Almost Classical

The ongoing attempts to discredit "libertarianism" and "classical liberalism" are almost laughable, if so many smart people didn't uncritically accept the rhetoric: While libertarianism as a philosophy is superficial, juvenile nonsense, particular libertarian proposals are sometimes worthwhile on their merits. — from Michael Lind at Salon.com; http://www.salon.com/2013/06/13/grow_up_libertarians/ Again, Lind conflates the Libertarian Party with libertarian and classically liberal ideals. The ideas he argues are "libertarian" are not, they are the ideas of a political party or a specific politician (Ron Paul), neither of which I consider representative of my ideals or the ideals of the thinkers I admire. First, for me "classical liberalism" means one thing: freedom from government interference in my life; freedom from the threat of force and coercion to behave according to some majority idea of what is "best" for me. My liber...

Intelligent people, who should know better, are once again attacking "libertarianism" and "classical liberalism" by misrepresenting, selectively quoting, and personalizing a theory. In Salon, co-founder of the New America Foundation Michael Lind, offers a nonsensical critique of libertarianism by asking "The" question classical liberals cannot answer: The question libertarians just can't answer http://www.salon.com/2013/06/04/the_question_libertarians_just_cant_answer/ If your approach is so great, why hasn't any country anywhere in the world ever tried it? BY MICHAEL LIND; TUESDAY, JUN 4, 2013 12:17 PM EDT The Washington Post's E. J. Dionne, Jr., joins in, repeating the same nonsense. Libertarianism's Achilles' heel http://www.washingtonpost.com/opinions/ej-dionne-jr-libertarianisms-achilles-heel/2013/06/09/4dfd3c9c-cf8c-11e2-8f6b-67f40e176f03_story.html By E.J. Dionne Jr., Published: June 9 For balance, I also recom...

Repeatedly, I have written that "austerity" is not the source of problems in parts of Europe, since there hasn't been any real reduction in spending, no thoughtful labor reforms, and no general political reforms. Tax increases have certainly hurt in some nations, but overall the lack of serious change is the problem. Also consider Japan, where stimulus in the form of spending and monetary easing hasn't worked — though it is the "solution" proposed by many progressives. I'm not an absolutist, as the real solutions to economic stagnation are likely beyond simplistic and ideological adherence to any school of thought. Everything the Keynesians argue for, is and has been done. Yet, there is stagnation. The following article from Forbes  supports my views: 'Austerity' To Blame? But Where's The Austerity? http://www.forbes.com/sites/paulroderickgregory/2013/05/26/austerity-to-blame-but-wheres-the-austerity/ by Paul Roderick Gregory D...

While nobody would suggest that Europe is about to embrace the United States' model of social democracy, it seems obvious that some countries are meandering towards our limited safety-net model just as we are racing towards their failing democratic socialism. Germany began reforms nearly 15 years ago, and it is doing well. There are many other variables, and Germany is not America — or even Canada — but it is shifting towards a more flexible labor market and less "generous" social programs. Now, it seems Denmark is following the German lead. That's a big shift in thought, and one driven by the stark realization that the social safety-net is unsustainable. Consider this article from the New York Times: Danes Rethink a Welfare State Ample to a Fault http://www.nytimes.com/2013/04/21/world/europe/danes-rethink-a-welfare-state-ample-to-a-fault.html COPENHAGEN — It began as a stunt intended to prove that hardship and poverty still existed in this small, wealthy cou...

Harvard's Niall Ferguson Apologizes for 'Stupid' Keynes Remarks This fall, I will be teaching a class on communication for future economists. One of the exemplars of public economists I plan to include in the course materials is Niall Ferguson, author of several texts on economics for general audiences. And, yet, like many scholars I respect, he says some dumb things. Trying to explains Keynes via his sexuality or lack of a family is pretty stupid. At least Ferguson admits his mistake. Maybe a long list of economists could learn from this example. However (you knew that was coming), cultures and experiences do shape our political views and our economic biases. At the time of Keynes, government was solidly anti-gay rights. Consider the fate of Alan Turing, sadly. But, Keynes did have faith in government. I wonder why…

Many economic policies are driven by the emotions of political populism: the policies feel "right" or "good" as long as you don't ponder them too deeply. Then again, there's evidence that some people would still support bad a policy because economics takes a backseat to various emotions. "Medical insurance" is no longer… insurance. It is indirect payment, and that's a problem. The other major example of indirect payment in our society is college tuition, with federally subsidized loans and grants creating an indirect market, as well. In both of these markets, healthcare and education, government policies have distorted costs, contributing to rising costs and declining value. Consider the following column and what it illustrates about the cost of higher education. An F for effort on holding down tuition http://www.washingtonpost.com/opinions/charles-lane-big-bloat-on-campus/2012/12/31/649c12b8-536b-11e2-bf3e-76c0a789346f_story.html B...

Though few visitors post comments to this blog, I do receive the occasional email question. Often, these questions involve definitions and concepts that should be included in a basic economics survey course. I'm uncertain how many high schools or colleges require economics, and a single-semester Econ 101 might be so compressed that it only creates more confusion and misunderstandings. This summer, I'm hoping to begin an irregular series of posts, "Intro to Econ." It has also been suggested that I create a page that lists some of the common terms used on this and other economics-related blogs. That seems like a reasonable suggestion. Yes, there are introductory texts and lexicons, but I like the idea of a witty guide to the jargon of economists, businesspeople, and politicians. I have a long list of blog topics, some dating back several years. The Intro to Econ would be yet another batch of posts to write. At least I'm never short of ideas. The posts should...