An Economist’s Case Against an Interventionist Foreign Policy

I‘ve been an economist over half my life. The more I’ve learned, the more I’ve seen what a powerful insight economist Ludwig von Mises had over 60 years ago when he pointed out that virtually every government intervention leads to unintended consequences that then lead to further interventions. So, for example, Nixon’s 1973 price controls … Continue reading “An Economist’s Case Against an Interventionist Foreign Policy”

What Game Theory Can Tell Us About Terrorism

In my inaugural column, it’s appropriate to deal with one of last week’s big events in economics: the awarding of the Nobel prize. The prize in economics went to two men for their contributions to game theory: Robert Aumann of Israel and Thomas Schelling of the United States. Game theory is, in a nutshell, the … Continue reading “What Game Theory Can Tell Us About Terrorism”