crises. As austerity policies are unpopular … Continue reading Beware of Financial Repression

Discussion of Israel Kirzner’s Work on Entrepreneurship

Check this out at Liberty Matters. Lead Essay: Peter J. Boettke, "Israel M. Kirzner on Competitive Behavior, Industrial Structure, and the Entrepreneurial Market Process" [Posted: March 1, 2017] Responses and Critiques Mario J. Rizzo, "Kirzner’s Theory of the Market Process" [Posted: March 6, 2017] Peter G. Klein, "Entrepreneurial Discovery: Who Needs It?" [Posted: March 8, … Continue reading Discussion of Israel Kirzner’s Work on Entrepreneurship

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

The Revival of State Banking in Europe

by Alexander Fink[1] and Andreas Hoffmann Since 2009, the role of government in banking has increased substantially in Europe. This is, first, a consequence of capital injections or bailouts of private banks (for instance Dexia in Belgium, Royal Bank of Scotland in the UK, Hypo Real Estate and Commerzbank in Germany, Fortis in the Benelux, … Continue reading The Revival of State Banking in Europe

Best of ThinkMarkets 2008–2016

by Andreas Hoffmann and Mario Rizzo We had a look at the statistics of the blog when we updated the page.  We learned that ThinkMarkets has published almost 800 blog posts since 2008. Some posts have received a lot more attention than others. We have selected an all-time TOP 5: TOP 5: Against all odds, … Continue reading Best of ThinkMarkets 2008–2016

The Germans Have Learned Nothing

by Andreas Hoffmann Ever since the beginning of the EMU crisis, politicians, journalists and economists have blamed Germany’s "fiscal austerity" for the prolonged troubles in Europe’s periphery. If only the Germans spent more on goods and services, so the idea, the people in the periphery countries of Europe could sell more stuff. Exports would help … Continue reading The Germans Have Learned Nothing

Time for Reflection: “The Unity of the People”

This is from more than eight years ago. It was written in response to the Obama campaign and its call for unity. It applies again today to the World of Trump.

ThinkMarkets

by Mario Rizzo

After most presidential elections in recent years there is talk of uniting the country, somehow overcoming differences and working for the betterment of the nation. This is a dangerous idea if it is taken seriously.

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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

Chickens Coming Home to Roost: The Progressive Destruction of Employment Opportunities

By Mario Rizzo There comes a point where the continual mandating of benefits and restrictions on hiring has big consequences. We can see the handwriting on the wall in Europe as well as in the US. In Europe the young are more and more being left out of the traditional forms of hiring . A … Continue reading Chickens Coming Home to Roost: The Progressive Destruction of Employment Opportunities

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

Calculating the police against citizen homicide rate

by Edward Stringham We hear of high profile cases of police killings, but few look at the larger picture of how often American citizens are killed by police. What is the rate at which police kill citizens and how does that compare to other homicide rates? Although official statistics have historically been scant, we now … Continue reading Calculating the police against citizen homicide rate

Stringham appointed as the Davis Professor for Economic Organizations and Innovation at Trinity College

by Edward Stringham I have enjoyed working with excellent colleagues and Ph.D. students at Texas Tech University, but I am thrilled to be hired as an endowed chair at Trinity College in Hartford, Connecticut. Undergraduate students interested in private enterprise, drop everything you are doing and enroll now! Parents of toddlers destined for success, create a … Continue reading Stringham appointed as the Davis Professor for Economic Organizations and Innovation at Trinity College

Why students interested in free markets should get their Ph.D. at Texas Tech University

by Ed Stringham If you are interested in earning a Ph.D., or if you know someone who is, I strongly recommend studying at Texas Tech University where I have had the pleasure to teach this past year. At the center of the action is my good friend, Benjamin Powell, who directs the Free Market Institute … Continue reading Why students interested in free markets should get their Ph.D. at Texas Tech University

Organizing sessions for the Society for the Development of Austrian Economics

By Ed Stringham I am pleased to have been selected as the next President of the Society for the Development of Austrian Economics. Many economists including Karen Vaughn, Mario Rizzo, Peter Lewin, Steve Horwitz, and Peter Boettke, have done great work and help make the society far bigger than I would have predicted. Sessions over the … Continue reading Organizing sessions for the Society for the Development of Austrian Economics

The Blanchard Danger

by Roger Koppl Oliver Blanchard tells us “Where Danger Lurks”  in the macro-finance world. The big theme is nonlinearity, which is a profoundly conservative move: DSGE modeling is just fine and we don’t need to rethink it at all. We just need to add in some nonlinearities. Blanchard does not tell how to calibrate a … Continue reading The Blanchard Danger

Economics of the Undead: Zombies, Vampires, and the Dismal Science

by Glen Whitman Last year in this space, I posted the Call for Abstracts for a forthcoming book called Economics of the Undead. That project is now coming to fruition! The book will officially be published tomorrow; here's the Amazon page, and here's the Barnes & Noble page. (The Kindle version should also become available … Continue reading Economics of the Undead: Zombies, Vampires, and the Dismal Science

Economics Music Video Contest: Markets Promote Peace

by Edward Stringham As a professor, I am a  fan of rigorous economic research, but I am also a fan of helping students learn about how important economics is in an engaging way. John Papola did an excellent job with the Keynes Versus Hayek music videos (especially the second one with yours truly), and over the past … Continue reading Economics Music Video Contest: Markets Promote Peace

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