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Category Archives: Public Policy

Against Austrian business cycle theory

Former Austrian school economist Bryan Caplan recently won a bet against Austrian school economist Bob Murphy on the path of US inflation. Caplan won by betting with the key market indicator (TIPS), Murphy lost by betting against it. At first glance, that the ex-Austrian won by following the market while the Austrian lost by not doing so might seem strange, but it […]

Most Muslims are non-violent

It is true: most Muslims are non-violent (in the straightforward sense that, outside defence of themselves and their immediate family, they do not engage in violence). In fact, as far as I am aware, that has true across the history of Islam, especially as Muslims includes women and children. But even if we just consider men, most […]

Moral sensibility and modernity

Religions have rituals and doctrines: mechanisms of participation and belief. They also engender moral sensibilities that provide ways of normatively framing the world regarding people, places, social arrangements. Most Swedes, for example, are not believing or actively participating Lutherans, yet centuries of Lutheranism being the overwhelmingly dominant flavour of religion has deeply influenced Swedish moral sensibility. When folk try […]

Why gold/currency ratios mattered in the interwar period

This is based on a comment I made here. I have been enjoying Scott Sumner‘s history of the Great Depression, The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression. Sumner provides a key ideas summary for the book here. The book is an examination of dramatic macroeconomic instability under a gold standard. In The Midas Paradox, Sumner gives the […]

Black boxes, the rectification of names and the revival of slavery

The Chinese sage Kong Qiu (551-479 BC) (Kongzi ”Master Kong”), known to the West as Confucius–which is derived from Kong Fuzi ”Grand Master Kong”–had a doctrine Zhèngmíng, normally translated as “rectification of names“. There is a straightforward statement of the doctrine in the Analects: A superior man, in regard to what he does not know, shows a cautious reserve. If names […]

Nowadays, the presence of white Americans is generally good for African-Americans

If the key problem for African Americans was white racism, then they should do better the less contact they have with whites. But the reverse is true — African-Americans tend to do better the more they have contact with whites. They do better in education — lots of research indicates that minority students do better in integrated schools. […]

Immigration and social order

The entire debate over immigration, particularly illegal immigration, turns on the issue of social order — specifically, its value and cohesiveness. Those who think there is simply no issue — that no people who make the effort to go to another country to live can be a threat to the social order they are entering, […]

The EU’s downward spiral

Econblogger Bryan Caplan is rightly sceptical of “it will end in civil war(s)” claims about the European Union‘s (EU) current travails, and is moreover prepared to put his money where his blogging is; hence he will accept bets on the issue. Nobel memorial laureate and economic historian Robert Fogel argued that pressures over mass immigration were a significant aggravating factor in the lead […]

States start with violence and expropriation

I came across this passage in a collection entitled States and Development: Historical Antecedents of Stagnation and Advance (pdf): A realistic, even if stylized, account begins with the coalition building in which the elites of an emergent state are likely to engage, both with other power holders and with economically successful interests (p.11). It is in a similar […]

History and surplus: 10,000 years in one blog post

Human history has largely been driven by the creation and use of surplus production — that is, production beyond subsistence. (Subsistence meaning sufficient to sustain life and reproduction.) The change from prehistory to history is very much a matter of the generation and use of surplus production. There are essentially only three ways for such surplus […]