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Tag Archives: Greg Mankiw

A more articulate economist formulates perfectly my most unpopular development argument

From the wonderful, recently updated book by Paul Seabright, via Greg Mankiw via Peter Gordon:

Politicians are in charge of the modern economy in much the same way as a sailor is in charge of a small boat in a storm. The consequences of their losing control completely may be catastrophic (as civil war and hyperinflation in parts of the former Soviet empire have recently reminded us), but even while they keep afloat, their influence

Posted in Academic research, Political economy | Also tagged , 8 Comments

Economics tells countries to specialize…including specializing in economics

One of the most venerable and I think most powerful wealth-creating ideas in economics is the package of comparative advantage, gains from specialization, and gains from trade. As we all know, different countries just do different things well: the Swiss give us chocolates, the Germans give us beer, the French give us wine, and the British give us…um…they give us … um…um…

Oh wait, the British were the ones who gave us the ideas of…

Posted in Economics principles | Also tagged , , 14 Comments