Let’s Keep Our Eyes on the Prize

Vanity Fair columnist Christopher Hitchens is right when he denounces former U.S. Attorney General Ramsey Clark. Although he and I disagree strongly about the wisdom of the U.S. government’s war on Iraq – he favors it and I’ve opposed it from the get-go – Hitchens is one of the sharpest pundits in the punditry business. … Continue reading “Let’s Keep Our Eyes on the Prize”

Adam Smith’s Economic Case Against Imperialism

Sometimes, when I recommend that people read Adam Smith’s Wealth of Nations (the full title is An Inquiry into the Nature and Causes of the Wealth of Nations), I am met with a supercilious snort, as if nothing that was written in 1776 could be relevant to today. A very common attitude seems to be, … Continue reading “Adam Smith’s Economic Case Against Imperialism”

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”