Does the dawn of spring (perhaps?) have you dreaming of spring break travel? If so, Mikayla Novak's new article is for you. Whether you're traveling for leisure, business, or learning, Novak argues that travel tourism plays an important role in a classically liberal economy. Explore this entrepreneurial element, and then find a NEW Liberty Classic, and two new book reviews. We hope your to-read stack will remain as dangerously tall as ours!
And if all these new pieces haven't expanded that reading list yet, keep scrolling for opportunities to read and discuss environmentalism, 19th-century American literature, and Shakespeare together, along with some of our favorite Substacks.
Until next month, stay well, and stay curious.
NEW Econlib Articles
March 2023
Liberty Tours: Why Tourism Matters to Liberty By Mikayla Novak
"Alongside arts, film, literature, music, and sports, tourism is a talismanic marker of enrichment increasingly enjoyed by the many. Not only is tourism economically significant, but its non-economic implications are profound. Indeed, we should consider the potential role of traveling and tourism in shaping liberal worldviews of cosmopolitanism." Read More.
The Long, Hard Road to "Longtermism" By James Broughel
"Economists tend to view discounting in social policy as a natural extension of the necessity to discount in financial analysis. They are taught to respect individuals’ preferences, too. Absent market failures, these preferences should result in rationally self-interested behavior that leads to an efficient allocation of resources, according to standard textbook treatments. Therefore, because many people exhibit a natural time preference, analysts should incorporate those preferences into their analysis.
It is under this backdrop of disagreement that Oxford philosopher Will MacAskill has released an important book, What We Owe the Future, which makes an unabashed case for “longtermism.”
"Life is better together. By taking advantage of specialization and the division of labor, the wealth generated by modern economies defies comprehension. But this level of prosperity is not the default state for humanity. The reason we can achieve such high standards of living is because of the market rules we follow." These rules are the subject of M. Scott King's new Liberty Classic on Buchanan and Tullock's The Calculus of Consent.Read More.
Financial Policy
By Arnold Kling
Arnold Kling looks back at Niall Ferguson's 2001 book with longing for a research program that never emerged. "The focus of government on credit allocation receives no attention in economics textbooks. Ignoring this fundamental purpose of financial policy, economists act as if central banks exist solely to conduct monetary policy for stabilization purpose. The textbooks, if they do not completely overlook financial regulation, mention it in a hand-wavy way as helping to keep the financial system sound.
In an alternate history of economic thought, the paradigm that emerges from The Cash Nexus would have kicked off a substantial research program in financial policy."
Welcome to our NEW feature in which we share some of what we are reading this month. We'd love to hear what you're reading, too. Drop us a line at [email protected], or share with us on social media. We love to hear from you!
Of related interested to our environmentalists, we have a Virtual Reading Group starting next week on the Foundation of Modern Environmentalism.
EconTalk: Conversations for the Curious
Omer Moav on the Emergence of the State
Since at least Adam Smith, the common wisdom has been that the transition from hunter-gathering to farming allowed the creation of the State. Farming, so went the theory, led to agricultural surplus, and that surplus is the prerequisite for taxation and a State. But economist Omer Moav of Reichman University argues that it wasn't farming but the farming of a particular kind of crop (but not others) that led to hierarchy and the State. Moav explains to EconTalk host Russ Roberts storability is the key dimension that allows for taxation and a State. The conversation includes a discussion of why it's important to understand the past and the challenges of confirming or refuting theories about history. Explore more.
One Fell Swoop:
Reading All of Shakespeare’s Plays
Our new series of Shakespeare Virtual Reading Groups will explore all of Shakespeare's plays over the course of about 3 years. We'll look at one play a month, with Liberty Fund's Sarah Skwire leading one 90 minute discussion for each play. You'll sign up for each session separately, so you can choose your favorites, or complete your "to be read" list, or just come when you can.
