Media articles

Speak Freely

  • The Renovated Political Landscape in Spain: New Parties, Same ideas

    Spain will face new elections next month after its main political parties failed to form a government since the last elections in December. But Luis Pablo de la Horra doubts whether new elections will bring Spain the change it needs. [Continue reading:]
    • Elections in Spain: Populism Loses Momentum

      The outcome of the new elections in Spain (elections that are the direct consequence of the inability of the four main parties to form a government after the December 2015 elections) has come as a surprise to virtually everyone. A black swan made its appearance while the votes were still being counted. The Popular Party won the election with 33% of the votes and 137 seats (out of 350), 14 more than in the December elections (although 49 fewer than those obtained in 2011). Despite being cornered by numerous cases of corruption, the conservatives did not only surpass their own expectations, but they also beat most polls, which forecasted the same seats and percentage in votes that they had achieved in the previous elections. [Continue reading:]
    • Who is Gary Johnson?

      If you hadn’t heard of Gary Johnson before, then you probably have now that his Aleppo gaffe is all over the media. But who exactly is Gary Johnson? Did you know he was named CEO of a marijuana company a couple of years ago? Or why the former New Mexico Governor earned the nickname Governor Veto? Luis Pablo de la Horra gives you his view on the Libertarian candidate. [Continue reading:]
    • Economic Growth in the US in the aftermath of the Great Recession: What’s behind the Sluggish Recovery?

      The post-recession period in the US has shown that economic growth is not what it used to be. The annualized, real GDP growth over the period 2010-2015 was 2.1%, compared to the 3.4% growth during the sixty-year period that goes from 1947 to 2007. When expressed in GDP per capita terms (that is, when changes in population are factored in), the difference is still blatant: 1.3% in the post-crisis years versus a 2.1% annualized growth between 1947 and 2007. [Continue reading:]
    • The American Anarcho-Individualist Tradition

      Despite its strong association with Spanish anarchism during the 1930s, collectivism was not a hallmark of anarchism everywhere. In the US, for example, anarchism went hand in hand with certain Lockean-rooted individualism (developed by nineteenth-century thinker and father of liberalism John Locke and based on a deontological defense of property rights, individual sovereignty, and the non-aggression principle)that permeated the works of most nineteenth-century anarchist authors on the other side of the Atlantic. The figure who best embodied the ideas of individualist anarchism in America was, without doubt, Lysander Spooner. [Continue reading:]
    • Do Patients a Favor a Legalize Kidney Sales

      Spain is one of the leading countries in kidney transplants. In 2016, near 3,000 transplants were carried out in Spanish hospitals, of which 11% came from living donors. Yet the number of chronic kidney disease (CKD) patients awaiting a kidney still amounts to 4,300 or around 140% of the number of transplanted patients last year. [Continue reading:]
    • Let’s not Fall into the Trap of Anti-Immigration Rhetoric

      The anti-immigration rhetoric on which Trump based his presidential campaign has moved from simple demagoguery to concrete policy measures. Earlier this month, President Trump gave his support to the RAISE Act whereby the bill’s sponsors, Senate Republicans David Perdue and Tom Cotton, expect to reduce legal immigration by 50% over the following decade. [Continue reading:]
    • What should the Objective of the Firm be?

      The academic literature about the nature of the firm has traditionally focused on two research questions aimed at understanding the role of firms in capitalist economies. The first question was first raised by Ronald Coase in his paper The Nature of the Firm (Coase 1937). In it, the British economist put forward a rationale for the existence of firms. Coase tried to answer the following question: why do firms exist? [Continue reading:]
    • The Extinguisher of War, the Eradicator of Prejudice, the Diffuser of Knowledge

      Last week witnessed the signing of what is probably the most important international agreement of the last few years. Leaders of 44 African countries gathered in Kigali (Rwanda) to establish the African Continental Free Trade Area (AfCFTA), the largest trade agreement since the creation of the World Trade Organization in 1995.[Continue reading:]
    • 4 Ways to Effectively Communicate Libertarianism (and Not Die Trying)

