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** Econlib Newsletter
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February 2025
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Welcome to the February edition of the Library of Economics and Liberty newsletter! As we dive into 2025, we're excited to highlight the content that's been sparking the most interest, discussion, and reflection from our readers.

From thought-provoking analyses on EconLog to timeless insights from the Concise Encyclopedia of Economics, this month's newsletter features some of the most popular content of the year so far, as well as our newest Articles and more. Whether you're curious about economic policy, fascinated by big ideas, or eager to explore fresh perspectives, there’s something here for everyone.

* 📈 Must-Read Posts from EconLog: Revisit the posts that captured the most attention and ignited conversation.
+ Our series of Price Theory Problems ([link removed]) with Bryan Cutsinger continued. How did YOU do???
+ Scott Sumner argued that The Golden Age of Immigration ([link removed]) is now.
+ Despite what seemed like endless bad economic news, Pierre Lemieux was able to find beauty in trade ([link removed]) .
+ David Henderson taught readers the dangers of impending tariffs ([link removed]) - and which ones might be worse than others.
* 📚Encyclopedia Entries: The entries below are recently among the most read of this collection of clear, concise explanations of key economic concepts.
+ Marxism ([link removed]) . “Marx was correct when he claimed that classical economists failed to adequately explain capitalist profits. But Marx failed as well.”
+ Great Depression ([link removed]) . “The Great Depression is often called a ‘defining moment’ in the twentieth-century history of the United States. Its most lasting effect was a transformation of the role of the federal government in the economy.”
+ Tragedy of the Commons ([link removed]) . Garrett Hardin explains this key economic concept that explains issues from overfishing to traffic congestion.

Thank you for being part of our community of engaged, curious minds. Happy reading—and here’s to more great ideas in 2025!

With our thanks,
The Econlib Team


** NEW Econlib Articles
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February 2025

The Psychology of Authoritarianism

By Arnold Kling

In his book, Liberal Bullies, Luke Conway decries the illiberal conduct that can be found in the contemporary progressive movement. What differentiates his perspective from others who share his dislike for the behavior of radical progressives is his claim that personality psychology provides insight into authoritarianism and how to address it.
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The Market Society Is a Pro-Social Society

By Walker Wright

What motivates people to act in ways that benefit others, even when there’s no direct personal gain? This thought-provoking article explores the concept of prosocial behavior, its role in economic systems, and how it shapes cooperation, trust, and social well-being.

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An Economic Approach to Homer’s Odyssey: Part II

By Tyler Cowen

In this thought-provoking article, Tyler Cowen continues his exploration of the intellectual journeys that shape our understanding of the world. From economic insights to philosophical reflections, Cowen examines how curiosity, learning, and unexpected discoveries influence personal growth and global thinking, focusing specifically on the many and varied polities Odysseus encounters throughout his journey.
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Undoing Past Policies: How Likely Are Repeals in the 119th Congress?

By Jordan Ragusa

According to conventional wisdom, when one party wins control of the White House and Congress, they quickly dismantle the policies enacted by their rivals. Such a view is central to how politicians and pundits discuss elections and policy outcomes. On the one hand, candidates often campaign on a promise to reverse the laws enacted by their rivals. On the other hand, we often think of the two parties as unified teams engaged in a tug of war over the nation’s policies.

But perhaps the conventional wisdom is not quite so simple…
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** EconTalk: Conversation for the Curious
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Coase, the Rules of the Game, and the Costs of Perfection (with Daisy Christodoulou)

Surely perfection is better than imperfection. But applying technology to improve decision-making can backfire. Listen as ed-tech innovator

Daisy Christodoulou ([link removed]) and EconTalk's Russ Roberts ([link removed]) talk about the costs of seeking perfection when technology is used to improve refereeing in sports. They also talk about ways to embrace imperfection and how the economist Ronald Coase can help us understand the power of the rules of the game, both in sports and in life.

Explore more. ([link removed])

More Recent Episodes & Extras:
* EXTRA: Glenn Loury on the Enemy Within by Kevin Lavery ([link removed])
* Why AI Is Good for Humans (with Reid Hoffman) ([link removed])
* EXTRA: Don't be a Vulgar Mercantilist by Amy Willis ([link removed])
* Weep, Shudder, Die: The Secret of Opera Revealed (with Dana Gioia) ([link removed])
* Will DOGE and Musk Make a Difference? (with Michael Munger) ([link removed])
* EXTRA: Regulating Rents by Kevin Lavery ([link removed])


** Join a Virtual Reading Group Today!
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** Folly and Freedom: The Mississippi Bubble of 1720 in Art and Letters
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** with Catherine Labio
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**
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Debt crises and stock market bubbles and crashes are not a 20th century phenomenon. In the 18th century, Scotsman John Law helped France overhaul her financial system. Then the burgeoning French stock market crashed in 1720, which triggered similar bubbles and crashes in England and the Dutch Republic as investors looked for new opportunities. What happened? Join us for this “three act” VRG to consider this strange historical turn of events with the rich tradition of satirical engravings published circa 1720 alongside writings by Law, Montesquieu, and Prévost.


**
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February 12, 2025 – February 26, 2025

Pre-registration is required ([link removed])

Click here ([link removed]) to learn about ALL upcoming Reading Groups.


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