1+ hour, 50+ min ago  (553+ words) By Leonidas Zelmanovitz, Apr 21 2026 There are at least two meanings for "dominance" in relation to monetary and fiscal policy. The first one, proposed by Milton Friedman in 1968, is that when monetary policy and fiscal policy are in contradiction, that is,…...

6+ day, 1+ hour ago  (54+ words) By Craig Smith, Apr 15 2026 This article has been cross-posted from Liberty Matters, part of the Liberty Fund network. It is part of the series "Compounding Interest: Revisiting the Wealth of Nations at 250". Read more by Craig Smith. 11301 N. Meridian Street Carmel,…...

3+ week, 6+ day ago  (147+ words) By Dennis C. Rasmussen, Mar 25 2026 Smith's four-stages schema helps to extend and reinforce the lesson that he derives from the narrative about the fall of the feudal lords in Book 3. The basics can be summarized in the following table: We have…...

3+ week, 6+ day ago  (99+ words) By Econlib Editors, Mar 25 2026 We're joining our friends at Liberty Matters in their celebration of the 250th anniversary of the publication of An Inquiry into the Nature and Causes of the Wealth of Nations'through a series of six weekly essays. In…...

4+ week, 1+ day ago  (221+ words) By Steven Horwitz, Mar 23 2026 Smith is very clear in The Wealth of Nations that he sees labor as the source of value. For example, in the opening paragraph of Chapter 5 on real and nominal price (I. v. 1. , p. 47), he writes: The value of…...

1+ mon, 3+ day ago  (90+ words) By Econlib Editors, Mar 18 2026 We're joining our friends at Liberty Matters in their celebration of the 250th anniversary of the publication of An Inquiry into the Nature and Causes of the Wealth of Nations'through a series of six weekly essays. In…...

1+ mon, 1+ week ago  (95+ words) By Econlib Editors, Mar 11 2026 Today at Econlib, we're joining our friends at Liberty Matters in their celebration of the 250th anniversary of the publication of'An Inquiry into the Nature and Causes of the Wealth of Nations'through a series of six weekly…...

1+ mon, 2+ week ago  (372+ words) By Jon Murphy, Mar 5 2026 Over winter break, I was back in Massachusetts visiting family for the holidays. The conversation turned toward the difference in cost of living between my home state (Massachusetts) and my adopted state (Louisiana)." In that response,…...

1+ mon, 2+ week ago  (208+ words) By Bryan Cutsinger, Mar 3 2026 (a) Explain how the absence of a residual claimant affects the Federal Reserve's incentives when choosing the size of its operating budget. In particular, discuss whether this institutional arrangement encourages the least-cost method of production. (b) Explain how…...

9+ mon, 1+ week ago  (473+ words) By Arnold Kling, Jul 7 2025 Diane Coyle has spent decades doing research on the problem of measuring progress. Her experience and her thought process make her work, The Measure of Progress: Counting What Really Matters, a valuable treatise. The most commonly…...