      What’s the best way to communicate the ideas of liberty to people unfamiliar or even hostile towards free markets? Even though this is a question I have been asking myself for years, attending LibertyCon has led me to reflect more thoroughly on this issue. Here are 4 ways to get the message across.[Continue reading:]
    • When it Comes to Investing, Go Passive: A Guide for Smart Investors

      Setting aside part of one’s income to provide for contingencies seems a matter of common sense. Uncertainty about the future requires sacrificing consumption today, in order to secure consumption tomorrow. From a macroeconomic perspective, it also makes sense: savings allow for capital investments, one of the keys to increasing productivity and producing economic growth.[Continue reading:]

    Foundation for Economic Education (FEE)

    • Public Ed Gets Schooled in Developing Countries

      Does this sound familiar? “Education is a basic pillar for any society. It is the bedrock upon which a country builds its present and future prosperity; therefore it is important that governments in developing countries provide free, basic education so that children do not fall behind due to lack of economic resources, thereby expanding opportunities to thrive and abandoning the vicious circle of poverty.” [Continue reading: Foundation for Economic Education]
    • Economic Theory Really Is Pro-Immigration

      In his now-classic work The Myth of the Rational Voter, Bryan Caplan identifies four systematic biases about economics held by the average citizen: make-work bias (an inclination to overestimate the disadvantages of temporary job destruction due to productivity increases), anti-market bias (a tendency to overlook the benefits of the market as a coordination mechanism), pessimistic bias (an inclination to underestimate the present and future performance of the economy), and anti-foreign bias (a tendency to underestimate the economic benefits of interaction with foreigners). [Continue reading: Foundation for Economic Education]
    • The Evidence Weighs in Favor of Immigration

      In a previous article, I analyzed the economics of immigration from a theoretical perspective. I concluded that economic theory clearly supports immigration-friendly policies since they benefit all parties involved. In this article, I will examine the empirical evidence on the effects of immigration on host countries and immigrants themselves. [Continue reading: Foundation for Economic Education]
    • The Southern Slave Economy Was Anti-Capitalistic

      The discussion around the political economy of slavery has been one of the central debates in the academic study of the Peculiar Institutionin the Antebellum South. Traditionally, the Southern economy was considered non-capitalistic and pre-bourgeoise; a pre-industrialized economy that struggled to thrive due to the lack of incentives imposed by slave labor, the absence of a legal framework that stimulated the emergence of capitalism and a backward, agriculture-based economy. [Continue reading: Foundation for Economic Education]
    • Zara Billionaires "Cheap" Philanthropy: $360 Million for Cancer Treatment

      Amancio Ortega, founder of Inditex and top 5 on Forbes list of The World’s Billionaires, was recently involved in a controversy on account of a donation that his foundation made to the public health care system in Spain. The donation, which amounts to $360 million, was aimed at acquiring new equipment for diagnosis and treatment of cancer in public hospitals. [Continue reading: Foundation for Economic Education]
    • Did Krugman Catch a Contradiction in Friedmans Great Depression Work?

      In this article published shortly after Milton Friedman’s death, Paul Krugman critically examines the figure of the Chicago School economist as an academic and disseminator of free market ideas. The article is quite long, so I do not intend to undertake a thorough analysis of Krugman’s take on Friedman. Yet there is one element in the article I would like to briefly address in the following lines. [Continue reading: Foundation for Economic Education]
    • Spain Embraces the Ridesharing Economy

      Economic theory tells us that barriers to entry in a particular sector tend to push prices up. In addition to increased costs, these restrictions also reduce the quality of the goods or services provided by incumbent companies and slow down the emergence of disruptive innovations. [Continue reading: Foundation for Economic Education]


    • Globalisation gives us reasons to be cheerful

      In 2015, YouGov, an international market research firm, conducted a poll on the state of the world, in which 71 per cent of respondents said they were convinced that the world was becoming a worse place, and only 5 per cent thought that living standards were improving across the world. [Continue reading: CapX]
    • Pensioners are Feeling the Pain in Spain

      When the British Government announced last week that it was bringing forward increases to the pension age, there was outrage. Critics claimed it was austerity via the back door, that Britons were going to be working until they dropped. [Continue reading: CapX]
    • Refugees are a boon – not a burden

