While optimal tariff calculations can show the possibility for large nations to increase national income via protectionist policies, they do not tell the whole story. In this paper, I extend the dynamics of intervention to analyze the impact of tariffs on the entrepreneurial market process. I...

Monetary policy and institutions are far from exempt from political influences. In this paper, we analyze monetary institutions not as being run by either benevolent technocrats or a wealth maximizing Leviathan but as being the outcome of competition between interest groups trying to capture...

How can public policy best deal with infectious disease? In answering this question, scholarship on the optimal control of infectious disease adopts the model of a benevolent social planner who maximizes social welfare. This approach, which treats the social health planner as a unitary “public...

The theory of interventionism argues that government interventions are inherently destabilizing which helps explain the growth of government. I argue that the theory of interventionism is also useful process of economic growth. At first, an intervention reduces living as a level change. However,...

While few economists dispute that governments should have some role in dealing with pandemics, the relevant institutional question is whether governments can deal with pandemics. In this article, we argue that there are trade-offs embedded with the provision of public health measures. States...

For most of Canadian economic history, French-Canadians (composing more than a quarter of the country's population) had living standards inferior to those of English-Canadians. This was true even in the province (Québec) where the French-Canadians constituted a majority. Today, no significant...

This document includes the Introduction and table of contents of a project: Think Spiral: Essays on Adam Smith. The Introduction has the following sections: (1) A Social Grammar(2) The Three Justices: Commutative, Distributive, and Estimative(3) The Liberal Program(4) The Theory of Moral...

Scholars distinguish between gratitude, which involves not only appreciation of benefit but a positive feeling directed to the benefactor, from gratefulness, which does not necessarily involve any benefactor, much less a feeling toward one (‘I am grateful for the warm sunshine.’). I suggest...

A group of scholars, including myself, have elaborated a tri-layered understanding of justice in Adam Smith (commutative, distributive, and estimative). Here I go beyond the matter of Smith’s understanding of justice, to ask: How did he discourse about justice? Does he instruct us in the...

Using economic reasoning, Julian Simon offered crucial insights into a range of pressing issues including the environment, immigration, and economic development. The main lesson from Simon’s scholarship is that the ultimate resource does not reside in the ground (natural resources), or even in...