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** Econlib Newsletter
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May 2025
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Welcome to the May edition of the Econlib newsletter! As spring unfolds, we're excited to share the most engaging content from April, offering insights into economic thought, policy debates, and historical perspectives.

📚 Must-Read Content:
* Tariffs and the Economy
Scott Sumner analyzes the long-term effects of tariffs on economic growth, challenging common perceptions about their impact on inflation and the business cycle.
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* Independent Institutions and Private Force
Pierre Lemieux discusses the significance of independent institutions in maintaining liberty and limiting government overreach, considering the recent case of Harvard University.
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* Balance of Payments
This encyclopedia entry demystifies the balance of payments, explaining its components and significance in international economics.
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* Business Cycles
Delve into the causes and effects of economic fluctuations over time.
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* Legislative vs Executive Power
Daniel Hannan joins The Great Antidote to explore the delicate balance—and growing tensions—between executive and legislative power in modern governance.
👉 Listen now ([link removed])

Is there something else you’d like to see? We’d love to hear from you! Share your insights on our social media channels or reach out to us at [email protected] (mailto:[email protected]?subject=&body=) .

With our thanks,
The Econlib Team


** NEW Econlib Articles
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May 2025


** Popular Economics Books to Read or to Avoid
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By Arnold Kling

There are a lot of popular economics books out there. Arnold Kling knows; he’s been reviewing many of them for us for years. This month, he offers Econlib readers some advice on books to embrace- and books to avoid.

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Why Nogales Fails

By Roberto Salinas León

What happens when a city is split by a border — and by policy? Roberto Salinas León explores the economic realities of Nogales, Arizona and Nogales, Sonora.

Through vivid contrasts, they show how institutions, trade, and regulation shape lives on either side of the fence. A powerful case study in how rules matter for prosperity.

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Law, Legislation, and Libertarianism

By Alberto Mingardi

Mingardi explores John Hasnas’s provocative argument about inattentional blindness, the “failure to notice a fully visible, but unexpected object because attention was engaged on another task, event, or object.” When such blindness characterizes how we think about law, like markets, challenges arise.

This thought-provoking piece invites readers to rethink what it really means to be governed by laws — and whether "the rule of law" lives up to its ideal.

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The Inescapable Principle of Comparative Advantage

By Erik W. Matson

In a world of political tensions and "reshoring" talk, is comparative advantage still relevant?
Absolutely, argues Erik Matson in his clear and timely piece. He explores why this foundational idea remains essential for understanding global trade — and how embracing it benefits both individuals and nations.

Whether you’re revisiting the basics or thinking critically about today’s debates, this is a must-read.
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** EconTalk: Conversation for the Curious
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The Economics of Tariffs and Trade (with Doug Irwin)

Is the United States victimized by trade? What causes trade deficits? Are higher tariffs a good idea? Can manufacturing jobs return to the United States? Economist Doug Irwin ([link removed]) of Dartmouth College answers these questions and more in this wide-ranging conversation with EconTalk's Russ Roberts ([link removed]) .

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More Recent Episodes & Extras:
* The Past and Future of AI (with Dwarkesh Patel) ([link removed])
* Why Christianity Needs to Help Save Democracy (with Jonathan Rauch) ([link removed])
* Rational and Religious (with Ross Douthat) ([link removed])
* The Music and Magic of John and Paul (with Ian Leslie) ([link removed])


** No Due Date with Curator Peter Boettke
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** No Due Date is Econlib’s subscription book club. Curated by Peter Boettke, you’ll explore the best in economics, the social sciences, and literature- both classic and contemporary.
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**
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** In April, we read Glenn Loury’s Late Admissions, and this month we’re diving into Thomas Sowell’s A Conflict of Visions.
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