Donald Trump and Milton Friedman Debate Free Trade

If it wasn’t for Bernie Sanders, Donald Trump would win the title of most economically illiterate presidential candidate in the short history of the twenty-first century. A prime example of why he’d earn this ignoble title is Trump’s opposition to free trade — a position which, not surprisingly, he shares with Sanders. Continue Reading...

The Hockey Stick of Human Prosperity

Since the era of Adam Smith economists have been asking, “What creates wealth?” One key answer is specialization and trade. On a timeline of human history, the recent rise in standards of living resembles a hockey stick — flatlining for all of human history and then skyrocketing in just the last few centuries. Continue Reading...

The Puzzle of Economic Growth

Why are some countries rich and others poor? The answer to that question is complex – and hotly debated. But economist Alex Tabbarok outlines several key ingredients to consistent economic growth -productivity, incentives, institutions – and explains how they are combined with factors such as a country’s history, ideas, culture, geography, and even a little luck. Continue Reading...