      Since the Syrian Civil War started in 2011, over five million people have seen themselves forced to flee the country in search of a better life. Most of them have resettled in neighboring countries, mainly in Turkey, which has accommodated around 3 million refugees since the outbreak of the war. [Continue reading: CapX]
    • The price of Catalan turmoil

      In a deliberately confusing speech during a plenary session of the regional parliament on October 11, Catalan President Carles Puigdemont unilaterally announced the independence of Catalonia and then proposed that parliament suspend that independence so as to start negotiations with Spain’s national government. [Continue reading: CapX]
    • Demonstrations don’t change reality of public pensions in Spain

      In response to the recent approval of a modest pension increase by the Spanish government, thousands of pensioners marched the streets of major Spanish cities last Thursday in protest. Madrid saw particularly heated demonstrations when 3,000 people broke through the police cordon and surrounded the Congress of Deputies. [Continue reading: CapX]
    • Spain’s road to nowhere

      When Spanish Prime Minister Mariano Rajoy had his budget passed by Congress two weeks ago, nothing indicated that he was about to be removed from office. But one of the most successful political manoeuvres in the history of modern Spain came to a climax at the end of last week, when Rajoy was replaced as prime minister by Socialist party leader Pedro Sánchez.[Continue reading: CapX]
    • Under Sánchez, Spain looks set for a slippery slope to economic decline

      Politics is the art of spending regardless of whether there is money to do so. This seems to be the motto of Pedro Sánchez, the new prime minister of Spain, who has recently revealed his intentions to boost public spending until the end of his term, presumably in 2020. [Continue reading: CapX]
    • Why we need a market for human organs

      The bizarre case of former Barcelona footballer Eric Abidal has once more brought the issue of organ donation into the public eye. To recap, Spanish newspaper El Confidencial published reports suggesting that back in 2012 the club’s then president Sandro Rosell tried to buy the cancer-stricken player a liver on the black market and then claim the transplant had come from Abidal’s cousin, Gerard.[Continue reading: CapX]
    • Turning in his grave: Franco’s remains cause a stir in Spain

      In the hills outside Madrid, 37 miles away from the crowded city centre of the capital, a 500-foot cross stands over a Catholic basilica known as The Valley of the Fallen. The vast monument, built between 1940 and 1958 to honour the dead from the victorious Nationalist side of the Spanish Civil War, is the resting place of thousands of victims from both sides of the conflict.[Continue reading: CapX]
    • Spain offers a warning of the liberal threat to free speech

      What are the limits of free speech? According John Stuart Mill, one of the intellectual fathers of classical liberalism, the answer to this question lies in the so-called Harm Principle: free speech should be limited only in those cases where exercising it harms others. This sounds reasonable. After all, it is consistent with the motto “your freedom ends where mine begins”, with which most people agree. Yet the Harm Principle has a problem: it is vague enough to justify unlimited free speech as well as severe restrictions on it simultaneously.[Continue reading: CapX]
    • The populist right is on the march in Spain

      In the introduction to the book Twenty-First Century Populism, Daniele Albertazzi and Duncan McDonnell define populism as “an ideology which pits a virtuous and homogeneous people against a set of elites and dangerous ‘others’ who are together depicted as depriving (or attempting to deprive) the sovereign people of their rights, values, prosperity, identity and voice”.[Continue reading: CapX]
    • Spain’s government is heading down a dangerous economic road

      Last month, Spain’s Prime Minister Pedro Sánchez reached an agreement with Podemos, the left-wing populist party over next year’s budget. Despite the government’s efforts to get other political groups to support the proposals, which have already criticised by the European Commission for being too expansive, the lack of a parliamentary majority means it will be difficult for Sanchez to get most of his plans through Congress.[Continue reading: CapX]

    Adam Smith Institute

    • Labor Flexibility Beats Unemployment: A Closer Look at the Labor Market in Denmark

      Despite Bernie Sanders’ efforts to identify Denmark with some sort of democratic socialist utopia where a highly-interventionist government regulates all the nooks and crannies of the economy, it is well known nowadays that the success of this Scandinavian country is closely linked to its high degree of economic freedom. We just need to look at the latest Index of Economic Freedom, published every year by the Heritage Foundation, to state the obvious: Denmark ranks in the top 15 worldwide. [Continue reading: Adam Smith Institute]

