The "natural" in the natural rate of unemployment is a misnomer, insofar as unemployment does not occur in nature. The concept is especially misleading because many economists and media commentators inappropriately equate it with "full" employment. As a consequence, endemic un- and...

Friedrich Hayek's The Road to Serfdom is an influential book more than seventy years after its publication. This paper examines his arguments and finds that they come up short in many ways and suggests that we have taken "another road to serfdom". Hayek's mind was completely closed to the...

This paper is based on the ideas of political philosopher John Rawls who suggested that a just society is one which would be created behind a "veil of ignorance", that is to say, without knowing where one would end up in the society's distribution of talent and other attributes valued in the...

Schumpeter's concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with the...