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.”

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.

Can Government Intervention Work?

By Rosolino Candela

Rosolino Candela looks at another of Ludwig von Mises’ texts in this new Liberty Classic.

“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.

Touching the Elephant

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.

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], 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. Look for some complementary content coming soon…

• Edith Wharton’s The House of Mirth, for this AdamSmithWorks Virtual Reading Group

• Amity Shlaes’ Great Society: A New History, with Peter Boettke’s No Due Date Book Club.

Some Substacks we follow:

• Eric Hoel’s The Intrinsic Perspective. (Hoel is also this week’s EconTalk guest.)

• Miller’s Book Review, which we found with this post on Dwayne Betts’ recent EconTalk appearance.

Erik Hoel on the Threat to Humanity from AI

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, a species-level threat to humanity. Listen as he tells EconTalk's Russ Roberts why we need to treat AI as an existential threat.

Explore More.

More Recent Episodes:

• Kevin Kelly on Advice, AI, and Technology

• Megan McArdle on the Oedipus Trap

• Zach Weinersmith on Beowulf and Bea Wolf

• Omer Moav on the Emergence of the State

THE HOUSE OF MIRTH AND ADAM SMITH

Step back in time with American author Edith Wharton in the Gilded Age of New York. The House of Mirth, 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 wrote about many of the topics relevant to this famous novel. Included below are links to excerpts from Wealth of Nations 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.

Pre-registration 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.