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Economic History

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Trade has always existed, and rich merchants have always been a part of the economic and political picture, but merchants have not always been the rulers, as they are today... In a recent essay...

Did the Republicans centralize power in the federal government under Lincoln? No doubt. But perhaps the more important question is: Which policies did Lincoln tolerate in order to achieve his overarching goal?... Among those who consider themselves...
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Economics, as practiced today, is a utilitarian and materialistic study. It is concerned with maximizing profit, with describing the actions of man as an economic being, and explaining the allegedly inevitable results of supposed economic laws. Our...

Only a short time ago, the prediction that Professor Milton Friedman would receive the Nobel Prize in economics would have been greeted by a broad spectrum of reactions ranging from horrified impossibility to an unemotional expression...
1 1961

In the “Overture” to his grandly symphonic The Enlightenment: An Interpretation, Peter Gay describes the “international type” of the philosophe as a “facile, articulate, doctrinaire, sociable, secular man of letters.” On this definition, was Adam...

Recently, I numbered among the twenty-some self-styled conservatives, organized by Steve Lonegan, who gathered at the headquarters of the Federal Reserve to meet with Chair Janet Yellen and governor Lael Brainard. (Steve is Director of Monetary Policy...

Every nation has its “founding myth,” as we are apt to hear from post-modern quarters. But is this ever true when it comes to our economic history. In curricula from K-12 to history graduate school, it is staple...
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In Aristotle's view, “true wealth” was finite, restricted to those articles “useful to the association of the polis or the household,” and thus necessary to sustain “the good life.” The exchange of commodities for money...
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Grand Pursuit: The Story of Economic Genius, by Sylvia Nasar, Simon & Schuster, 558 pages In December 1974, in the midst of the first energy crisis, Friedrich Hayek...

“Are the good times really over for good?” asked Merle Haggard in his 1982 lament. Then, the good times weren’t over. In fact, they were coming back, with the Reagan recovery, the renewal of...