1776 in the US and Latin America

What if the surgery that fixed your knee did no better than fake surgery? EconTalk host Russ Roberts speaks with Dr. John Mandrola about a striking clinical trial in which patients who received sham knee surgery (a real incision, but no actual repair) did as well or better than those who had the actual procedure–one… MORE

Sam Enright works on innovation policy at Progress Ireland, an independent policy think tank in Dublin, and runs a publication called The Fitzwilliam. Most relevant to us, on his personal blog, he writes a popular link roundup; what follows is an abridged version of his Links for May. Blogs and short links 1. Yudhister Kumar… MORE

We rely on experts for a lot of our information. By “expert,” I mean someone who is paid for their opinion. Roger Koppl uses this definition in his 2018 book Expert Failure, and I use the same definition in my research, which is based on his book. This definition is useful because it allows us… MORE

Yet the argument of Book V of Wealth of Nations is something quite different. Over hundreds of pages, Smith patiently shows why both peace and a tolerable administration of justice are historically rare, and continually fragile. To the extent that some society or other happens to have them, it seems to be neither the natural… MORE

It has become de rigueur, even among libertarians and classical liberals, to denigrate the benefits of the American Revolution. Thus, libertarian Bryan Caplan writes:  “Can anyone tell me why American independence was worth fighting for?… [W]hen you ask about specific libertarian policy changes that came about because of the Revolution, it’s hard to get a decent answer.… MORE

John Lynch’s superb biography of Simón Bolívar1 is no doubt a major achievement, a key book for anyone who wishes to make any sense of where many independent Latin American nations stemmed from and what they have made of themselves. Bolívar became a mythical revolutionary warrior as well as an outstanding intellectual who elaborated the… MORE

A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here.   Below are some discussion prompts related to this video:   Part 1: The Invisible Hand… MORE

Nobel laureate James M. Buchanan (1919-2013) was recorded in 2001 in an extended video now available to the public. Universally respected as one of the founders of the economics of public choice, he is the author of numerous books and hundreds of articles in the areas of public finance, public choice, constitutional economics, and economic… MORE

On April 10, 2013, Liberty Fund and Butler University sponsored a symposium, “Capitalism, Government, and the Good Society.” The evening began with solo presentations by the three participants–Michael Munger of Duke University, Robert Skidelsky of the University of Warwick, and Richard Epstein of New York University. (Travel complications forced the fourth invited participant, James Galbraith… MORE

  Douglass North shared the 1993 Nobel Prize in economics with robert fogel “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.” North earned his Ph.D. in economics at the University of California at Berkeley, but by his own admission learned how… MORE

Economic historian Joel Mokyr’s work explains how ideas and culture generate compounding technological progress that can accumulate and sustain economic growth. For this work, he, along with Philippe Aghion and Peter Howitt, won the 2025 Nobel Prize in Economic Sciences for “having identified the prerequisites for sustained growth through technological progress.” Joel Mokyr. Photo courtesy… MORE

  The 2005 Nobel Prize in economic sciences was awarded to Thomas C. Schelling and Robert J. Aumann, ”for having enhanced our understanding of conflict and cooperation through game-theory analysis.” Schelling was a pioneer in behavioral economics, accomplishing significant and influential work in the ideas of coordination, commitment (both promises and threats), deterrence, focal points,… MORE