Author Archives: admin

Ebenstein’s “Chicagonomics: The Evolution of Chicago Market Economics [Book Review]

Review of Lanny Ebenstein’s “Chicagonomics: The Evolution of Chicago Market Economics”, New York: St. Martin’s Press, 2015. This book tells the story of the University of Chicago’s economists, from the university’s founding in 1891 with a large grant from John … Continue reading

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Taxation of Multinationals

The OECD has just produced a report on “Base Erosion and Profit Shifting” (BEPS) which sets forth a set of proposals for tightening taxation of companies which operate across national boundaries to curb the abuses of “tax planning”, in response … Continue reading

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Prospects for International Monetary Reform*

As I see it, international monetary reform has two essential elements. The first of these is a system for disciplining excessive current account surpluses, such as Keynes sought to introduce at Bretton Woods. There is an important constraint on what … Continue reading

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Thoughts on Social Welfare Functions

The way that most economists visualize the objective function of economic policy is in terms of the maximization of a social welfare function. This is a mathematical expression that summarizes the weight which society places on the preferences expressed by … Continue reading

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If Development Succeeds

Let us assume that development succeeds, to the point where living standards are similar in all countries. (This does not seem to me to be terribly unrealistic; it is a logical consequence of the hypothesis that less-developed countries tend to … Continue reading

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Raise Taxes to Cure the Recession

Political debate in the United States is currently strangled by the failure of anyone to advocate raising taxes, however strong the arguments in favor. This is presumably the ultimate tribute to the genius of Grover Norquist, who has made it … Continue reading

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Should One Worry about the Prospect of Deflation?

It seems that there is now virtual unanimity in regarding deflation as a threat to be avoided at all costs, comparable in severity to the problem of inflation in the 1970s. This is despite the fact that my suggestion of … Continue reading

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