Religion & Liberty Online Archives

Economics

November 02, 2020

Do economists agree?

Listen to politicians or cable news, and you will get the impression that economics is merely a thin veil for partisanship, the greatest mercenary discipline for justifying any policy. You can seemingly find at least one economist to agree with you; liberal economists favor liberal policies, while conservative economists favor conservative policies. Continue Reading...
October 07, 2020

When cronyism meets ‘creative destruction’

Amid rapid globalization, Americans have faced new pressures when it comes to economic change, leading to abundant prosperity, as well as significant pain and disruption across communities. In search of a villain, populists and progressives routinely blame the expansion of free trade and rise of global conglomerates, arguing that entrenched and moneyed interests are now allowed to run rampant from country to country with little competition or accountability. Continue Reading...
August 25, 2020

Karl Marx’s greatest lesson

Karl Marx famously concluded in his 1845 Theses On Feuerbach with his eleventh thesis: “Philosophers have hitherto only interpreted the world in various ways; the point is to change it.” How this change from analysis to activism can be justified in light of Marx’s own materialist conception of history is an enduring puzzle. Continue Reading...
August 18, 2020

The futility of artificial intelligence economics

Salesforce, an American cloud-based software company, earlier this year announced an initiative to develop an artificial intelligence economist. Stephan Zheng, the lead research scientist at Salesforce Research, describes the moonshot goal of this project as to “build a reinforcement learning framework that will recommend economic policies that drive social outcomes in the real world, such as improving sustainability, productivity, and equality.” Continue Reading...
August 12, 2020

Cuba loosens restrictions on private businesses to battle COVID-19

Over the past decade, Cuba’s private sector has experienced slow-but-steady growth thanks to a mix of entrepreneurial grit and incremental policy changes. Although the Communist government continues to waffle on the scope and duration of various restrictions, the number of self-employed Cubans has risen from 150,000 to 600,000 since 2010 – that is, until the outbreak of the global health pandemic. Continue Reading...
June 09, 2020

Riots and the broken window fallacy

The cost of the nine days of rioting following George Floyd’s death has already exceeded $100 million. Yet some economists believe that damage actually benefits our country. In the epicenter of the riots, Minneapolis Mayor Jacob Frey has appealed to the federal and state governments to foot the bill for the destruction, which stands at a preliminary estimate of $55 million. Continue Reading...