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Economic History

1 1696

The term capitalism has long been used by critics as a catch-all to denote a system replete with greed, indulgence, excess, and deprivation. It is easy to misinterpret self-interest as selfishness and write off capitalism and economics. But the truth of the matter is much more complicated...
The Robber Barons
2 3045

Capitalism Worked, But We Were Told It Didn't We study history to learn from it. If we can discover what worked and what didn’t work, we can use this knowledge wisely to create...
0 721

Romanticizing and moralistic contempt of the economy, including contempt of the impulses which move the market economy and the institutions which support it, must be as far from our minds as economism, materialism, and utilitarianism... Editor's Note: The following excerpt comes from Wilhelm Röpke's excellent book, 

How does it happen that in the eyes of workmen, of publicists, and statesmen, abundance should appear a thing to be dreaded, and scarcity advantageous? I propose to trace this illusion to its source... Which is best...
0 1086

More than just the ultimate inflation hedge, the wealth of Nature—gold, forests, land, agriculture—and the cautious stewardship of these tangible assets over easily-inflated government "IOU’s" is what distinguishes wealth from riches... When King Louis XII, in the year 1499, formed the project of taking the Dukedom of...
pearce
7 5081

Trade has always existed, and rich merchants have always been a part of the economic and political picture, but merchants have not always been the rulers, as they are today... In a recent essay...

Did the Republicans centralize power in the federal government under Lincoln? No doubt. But perhaps the more important question is: Which policies did Lincoln tolerate in order to achieve his overarching goal?... Among those who consider themselves...
1 3611

Economics, as practiced today, is a utilitarian and materialistic study. It is concerned with maximizing profit, with describing the actions of man as an economic being, and explaining the allegedly inevitable results of supposed economic laws. Our...

Only a short time ago, the prediction that Professor Milton Friedman would receive the Nobel Prize in economics would have been greeted by a broad spectrum of reactions ranging from horrified impossibility to an unemotional expression...
1 3085

In the “Overture” to his grandly symphonic The Enlightenment: An Interpretation, Peter Gay describes the “international type” of the philosophe as a “facile, articulate, doctrinaire, sociable, secular man of letters.” On this definition, was Adam...

Recently, I numbered among the twenty-some self-styled conservatives, organized by Steve Lonegan, who gathered at the headquarters of the Federal Reserve to meet with Chair Janet Yellen and governor Lael Brainard. (Steve is Director of Monetary Policy...

Every nation has its “founding myth,” as we are apt to hear from post-modern quarters. But is this ever true when it comes to our economic history. In curricula from K-12 to history graduate school, it is staple...
10 7889

In Aristotle's view, “true wealth” was finite, restricted to those articles “useful to the association of the polis or the household,” and thus necessary to sustain “the good life.” The exchange of commodities for money...
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Grand Pursuit: The Story of Economic Genius, by Sylvia Nasar, Simon & Schuster, 558 pages In December 1974, in the midst of the first energy crisis, Friedrich Hayek...