Religion & Liberty Online Archives

Economics

March 04, 2016

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...
February 26, 2016

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 Tabarrok 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...
February 25, 2016

Why Protectionism Is Like Drinking Salt Water

Protectionism, the practice of shielding a country’s domestic industries from foreign competition by taxing imports, has a strong appeal for Americans because it seems so obvious. If the globalized economy is a zero-sum game, then a “win” for China in the form of increased manufacturing jobs is likely to be a “loss” for America. Continue Reading...
February 23, 2016

What is Crony Capitalism?

Here on the Acton PowerBlog we talk a lot about crony capitalism. But what exactly does the term mean? And why is it so bad? In this short video from Prager University, Jay Cost, a staff writer at The Weekly Standard, explains what it is, why it’s wrong, and proposes a solution that every society could benefit from. Continue Reading...