    Institute of Economic Affairs

    • Misconceptions about the Nordic Economies

      The Nordic countries are usually mentioned in the Spanish political debate as examples of well-functioning and efficient Welfare States where the government provides citizens with a large range of social benefits. (The terms “Nordic” and “Scandinavian” will be employed interchangeably to refer to Sweden, Finland and Denmark. Norway and Iceland are excluded from my analysis.) Politicians, especially on the left side of the political spectrum, look at Sweden, Denmark, or Finland as successful social democratic experiments in which social entitlements are guaranteed by the benevolent and caring hand of the State. Their existence is conclusive evidence that those who question the sustainability of an unlimited expansion of the welfare state are wrong. [Continue reading: Institute of Economic Affairs]


    • What Everybody Knew about Banco Popular, but Nobody Dared to Say

      Only two months after acquiring Banco Popular, Santander has sold a majority stake in Popular’s real estate portfolio to Blackstone. The private equity firm will pay around $6 bio for 51% of the bank’s real estate assets, valued at $11.7 billion. The book value of the assets (that is, the historical cost at which the assets were entered on the accounting books of the bank) amounts to $35.2 billion or three times as much as their market value. Or put differently: assets were sold at a 66% discount to book value. [Continue reading: Medium]
    • Akerlofs “Market for Lemons”: A Critical Comment

      The effects of information asymmetries on the coordinating role of the market is probably one of the most discussed topics in the history of modern economic science. The neoclassical paradigm assumes that economic agents possess perfect information that allow them to make utility-maximizing decisions, which means that information asymmetries are left out of the neoclassical models. [Continue reading: Medium]


    • Donald Trumps statement on Venezuela might have been admirable were it not so hypocritical

      In one of his usual televised tomfooleries, this time in a plenary session of the newly formed Constituent Assembly (a kind of pseudo-democratic parliament that has replaced the rightful legislature in a rigged election), the Venezuelan dictator Nicolas Maduro urged his secretary of state to make the necessary arrangements to talk on the phone with President Donald Trump to address the relationship between their countries. [Continue reading: Rare]

    Students for Liberty España

    • Contra el Desempleo, Flexibilidad Laboral: El Mercado de Trabajo en Dinamarca

      A pesar de los intentos de Bernie Sanders de vendernos la idea de que el innegable éxito económico de Dinamarca es consecuencia directa del elefantiásico tamaño de un Estado que, según nos dicen, regula todos los recovecos de la economía nórdica, lo cierto es que la prosperidad danesa está estrechamente ligada a su alto grado de libertad económica. Basta con echar un vistazo al Índice de Libertad Económica, que publica cada año la Heritage Foundation, para constatar lo obvio: Dinamarca se halla entre los 15 países con mayor libertad económica del mundo. [Continue reading: Students for Liberty España]
    • La Evidencia No Miente: El Mundo es Cada Vez un Lugar Mejor

      En 2015, la firma de estudios de mercado YouGov llevó a cabo una encuesta sobre el estado del mundo. El 71 por ciento de los encuestados decía estar convencido de que las condiciones de vida a nivel mundial estaban empeorando; sólo el 5 por ciento pensaba que el mundo progresaba adecuadamente. En una entrevista en el diario La Stampa, el Papa Francisco se subió al carro del pesimismo antiglobalización al afirmar que “la riqueza ha crecido en términos absolutos, pero la desigualdad y la pobreza se han incrementado”. Ambos testimonios están incluidos en el nuevo libro de Johan Norberg Progress: Ten Reasons to Look Forward to the Future. [Continue reading: Students for Liberty España]
    • Lysander Spooner y la Tradición Anarco-Individualista en Estados Unidos

