Economic History

  • When Financial Markets Bubble, There’s Something for Everyone

    “Whenever something seems bubbly, accusations of tulips and South Sea bubbles are never far away – even though the proportion of people who could actually explain those iconic episodes of our financial past is frighteningly close to zero. Levenson’s account of the South Sea Bubble will not, I daresay, be the last time historians find…

    When Financial Markets Bubble, There’s Something for Everyone
  • Central Banking and the Heavy Hand of the State

    “The ‘need’ for a central bank is due to economists inaccurately projecting onto historical banking systems their contemporary monetary-macroeconomic paradigms, not any fatal flaw in these systems. Neither theory nor history show we need a central bank to guarantee optimal economic performance.” ~ Alexander W. Salter

    Central Banking and the Heavy Hand of the State
  • Minimum Wages Had a Eugenic Intent

    “Let’s say that instead of a $15 an hour minimum, Congress pushed a $15 maximum wage/salary. The rich would simply stop working, while everyone else would likely lose professional aspiration. This is not complicated to understand. So too with a wage floor: it cuts the poor out of the market just as the eugenicists said…

    Minimum Wages Had a Eugenic Intent
  • Presidential Impeachment and US Equity Markets

    “The gradual pace of what is fundamentally a political (as opposed to legal) action tends to result in dampened, rather than heightened, volatility. And nearly as soon as any latent uncertainties are ironed out, broader economic trends resume driving the direction of financial markets. A more profound degree of political upheaval, with a more sudden…

    Presidential Impeachment and US Equity Markets
  • The Economic Policy Failures of the Trump Administration

    “The economic policies of the Trump administration constitute one of the greatest lost opportunities of the postwar period. We’ll be paying the price for decades. The fundamental problem traces most fundamentally to an illiberal philosophy behind the seeming policy chaos. Repairing that problem is essential to laying the necessary groundwork to recover what has been…

    The Economic Policy Failures of the Trump Administration
  • The Decimal Point that Blew Up the World

    “A terminological confusion, a misplaced decimal point, a one-word error in data description, and a massive amount of arrogant presumptions about how to control a virus set in motion a series of events that turned our great and prosperous country into a disaster of confusion, demoralization, foregone medical services, closed businesses, wrecked arts and education,…

    The Decimal Point that Blew Up the World
  • The “Expert Consensus” Also Favored Alcohol Prohibition

    “Most people today regard America’s experiment with alcohol prohibition as a national embarrassment, rightly repealed in 1933. So it will be with the closures and lockdowns of 2020, someday. In 1920, however, to be for the repeal of the prohibition that was passed took courage. You were arguing against prevailing opinion backed by celebratory scientists…

    The “Expert Consensus” Also Favored Alcohol Prohibition
  • No, Keynes Did Not “Sit Out” the Debate on Eugenics

    “By politely sidestepping these issues in Keynes and other historical figures, we do a disservice to the past. Carter has unfortunately reduced Keynes’s eugenics to a subject that is best not spoken about, and on the rare occasion it is raised as Cowen’s interview did, something to be actively downplayed and dismissed.” ~ Phillip W.…

    No, Keynes Did Not “Sit Out” the Debate on Eugenics
  • The American Tradition of Ordered Liberty

    “Regardless of what we think of these traditions and practices, we cannot comprehend the history and development of American institutions without reference to them. To understand money, we must understand the entire institutional chain: from money to banking and finance, to law and politics, to the ultimate sources of social authority. The story of money…

    The American Tradition of Ordered Liberty
  • A New Film on the Life and Work of Ludwig von Mises

    A new film about Ludwig von Mises (1881-1973) is a major achievement in getting the word out by this mighty intellectual of the 20th century. It tells the story of his life and work through interviews with top scholars and writers. Featured in this film are the following associates of AIER: Peter Boettke, Edward Stringham,…

    A New Film on the Life and Work of Ludwig von Mises
  • A Comment on the New History of Capitalism

    “Much of the current debate revolves around an emergent historiographical school. Usually referred to as the ‘New History of Capitalism’ (NHC), this school has produced a sizable body of research contending that the institution of slavery was a central building block of American capitalism. At the same time however, the NHC literature has come under…

    A Comment on the New History of Capitalism
  • Should K-12 classrooms teach from the 1619 Project?

    “We need not indulge the bombastic posturing of Trump, or unlikely legislative efforts to strip funding from schools, to conclude that the 1619 Project is still ill-suited for K-12 education. That is a judgement we may make on its scholarly shortcomings alone.” ~ Phillip W. Magness

    Should K-12 classrooms teach from the 1619 Project?