Rediscovering Austrian economics, celebrating Nozick's libertarian philosophy, and more.

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** Econlib Newsletter
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July 2024
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Dear friends,

Welcome to our July Econlib subscriber newsletter! As summer unfolds, we're excited to bring you a selection of thought-provoking articles to enrich your reading list.

This month, we delve into a diverse range of economic topics. Richard Gunderman explores the economic insights hidden within T.S. Eliot's poetry, offering a fresh perspective on the intersection of literature and economics. Arnold Kling examines the complex relationship between religion and business, shedding light on how faith influences economic decision-making. For those interested in broader economic theories, Alexander William Salter presents a compelling case for Universal Economics, challenging readers to think beyond traditional boundaries. Rounding out our summer reading, Aeon Skoble takes a deep dive into Robert Nozick's philosophical contributions to libertarian thought and their economic implications on the 50th anniversary of the publication of Anarchy, State, and Utopia. These articles promise to stimulate your intellectual curiosity and provide fresh insights into the world of economics. Whether you're lounging by the pool or seeking shade from the summer heat, we hope these
reads will spark engaging discussions and new ideas. Enjoy your summer reading!

We’d also like to draw your attention to a very special Liberty Matters Forum ([link removed]) at our sister site, the Online Library of Liberty ([link removed]) , commemorating the 50th anniversary of the South Royalton Conference, a pivotal event that reignited interest in Austrian economics. This discussion brings together leading scholars to reflect on the conference's lasting impact and the evolution of Austrian economic thought over the past half-century, including our own David Henderson, who was at the conference.

Whether you're a seasoned economist, a curious student, or simply interested in alternative economic perspectives, this forum offers a unique opportunity to engage with cutting-edge ideas and participate in a lively intellectual exchange. We invite you to dive into the discussions, pose questions, and contribute your thoughts as we collectively explore the enduring legacy of the South Royalton Conference and its implications for the future of economics.

As always, there are even more new things to read and listen to below. We hope you find them valuable, and we thank you for exploring economics with us. Until next month!


** NEW Econlib Articles
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July 2024

The Religion Business

By Arnold Kling

Kling reviews Paul Seabright's book, The Divine Economy, which traces how religions and religious ideas might be analyzed as a business and viewed with an economist’s eye. Kling argues that Seabright may view religion too narrowly, and instead proposes what he calls a “platform perspective” as analytically more valuable.
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Rights, Restrictions, and Reality: 50 Years of Anarchy, State, and Utopia

By Aeon Skoble

Skoble looks back on Anarchy, State, and Utopia, a seminal work in libertarian political philosophy. He explores Nozick's key arguments for a minimal state and his critiques of more expansive government roles. Skoble examines Nozick's concept of the "night-watchman state," his defense of individual rights, and his challenges to redistributive policies. The review also discusses Nozick's thought experiments, including the famous "experience machine," and their implications for political theory. Skoble provides a balanced analysis of Nozick's contributions to libertarian thought while also addressing potential criticisms and limitations of his arguments.
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T.S. Eliot on Economics and Education

By Richard Gunderman

Gunderman explores the economic insights hidden within T.S. Eliot's poetry in this thought-provoking essay.

He examines how Eliot's poetry reflects on scarcity, time preferences, and the nature of value, drawing parallels between Eliot's literary techniques and economic thinking. The essay also discusses Eliot's critique of modernity and its implications for economic progress. Gunderman argues that Eliot's poetry offers a unique perspective on the human condition that can enrich our understanding of economic behavior and societal changes.
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Universal Economics: Necessary Reading for the Well-Trained Economist

By Alexander William Salter

Salter explores the seminal text Universal Economics by Armen Alchian and William Allen, emphasizing its significance for students and practitioners of economics. The book revives foundational economic principles relating to price theory, making complex concepts accessible and engaging. In lieu of the highly mathematized nature of university economics instruction today, Salter advocates the text’s inclusion in economic education at various levels.
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** EconTalk: Conversation for the Curious
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Does Market Failure Justify Government Intervention?

with guest Michael Munger

Economics students are often taught that government should intervene when there is market failure. But what about government failure? Should we expect government intervention to outperform market outcomes? Listen as Duke University economist Michael Munger ([link removed]) explores the history of how economists have thought about this dilemma and possible ways to find a third or even fourth option beyond government or markets. Explore More ([link removed])

More Recent Episodes & Extras:
* Is Israel Occupying the West Bank? ([link removed])
(with Eugene Kontorovich) ([link removed])
* René Girard, Mimesis, and Conflict (with Cynthia Haven) ([link removed])
* Dana Gioia Extra: Let the Poems Out of the House, by Nancy Vander Veer ([link removed])
* How the Constitution Can Bring Us Together (with Yuval Levin) ([link removed])
* Megan McArdle Extra, Gemini, We Have a Bias, by Kevin Lavery ([link removed])


** From the Shelf with curator Arnold Kling
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The Divine Economy: How

Religions Compete for Wealth, Power, and People

by Paul Seabright

Join Arnold Kling and Anthony Gill to discuss Seabright’s insightful book on Tuesday, July 30 from 3-4 pm EDT.

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

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

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