EconLib Newsletter

September 2019
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What is Labor Day?
Hello, friends! And to our American friends in particular, Happy Labor Day. We hope you're enjoying these waning days of summer as much as we are.

So what is Labor Day, anyway? In this classic Econlib Article, ([link removed]) Charles Baird says it's not a day to celebrate labor unions, or labor cartels, as he refers to them. Read on to learn more about the history of the unions, their relationship with the government, and their influence on the labor market.

In a more recent article, ([link removed]) David Henderson says we should honor laborers...but his idea of doing so is a bit different from the norm. Bryan Caplan has suggested we change this day to Foreigner Day. ([link removed]) However you choose to mark this day (or not), we're glad you're with us.

As always, if you have any comments, suggestions, or other great thoughts, please drop us a line at [email protected] and let us know. As Russ says, we'd love to hear from you.

P.S. If you missed our latest, Econlib QuickPicks yet, here's the link ([link removed]) to see past collections and subscribe. There's a new collection on the economics of the environment coming later this month.

Econlib Articles, September 2019


** The Role of the Economist in a Free Society: The Art of Political Economy
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by Peter J. Boettke


Peter Boettke concludes his provocative three-part series of articles this month, asking how we are to practice economics and political economy if we take the idea of the art of political economy appropriate for a self-governing democratic society seriously? Continuing to call on many of his greatest predecessors, Boettke carves out a definition of political economy- distinct from much of the practice of economics today- that is well worth thinking about.

Read More. ([link removed])


** Humanomics: Moral Sentiments and Wealth of Nations
for the Twenty-First Century
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by Maria Pia Paganelli

How can we re-introduce the human component to economics? This month, Maria Pia Paganelli lauds this very attempt on the part of Vernon Smith and Bart Wilson in their new book, Humanomics. Says Paganelli, "It can be read as a criticism of modern economics and as the presentation of a substitute for it. It can be read as a modernization of Adam Smith ([link removed]) , the 18th century father of economics and professor of Moral Philosophy; or as a book about experimental economics. It is all of this and much more. To me, an economist already familiar with the work of Vernon Smith and Bart Wilson, this is a book about learning. It is a book that describes how we learn, how we learn from our mistakes, how we learn from things we do not understand, and how we learn from things we think we understand."



Read More. ([link removed])

Rehabilitating Self-Help:
Why Hayek Was Wrong about Samuel Smiles

By Roger Donway
In our latest Liberty Classic, Roger Donway tries to bring Samuel Smiles's classic back to the forefront of classical liberal thought. The books was a terrific success and "praised capitalism as a system inherently conducive to honest advancement in business. But such a defense, Hayek lectured classical liberals, was merely a pro-capitalist version of the "social justice" illusion."
Read More. ([link removed])


** Encourage Dissent
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by Arnold Kling
How prevalent is groupthink in our society today, and what can be done to combat it? This month, Kling explores Cass Sunstein's latest, Conformity.

Read More. ([link removed])
FEATURED ECONLOG POSTS
Featured Post: Scott Sumner, L ([link removed]) anguage trumps money ([link removed])

Why is the 'Wall Street' of Europe in London and not in, well, Europe? "That’s as weird as if North America’s major financial center were located in Toronto. It seems like having a universally accepted language to do business deals (English) is more important than having a common currency."

More Recent Posts
* Bryan Caplan, T ([link removed]) he Persistence of Poverty: ([link removed]) It's Complicated
* Pierre Lemieux, S ([link removed]) elf-interest and Capitalism are NOT Synonymous ([link removed])
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* Thomas Firey, Yield Curve Inversion: Are Investors Really "Fleeing to Safety" from a Looming Recession? ([link removed])
* Alberto Mingardi, T ([link removed]) he New Tory Zeitgeist: Security over Freedom? ([link removed])
* Scott Sumner, T ([link removed]) he hardest problem in public policy ([link removed])

FEATURED ECONTALK EPISODES
A ([link removed]) ndy Matuschak on Books and Learning ([link removed])

Software Engineer Andy Matuschak ([link removed]) talks about his essay "Why Books Don't Work" with EconTalk host Russ Roberts ([link removed]) . Matuschak argues that most books rely on transmissionism, the idea that an author can share an idea in print and the reader will absorb it. And yet after reading a non-fiction book, most readers will struggle to remember any of the ideas in the book. Matuschak argues for a different approach to transmitting ideas via the web including different ways that authors or teachers can test for understanding that will increase the chances of retention and mastery of complex ideas.

Don't miss the EconTalk Extra to complement this episode, Effortful Engagement with Ideas ([link removed]) , in which we ask for some suggestions from you on how we can make EconTalk even better!

More Recent Episodes:
* Andrew Roberts on Churchill and the Craft of Biography ([link removed])
* T ([link removed]) yler Cowen on Big Business ([link removed])
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* Shoshana Zuboff on Surveillance Capitalism ([link removed])

NEW! Don't miss the EconTalk YouTube channe ([link removed]) l, where you can find the newest episodes and complementary clips. EconTalk's FULL archive will also be available soon.
FEATURED CEE ENTRIES
Featured Entry: M ([link removed]) ercantilism ([link removed])


Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith ([link removed]) coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries.

During the mercantilist era it was often suggested, if not actually believed, that the principal benefit of foreign trade was the importation of gold and silver. According to this view the benefits to one nation were matched by costs to the other nations that exported gold and silver, and there were no net gains from trade.

* See also International Trade ([link removed]) , by Arnold Kling
* F ([link removed]) oreign Exchange ([link removed]) , by Jeffrey A. Frankel
* P ([link removed]) rotectionism ([link removed]) , by Jagdish Bhagwati
* See also A Brief History of International Trade Policy ([link removed]) , by Douglas A. Irwin
* See also M ([link removed]) ercantilism Lives ([link removed]) , by Charles L. Hooper
* See also Bernstein on the History of Trade ([link removed]) , EconTalk 2008
* F ([link removed]) ree Trade, ([link removed]) by Alan S. Blinder

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