      El anarquismo español ha estado tradicionalmente ligado al movimiento sindicalista surgido a finales del siglo XIX en Madrid y Barcelona. La consolidación de la acracia española llegó con la fundación en 1910 de la Confederación Nacional de Trabajadores (CNT), cuya importancia en el panorama obrero español iría creciendo de forma gradual hasta su práctica desaparición en 1939 con la victoria de los sublevados en la Guerra Civil Española. El anarquismo patrio siempre tuvo un carácter manifiestamente colectivista, influido por el anarquismo de raíz bakuniana. [Continue reading: Students for Liberty España]

    The American Conservative

    • Republican Tax Reform: Feast Today, Famine Tomorrow

      The vague tax reform promises that Donald Trump put forward during his presidential campaign have finally been turned into concrete measures. Republican senators and their House counterparts recently released their respective proposals to simplify the cumbersome American tax system. Once both bills are passed, a conference committee will be assembled to work out a final piece of legislation. [Continue reading: The American Conservative]
    • A New Fed Chairman for a New Economy

      The day has finally arrived. Jerome Powell has been sworn in as the new chairman of the Federal Reserve, replacing Janet Yellen, who had served as the chair of the Board of Governors since 2014. Powell was nominated by President Donald Trump in November and was recently confirmed by the U.S. Senate after Trump refused to reappoint Chairwoman Yellen to a second four-year term. He’ll take the helm of the central bank at a time of dramatic correction for the world economy; the Dow Jones Industrial Average sagged 4 percent on Monday, partially in response to anxiety over the Fed’s schedule of interest rate hikes.[Continue reading: The American Conservative]


    • A European Monetary Fund: an Old, Bad Idea

      The European Commission remains committed to undertaking an ambitious economic and fiscal reform for the European Monetary Union. The Commission recently released a roadmap where it puts forward a set of guidelines aimed at strengthening “the unity, efficiency and democratic accountability of Europe’s Economic and Monetary Union by 2025.” These guidelines include moving forward with the proposal for a banking union, reaching a new agreement on the necessity of undertaking structural reforms in the Member States or incorporating the Stability and Growth Pact, which imposes fiscal discipline on Euro countries, to the Eurozone’s legal framework. [Continue reading: Blogactiv]
    • Catalonia’s Groundhog Day

      When Spanish President Rajoy announced in October that he would start the legal procedures to remove the Catalan government and call for regional elections, many people, especially in Catalonia, breathed a sigh of relief: the trip to nowhere initiated a few years ago by Catalan secessionists had been put to an end. The political turmoil, the naïve thought, would give way to a new time of political and economic stability. [Continue reading: Blogactiv]
    • Lights and Shadows of Draghi’s Proposals to Reform the Eurozone

      Mario Draghi is a man of few words. The President of the ECB is not the kind of public figure that enjoys being in the spotlight all the time. Yet every time he speaks, he makes the headlines. [Continue reading: Blogactiv]

    Intellectual Takeout

    • Why Bitcoin Will Never Become a World Currency

      One doesn’t need to hold a PhD in Economics to realize that money plays a vital part in the correct functioning of an economy. By means of an excellent analogy, the American economist Steve Horwitz likens money to blood circulating through the body: any disease affecting the red river of life will likely impact the body as a whole.[Continue reading: lntellectual Takeout]
    • Demolishing the Pillars of Prosperity in the Name of Art

      Imagine you own a modest house in the countryside. You go there with your family on the weekends, fleeing the noisy and congested atmosphere of the city. Your husband and you are still paying back the mortgage you took a few years ago to purchase the house, working hard to make ends meet.[Continue reading: lntellectual Takeout]
    • 3 Economic Fallacies That Just Won’t Die

      In any academic discipline, one can find two types of experts: those who are incapable of explaining complex ideas in a simple manner; and those capable of making the difficult look easy. This year marks the 25th anniversary of the death Henry Hazlitt, one of the few economists that belongs to the second group.[Continue reading: lntellectual Takeout]
    • Bill Gates Fails Logic While Talking Cryptocurrencies in Reddit AMA

      In a Q&A session on Reddit last week, Microsoft’s founder Bill Gates accused cryptocurrencies of causing “deaths in a fairly direct way,” leading to headlines such as this: “Bill Gates says crypto-currencies cause deaths.[Continue reading: lntellectual Takeout]
    • The Gender Pay Gap is Real ... but it Has Little to Do With Gender Discrimination

