Plus Gulliver's Travels in health care, a new definition of socialism, and LA Rams GM Les Snead.

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** Econlib Newsletter
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June 2023

Happy summer, and more importantly (at least to us), Happy Birthday to the father of modern economics—ADAM SMITH ([link removed]) !

Today is widely acknowledged as Smith’s birthday, THREE HUNDRED YEARS AGO! Our partners at AdamSmithWorks ([link removed]) are planning a whole month’s worth of celebrations … everything from a radio play, to cooking demonstrations (birthday cake?) and custom craft cocktails. Make sure you subscribe to them on social at Twitter ([link removed]) , Facebook ([link removed]) , or Instagram ([link removed]) to stay on top of all the goings on.

As you can imagine, it’s hard to choose some Smith-related content to highlight Smith’s tercentenary; we have a lot! Here are some of our favorites—old and new—followed by this month’s other terrific new content.
* In 2015, we hosted a LIVE EconTalk in partnership with Ball State University with Vernon Smith and James Otteson ([link removed]) . Topics discussed include Smith's view of human nature, the relevance of Smith for philosophy and economics today, and the connection between Smith's two books: The Theory of Moral Sentiments and The Wealth of Nations. This episode calls to mind an earlier Extra from host Russ Roberts, on the Smith Lessons he’s learned from Adam and Vernon ([link removed]) .
* As you know, Roberts also wrote a book on Smith. In this EconTalk episode, Mike Munger interviews Russ about How Adam Smith Can Change Your Life ([link removed]) .
* Speaking of The Theory of Moral Sentiments ([link removed]) , we always recommend this six-part conversation with Dan Klein.
* A new Liberty Matters forum starts today at the Online Library of Liberty, headlined by Vernon Smith, Adam Smith’s Emergent Rules of Justice ([link removed]) .
* Watch the AdamSmithWorks original short video series on the life and contemporary relevance of Smith, An Animal That Trades ([link removed]) .
* Contrary to popular opinion, we see little conflict between Smith’s moral philosophy and political economy. In this 2004 feature, philosopher Samuel Fleischacker agreed ([link removed]) .
* What would Adam Smith think of modern capitalism? According to Erik Matson ([link removed]) , “To Smith, ‘common good capitalism’ would seem redundant…It is liberty, in Smith’s view, that is at the heart of capitalism, and at the heart of liberty lies commitment to the good of humankind.”

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

Until then, stay well and stay curious.


** NEW Econlib Articles
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June 2023


** A Wealth Tax Reality Check
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By Richard B. McKenzie

Political support for a wealth tax appears to be built on two incorrect presumptions: First, wealthy Americans pay precious little income taxes (conventionally defined). Second, workers’ “income” and the wealthy’s “capital gains” are conceptually the same. As explained, given the economics of wealth accumulation, the wealthy (especially those self-made) should be celebrated, not denigrated, because of the resulting far greater gains provided non-wealthy Americans.
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** Socialism Is as Socialism Does
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By Adam Martin

Democracy, fascism, capitalism, liberalism, conservatism, neo-anything, and socialism often mean different things to different people.

In this article, Adam Martin looks to Mises, Hayek, and Kirzner to present a functional definition of socialism: Socialism is the prohibition of free entry into markets.
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** Why Bigger Isn't Necessarily Better: A Swiftian Perspective
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By Richard Gunderman

Jonathan Swift’s Gulliver’s Travels offers one of the most penetrating and sustained explorations of the idea that size really matters.

Richard Gunderman uses this fantastical tale as an analogy for the challenges in U.S. health care today. “On the one hand, increasing size can offer some readily apparent advantages…Yet there are also numerous downsides to consolidation, one of which is the inevitable rise of bureaucracy, or ‘the rule of desks’.”
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** In Search of Stable Money
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By Arnold Kling

It would seem that the best monetary standard is one in which the purchasing power of the monetary unit is stable. An unreliable money imposes large costs on households and businesses. They have to spend resources understanding the meaning of price movements (is this a relative price change or part of general inflation?), forecasting the rate of inflation, and trying to protect purchasing power of savings.

So which best serves this purpose: a gold standard ([link removed]) , fiat currency, or Bitcoin?

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** EconTalk: Conversation for the Curious
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Les Snead on Risk, Decisions, and Football

After nearly 12 years as general manager for the L.A. Rams, Les Snead ([link removed]) has learned the power of humility when it comes to making big decisions—who to draft, who to hire as head coach, and how to create a shared vision for his team. Listen as he and EconTalk's Russ Roberts ([link removed]) discuss what it's like to manage a professional football team along with the intense pressures that come with the territory. An episode for every fan who has played Monday-morning quarterback, and all of us who wonder how those who play for high stakes survive and thrive. Explore More. ([link removed])

More Recent Episodes & Extras:
* Michael Lewis Extra: Looking Back: Moneyball and The Blind Side ([link removed])
* Bill James Extra: Interests and Incentives in the Moneyball Universe ([link removed])
* Eliezer Yudkowsky on the Dangers of AI ([link removed])
* Tiffany Jenkins Extra: To Return or Not to Return: It’s Complicated ([link removed])
* Tyler Cowen on the Risks and Impact of Artificial Intelligence ([link removed])
* Casey Mulligan on Vaccines, the Pandemic, and the FDA ([link removed])
* Luca Dellanna on Risk, Ruin, and Ergodicity ([link removed])


** FROM THE SHELF with Arnold Kling
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** Better Money: Gold, Fiat, or Bitcoin
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by Lawrence White

Join Arnold Kling, Nicolas Cachanosky, and Leonidas Zelmanovitz

on Thursday, June 15 from noon- 1pm EDT.

Participation is free, but pre-registration is required ([link removed]) .

See the recordings of our previous sessions ([link removed]) on our YouTube channel.

Register here ([link removed])
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