April 

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** Econlib Newsletter
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April 2023

They say that Spring arrived this past month, but we’re still on the fence. We hope wherever you are, you’re ready for a new season of growth, positivity, and curiosity.

Despite the cloudy skies and chill in the air, lots happened around here last month; thanks for being along for the ride. Some highlights include:

* The banking crisis naturally occupied a lot of our attention at EconLog. Our resident macro guru Scott Sumner ([link removed]) offers the best analysis of the failure of Silicon Valley Bank and its causes and repercussions. This post on how to think about moral hazard ([link removed]) is a great place to start if you haven’t been following along.
* Jayme Lemke’s suggested reading list ([link removed]) to start learning about women in classical liberalism. (It was Women’s History Month, after all!) And don’t miss Lemke’s contribution to the Liberty Matters series, Why Do We Need Feminist Economics? ([link removed]) You’ll also enjoy Giandomenica Becchio’s lead essay, and additional responses from Mikayla Novak and Arnold Kling.
* Our No Due Date book club gained many new subscribers, and our Video Salons continue to be a highlight for all. For a taste of what you may have been missing, enjoy January’s salon with EconTalk host Russ Roberts ([link removed]) in which we discussed his new book, Wild Problems.

We hope you enjoy these and all the new content we bring you below. We wish you a terrific month, and we’ll be back in May with more.

Until then, stay well and stay curious.


** NEW Econlib Articles
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April 2023

On the Rise of the "Economic Style of Reasoning"

By Donald J. Boudreaux

If only the government applied a cost-benefit analysis to its interventions, things would be much better. Right?

Boudreaux reminds us, “Ironically, the impetus for subjecting government interventions to economic considerations did not come from conservative or “neoliberal” ideologues. Nor did it come from right-wing economists affiliated with the University of Chicago. Instead, this impetus came from economists who were ideologically left-of-center.”

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Cooperation Requires Large Brains

By Arnold Kling

Humans are not the only creatures with agency. In this month’s review, Arnold Kling explores Michael Tomasello’s four-level explanation of how agency evolved, focusing on the shared agency unique to humans. It turns out, our bigger brains were very necessary to our ability to work and live together.
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Can Government Intervention Work?

By Rosolino Candela

Rosolino Candela looks at another of Ludwig von Mises’ texts in this new Liberty Classic ([link removed]) .

“While there can be no doubt that Mises was a strong proponent of a free-market economy and limited government, the failure of government intervention to work is not a normative indictment of government intervention, per se…

Mises’s argument is a positive analysis of how regulations in the form of taxes, subsidies, tariffs, quotas, price controls, licensing, etc., fail on their own terms.
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** Touching the Elephant
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By Kwok Ping Tsang

What accounts for China’s tremendous economic growth? In this review, Tsang takes a look at several possible explanations, and focuses on Yuen Yuen Ang’s corruption centered answer.
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** What We’re Reading Now
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Welcome to our NEW feature in which we share some of what we are reading this month. We'd love to hear what you're reading, too. Drop us a line at [email protected] (mailto:[email protected]) , or share with us on social media. We love to hear from you!

Some books:
* Viviana Zelizer’s Economic Lives: How Culture Shapes the Economy ([link removed]) . Look for some complementary content coming soon…
* Edith Wharton’s The House of Mirth ([link removed]) , for this AdamSmithWorks Virtual Reading Group
* Amity Shlaes’ Great Society: A New History ([link removed]) , with Peter Boettke’s No Due Date Book Club ([link removed]) .

Some Substacks we follow:
* Eric Hoel’s The Intrinsic Perspective ([link removed]) . (Hoel is also this week’s EconTalk guest.)
* Miller’s Book Review, which we found with this post on Dwayne Betts’ recent EconTalk appearance. ([link removed])


** EconTalk: Conversation for the Curious
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** Erik Hoel on the Threat to Humanity from AI
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They operate according to rules we can never fully understand. They can be unreliable, uncontrollable, and misaligned with human values. They're fast becoming as intelligent as humans--and they're exclusively in the hands of profit-seeking tech companies. "They," of course, are the latest versions of AI, which herald, according to neuroscientist and writer Erik Hoel ([link removed]) , a species-level threat to humanity. Listen as he tells EconTalk's Russ Roberts ([link removed]) why we need to treat AI as an existential threat.


** Explore More. ([link removed])
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More Recent Episodes:
* Kevin Kelly on Advice, AI, and Technology ([link removed])
* Megan McArdle on the Oedipus Trap ([link removed])
* Zach Weinersmith on Beowulf and Bea Wolf ([link removed])
* Omer Moav on the Emergence of the State ([link removed])


** Upcoming Virtual Reading Groups
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** THE HOUSE OF MIRTH AND ADAM SMITH
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Step back in time with American author Edith Wharton in the Gilded Age of New York. The House of Mirth ([link removed]) , published in 1905, quickly established Wharton as one of the most important American women of letters in the twentieth century. One of The House of Mirth’s main themes is how the pursuit of wealth and social status influences relationships and personal decisions. Another theme is the disdain the main character’s social circle has for the “new millionaires” who acquired their money through business rather than through inheritance.

Over a century earlier, Adam Smith ([link removed]) wrote about many of the topics relevant to this famous novel. Included below are links to excerpts from Wealth of Nations ([link removed]) to accompany our discussion of the novel. If you wish to purchase a set, use promo code VRG2023 to receive 35% off your purchase at Liberty Fund Books ([link removed]) .

Pre-registration ([link removed]) is required, and we ask you to register only if you can be present for ALL sessions. Readings must be purchased in advance. Some readings are available online. Participants who successfully complete ALL sessions will be eligible to receive an Amazon e-gift certificate.
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