      On occasion of International Women’s Day, millions of people marched on the streets of dozens of cities around the world to vindicate women’s rights and denounce gender-based violence and discrimination in all its forms. In Spain, demonstrations were accompanied by a general strike that, according to labor unions, was followed by 5.3 million women.[Continue reading: lntellectual Takeout]
    • Why Estonia—Yes, Estonia—Is Suddenly One of the Wealthiest Countries in Eastern Europe (and the Most Innovative)

      The question on why some countries are rich and prosperous whereas others seem to be condemned to the scourge of poverty has been around for centuries. Many factors have been argued to be the determinants of prosperity: geographical, cultural, historical, etc. [Continue reading: lntellectual Takeout]
    • Venezuela’s President Tackles Economic Crisis by Deleting 3 Zeros From its Currency

      It seems that Venezuela’s dictator Nicolás Maduro has finally found the way to bring the country out of the unprecedented economic crisis Venezuela is immersed in since 2012. The ineffable leader of the Bolivarian Revolution has recently announced the launching of a new currency, the so-called Sovereign Bolivar, which will replace the bolivar as the official medium of exchange starting in June.[Continue reading: lntellectual Takeout]
    • Rent Control Advocates Need a Lesson in Economics

      Rent control is one of those policies that continues to attract the favor of the public despite the fact it has repeatedly proven to be ineffective when it comes to improving the lives of those it is aimed at.[Continue reading: lntellectual Takeout]
    • 5 Economics Books Everyone Should Read

      When was the last time you read a book about economics? If your answer is “when I was in high school” or “I have never read a book on such a boring topic”, here are some suggestions in ascending order of difficulty that might help you get into economics.[Continue reading: lntellectual Takeout]
    • Ayn Rand and Ludwig von Mises Once Had Dinner Together, and It Can Teach Us a Lot About Intellectual Dogmatism

      At the International Society for Individual Liberty’s Conference, Milton Friedman once gave a speech titled “Say ‘No’ to Intolerance” (you can find the transcription here) where he criticized the sectarianism of a part of the libertarian movement.[Continue reading: lntellectual Takeout]
    • Why More Regulations Won’t Fix the Financial Sector Problems

      What is the role of the finance today? Is it still an essential pillar in the value-creation process that has characterized market economies since the emergence of capitalism in the 18th century? Or it has grown into an uncontrolled leviathan that does more harm than good?.[Continue reading: lntellectual Takeout]
    • How Nat Turner’s Failed Revolt Changed the Debate on Slavery

      On August 22, 1831, a group of slaves began a revolt in the county of Southampton, Virginia, that would go down in history as the largest uprising against the Peculiar Institution in nineteenth-century America. The rebellion was led by Nat Turner, a slave from Southampton, one of the few southern counties where black Americans were the majority.[Continue reading: lntellectual Takeout]
    • Bourgeois Dignity: The Idea that Created the Modern World

      When thinking about the astonishing improvement in living standards occurring over the last two centuries, one can’t help but wonder about the causes of such a radical transformation: what explains the unprecedented increase in income per capita that the world has experienced since 1800?[Continue reading: lntellectual Takeout]
    • 3 Ways Milton Friedman Improved the Field of Economics

      Milton Friedman is probably the most important free-market thinker of the twentieth century. His ideas in defense of capitalism and economic freedom had an enormous influence on the shift towards free-market policies that took place from the 1970s onwards.[Continue reading: lntellectual Takeout]
    • What the Origins of Money Teaches Us About Spontaneous Order

      Money has been around for most of human history. From Mesopotamia (or even earlier), all civilizations have employed some kind of medium of exchange to facilitate transactions regardless of their geographical locations, legal and economic systems, religious beliefs or political structures. Have you ever wondered why? In a brief essay entitled “On the Origins of Money,” the nineteenth-century Austrian economist Carl Menger provides an answer to this question. Menger argues that money emerged spontaneously in different times and places to overcome the disadvantages of barter and facilitate the expansion of trade. Which disadvantages? [Continue reading: lntellectual Takeout]
    • Isaac Asimov’s Foundation: The Science Fiction Masterpiece You Probably Haven’t Read

