In some ways, it is thus clear that the New Deal made things worse. In other words, it is Shapiro who is technically correct.
Vincent Geloso, senior fellow at AIER, is an assistant professor of economics at George Mason University. He obtained a PhD in Economic History from the London School of Economics.
Follow him on Twitter @VincentGeloso
In some ways, it is thus clear that the New Deal made things worse. In other words, it is Shapiro who is technically correct.
If we alter the constraints and powers of political actors as a result of reasoning in an institutional vacuum, we may be giving to political actors things they wanted regardless of the crisis. In the long-run, it will come at a cost.
The Spanish Flu killed at least 50 million individuals in the span of a few months and contributed to a industrial production and commercial activity drop of between 16% to 25% in less than a year. Here are three prudent lessons on how to minimize long-term costs brought by temporary behavioral changes enacted to slow the propagation of the coronavirus.
Deficits used to be temporary affairs racked up in exceptional periods as the result of shocks, and paid down with surpluses. Despite years of decent economic growth, public debts in most western countries remain at high levels relative to GDP. Consequently, capacity to respond to crisis – such as natural disasters, wars and the one we are facing now – through borrowing is considerably reduced.
Just as Hoover’s policies during the Great Depression made things worse especially for the poorest in America, the policy responses we see now will hurt.
During the 20th century, the volume of international exchanges went in the opposite direction: trade increased and expanded as a result of trade liberalization and technological innovations in transport and communications. Thus, it appears that in spite of globalization, the damages wrought by pandemics have fallen.
What explains the rising literacy rates and rising levels of educational achievements is also what explains the regime’s ability to continually repress Cuban people.
What constitutes a great president? Every presidential election, pundits and commentators opine on the characteristics of presidents that made them great. Starting in 1948, at the impulse of Arthur Schlesinger […]
Most economists, left or right, care about human development. By human development, they mean more than simply increases in income. They refer to a greater ability for individuals to choose […]
Is neoliberalism libertarianism? Is it a form of market-oriented technocracy? Is it a form of elitist ideology favorable to markets? Is it a justification for a rent-seeking elite? It’s unclear exactly what it is.