n the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories were...

Liberalism correctly understood is little more than the persistent and consistent applications of the principles of economics of the affairs of men be they domestic or international. These include mutually beneficial exchange, the absence of political privilege, and toleration. The institutional...

In sequence, we discuss the claims for state intervention that derive from our moral sense of justice, the arguments for state intervention based on prisoners' dilemmas and the need for collective action, and the case for state intervention that follows from the broad claims of market failure....

This paper explores the economics and politics of the tragic Soviet experiment with socialism. Beginning with the period of “War Communism” between 1917 and 1921, the Soviet government's attempt to implement socialism failed to achieve its stated objectives, namely to create social harmony,...