A very interesting video by an Irish economist explaining how the current reduce government spending ("austerity") approach to the Eurozone debt and currency crisis is doomed to fail. It is doomed because cutting government spending in a recession only makes the recession worse, which in turn, reduces tax collections which then makes the government deficits … Continue reading David McWilliams Explains Why Austerity Is Doomed In Europe
Institutions and laws matter for economic development. It is very clear from economic history that protection for property rights is necessary for industrialization and growth. But that was always about property rights in land and physical stuff. In the 1960's the phrase "intellectual property rights" was created, and many people have just assumed that protecting … Continue reading Do Copyrights Slow Growth?