      What if we could use science to predict the future of humankind and, thereby, prevent the collapse of civilization as a result of wars, economic crises or any other unforeseen event that could endanger its existence?This is the starting point of the Foundation saga, a series of seven books written by the brilliant and multifaceted author Isaac Asimov. [Continue reading: lntellectual Takeout]
    • 3 Nobel Prize-Winning Contributions to Economic Science (From People Who Weren’t Economists)

      Since it was introduced in 1968, the Nobel Memorial Prize in Economic Sciences has been awarded to 79 individuals for their contributions to different branches of economics. Yet not all of them were economists by training. Here are three contributions that earned their authors the Nobel Prize in a field that wasn’t initially theirs.[Continue reading: lntellectual Takeout]
    • 5 of the Worst Economic Predictions in History

      Uncertainty makes human beings uncomfortable. Not knowing what’s going to happen in the future creates a sense of unrest in many people. That’s why we sometimes draw on predictions made by leading experts in their respective fields to make decisions in our daily lives. Unfortunately, history has shown that experts aren’t often much better than the average person when it comes to forecasting the future. And economists aren’t an exception. Here are five economic predictions that never came true.[Continue reading: lntellectual Takeout]
    • Is Killing a Tyrant Ever Justified?

      In his work De rege et regis institutione (1599), Jesuit priest Juan de Mariana examines the limits of political power, which, in sixteenth-century Europe, was exercised by monarchs. According to Mariana, monarchs should be subject to the same moral standards as the governed. Should they deviate from the principles of natural law by confiscating the legitimate property of the people, levying taxes against the consent of the governed or usurping the functions of the parliament, it is the right of the people to assassinate a ruler that has turned into tyrant.[Continue reading: lntellectual Takeout]
    • Undermining the Independence of the Fed is a Terrible Idea

      President Trump is known for expressing his views openly, without mincing his words. He has shown in many occasions that he doesn’t care about political correctness, an attribute that has allowed him to gain the support of millions of Americans. But being politically incorrect isn’t always a virtue, especially when it implies making unreasonable statements without measuring the consequences.[Continue reading: lntellectual Takeout]
    • Is the World Really Getting Richer?

      These days, our view of the world seems to be dominated by a sense of pessimism. No matter how many surveys you look at (see, for instance, here and here), results are always the same: most people are convinced that the world is becoming a worse place in which to live.[Continue reading: lntellectual Takeout]
    • Five Lesser Known Financial Crises of the 20th Century

      A decade has passed since the collapse of the Lehmann Brothers investment bank, triggering the worst recession since the stock market collapse of 1929. But between the 1930s and 2008, the world experienced several economic downturns, some of which had a long-lasting impact on the affected countries. Here are five less well-known crises that shaped the Twentieth Century.[Continue reading: lntellectual Takeout]
    • How One African Nation is Pulling Itself Out of Poverty

      When discussing the dramatic increase in living standards of the last decades, we usually forget to mention that this increase hasn’t been uniform. Whereas Asia has experienced tremendous economic growth, Africa is the continent that has benefited the least from global capitalism. This doesn’t mean that living standards in Africa haven’t increased at all. Since 1990, extreme poverty in Sub-Saharan countries has been considerably reduced and life expectancy has gone up by more than 10 years.[Continue reading: lntellectual Takeout]
    • Would the US be Happy Doing Things the ‘Swedish Way’?

      Sweden has traditionally been portrayed in the US political debate as the epitome of democratic socialism: a country where the benevolent hand of government has managed to create a sustainable and generous welfare state funded by a progressive taxation system in which high-income earners pay their fair share; a country where the government provides basic services for all at a lower cost and higher quality than the private sector; a country where the greed of businesses is subordinated to the interests of workers and society as a whole.[Continue reading: lntellectual Takeout]
    • The Man in the High Castle and the History That Never Was

      United States, 1962. It’s been 15 years since the Nazis dropped an atomic bomb on Washington D.C., forcing the US government to surrender to the Axis powers. The United States is now divided into two vast provinces, each of which is controlled by the two world-ruling empires: the Greater Nazi Reich and the Japanese Empire.[Continue reading: lntellectual Takeout]
    • Beyond Climate Change: 3 Important Economic Contributions of Nobel Prize Winner William Nordhaus

      Yale economist William D. Nordhaus was recently awarded the Nobel Prize in Economic Sciences (or, to be more precise, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) for his analysis of the economic impact of climate change. Nordhaus pioneered the study of global warming from an economic perspective, developing a model to assess the potential costs of climate change on the world economy.[Continue reading: lntellectual Takeout]
    • What is Neoliberalism?

