Yes, Paul: It is Hayek versus Keynes

by Mario Rizzo Although by the standards of contemporary economics, I am a historian of economic thought, I am not a historian of economic thought, properly considered. Thus my major interest in F.A. Hayek’s business cycle theory is not from the point of view of a historian. My interest is only incidentally in how Hayek’s contributions … Continue reading Yes, Paul: It is Hayek versus Keynes

Politics of Healthcare Rationing

by Chidem Kurdas The Obama administration’s remake of the US healthcare system stands on three legs. It makes the purchase of insurance compulsory. It doles out new entitlements via expanded Medicaid, subsidies and certain benefit mandates. And it promises to control the growth of medical costs. The title of the 2010 law, the Affordable Care … Continue reading Politics of Healthcare Rationing

Japan Reveals Regulatory Trap

by Chidem Kurdas Once upon a time, people tried to explain the post-war “Japanese Miracle” of rapid growth. Then in the current century, the puzzle shifted to Japanese stagnation since 1990. The lesson from these two distinct phases of Japanese history is germane for current American policy. Chalmers Johnson’s influential book, MITI and the Japanese … Continue reading Japan Reveals Regulatory Trap

Are Swiss Banks Socially Useless?

by Chidem Kurdas That’s a daft question, but it is suggested by what became conventional political wisdom in the aftermath of the financial crisis. Finance was vilified and  financial activity widely described as socially useless, a term coined by British regulator Adair Turner. Yet the developed economy that has boomed in post-crisis years is Switzerland, … Continue reading Are Swiss Banks Socially Useless?