Articles & Blogs, Category = Economics as a Science

Category: Economics as a Science

Black Markets Reveal the Power of Economic Laws

“In contrast to the common perception, socialism has been unable to kill the market economy. The market went underground and turned into a black market. Black markets existed in capitalist countries as well, but they worked underground because they dealt in illegal commodities and services. The black market under socialism served the same purpose, but the list of commodities and services included mostly items of everyday and innocent consumption that people under capitalism could easily purchase in stores.”

Are Economists Blocking Progress on Climate Change?

Dutch economist Servaas Storm: “progress on climate change demands collective action, both between nations and within nations. Questions of who is paying the cost and who is getting the benefits are critical. We need coordination, direct steering and guidance of investment, research and develpment, along with innovation and mechanisms for burden sharing. The effort can only work if it is inclusive, democratic and fair: the strongest shoulders must carry the largest burden.”

It’s Time We Tear Up Our Economic Textbooks and Start Over

“The role of introductory textbooks is not to educate the next generation of economists. They will take many courses. For most of us, the purpose of studying economics is more modest. It is to make the world a little more understandable and, with luck, to force us to acknowledge what’s realistic and what’s not. But to play this constructive role, the textbooks must be up to date.”

How Adam Smith Became a (Surprising) Hero to Conservative Economists

“Whatever your political leanings, one thing is clear: Smith speaks on both sides of a longstanding debate about the fundamental values of modern market-oriented society. But these arguments over Smith’s ideas and identity are not new. His complicated reputation today is the consequence of a long history of fighting to claim his intellectual authority.”

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