      Neoliberalism is one of those concepts that changes meaning depending on whom you ask. Whereas the intellectual opponents of capitalism use it to refer to the political and economic system that emerged in the 1980s and continues to be hegemonic today, classical liberals see it as a vague and empty concept that adds nothing to the political debate.[Continue reading: lntellectual Takeout]

    The Daily Caller

    • Prejudices Against Immigrants And Refugees Are Hurting The U.S. Economy

      In February 2016, Senate Republicans David Perdue and Tom Cotton introduced a controversial immigration bill, called the RAISE Act, which, if passed, would cut legal immigration in half over the next decade. In addition, it would cap refugee admissions to 50,000 — far below the number of refugees admitted over the past years.[Continue reading: The Daily Caller]


    • Dealing with migration in Europe

      The last months have witnessed a significant increase in the arrival of undocumented immigrants to the Spanish coasts, reaching a record level since 2006. Spain has become the main sea route to enter the European Union for thousands of people escaping poverty and war in Africa and Asia. This has caused the outrage of the right-wing parties, blaming the Spanish government for creating a pull effect when it agreed to let a rescue ship with more than 600 immigrants on board into one of its ports last June.[Continue reading: E!Sharp]

    Instituto Juan de Mariana

    • El objetivo de la empresa en las economías de mercado (I)

      Hace unos días, la senadora demócrata Elizabeth Warren presentaba un proyecto de ley destinado a cambiar las bases del gobierno corporativo de las grandes empresas que operan en Estados Unidos. Entre otras medidas, la propuesta pretende reemplazar el objetivo clásico de las empresas, basado en la maximización del valor a largo plazo de los accionistas, por el enfoque stakeholder.[Continue reading: IJM]
    • El objetivo de la empresa en las economías de mercado (y II)

      En el artículo anterior, analizamos la teoría clásica sobre el objetivo de la empresa en las economías capitalistas (a la que llamamos SVM, por sus iniciales en inglés). De acuerdo con el enfoque SVM, las empresas deben maximizar el valor de los accionistas a largo plazo, lo cual implica maximizar los beneficios netos después de impuestos. Vimos también que la teoría SVM tiene fundamentos teóricos sólidos a nivel agregado. Cuando las empresas maximizan sus beneficios en un marco competitivo, el bienestar social aumenta.[Continue reading: IJM]
    • El estado de bienestar como excusa

      Hace unos días, el economista estadounidense Bryan Caplan, conocido defensor de las fronteras abiertas, compartía un meme en Facebook en el que se ridiculizaba uno de los argumentos más repetidos en contra de la libertad migratoria[1]. En la imagen, una pintura del artista estadounidense Joseph Brickey, aparecía Dios dirigiéndose a Moisés en los siguientes términos: “Cuando el extranjero morare con vosotros en vuestra tierra, no le oprimiréis” (Levítico, 19:33); a lo que éste respondía: “Antes habría que acabar con el estado de bienestar”.[Continue reading: IJM]


    • Italy´s Budget Proposal: A Fiscal Nonsense

      “Italy plans an obvious significant deviation of the recommendations adopted by the Council under the Stability and Growth Pact for 2019.” This was the clear message that Pierre Moscovici, Commissioner for Economic and Financial Affairs, sent the Italian Minister of Finance and Economy regarding the budget proposal elaborated by Italy’s coalition government for fiscal year 2019. In a letter sent last October 18, the European Commission made clear that the proposed budget involves a clear violation of the Stability and Growth Pact, a mechanism designed to curb the uncontrollable desire of European politicians to increase public spending.[Continue reading: Values4Europe]