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Full-Text Articles in Social and Behavioral Sciences
Some Possible Consequences Of A U.S. Government Default, Jeffrey Rogers Hummel
Some Possible Consequences Of A U.S. Government Default, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
The U.S. government faces a looming fiscal crisis. A default on Treasury securities appears inevitable. The short-run consequences for the economy will be painful. But the long-run consequences, both economic and political, could be beneficial. The most important long-run political benefit would be the imposition of fiscal discipline. The long-run economic benefit would be the alleviation of the future tax liabilities required to service the national debt, irrespective of whether those liabilities are correctly anticipated or not. A historical examination of the state government defaults of the 1840s provides one case study where the long-run consequences were indeed salutary.
Some Possible Consequences Of A U.S. Government Default, Jeffrey Rogers Hummel
Some Possible Consequences Of A U.S. Government Default, Jeffrey Rogers Hummel
Faculty Publications
The U.S. government faces a looming fiscal crisis. A default on Treasury securities appears inevitable. The short-run consequences for the economy will be painful. But the long-run consequences, both economic and political, could be beneficial. The most important long-run political benefit would be the imposition of fiscal discipline. The long-run economic benefit would be the alleviation of the future tax liabilities required to service the national debt, irrespective of whether those liabilities are correctly anticipated or not. A historical examination of the state government defaults of the 1840s provides one case study where the long-run consequences were indeed salutary.
If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham
If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham
Faculty Publications
Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). We maintain that these economists leave out an important factor in social change. Change can come about by altering incentives or preferences, but since most neoclassical economists ignore changing preferences, they too quickly conclude that change is impossible. History shows that social change based on changes in preferences is common. By recognizing that preferences need not be constant, political economists can say much more about changing the world.
If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham
If A Pure Market Economy Is So Good, Why Doesn’T It Exist? The Importance Of Changing Preferences Versus Incentives In Social Change, Jeffrey Rogers Hummel, Edward P. Stringham
Jeffrey Rogers Hummel
Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). We maintain that these economists leave out an important factor in social change. Change can come about by altering incentives or preferences, but since most neoclassical economists ignore changing preferences, they too quickly conclude that change is impossible. History shows that social change based on changes in preferences is common. By recognizing that preferences need not be constant, political economists can say much more about changing the world.
Why Default On U.S. Treasuries Is Likely, Jeffrey Rogers Hummel
Why Default On U.S. Treasuries Is Likely, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
Why Default On U.S. Treasuries Is Likely, Jeffrey Rogers Hummel
Why Default On U.S. Treasuries Is Likely, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.
Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel
Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.
Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel
Civil War Finance: Lessons For Today, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson
Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson
Jeffrey Rogers Hummel
No abstract provided.
Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel
Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel
Faculty Publications
Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.
Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel
Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.
Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel
Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
Inflation worries the general public much more than it does the economics profession, and economists remain perplexed as to exactly why. The costs that concern economists are inflation’s deadweight loss. But that is only a part of the losses that concern the public, because inflation simultaneously transfers some of people’s income into the hands of government. The fact that the seigniorage tax may pay for programs they favor is a separate issue. Moreover, unlike income and other taxes, which people in democratic countries may think they have some control over through voting, seigniorage appears utterly arbitrary. In fact, people can …
Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel
Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel
Faculty Publications
Inflation worries the general public much more than it does the economics profession, and economists remain perplexed as to exactly why. The costs that concern economists are inflation’s deadweight loss. But that is only a part of the losses that concern the public, because inflation simultaneously transfers some of people’s income into the hands of government. The fact that the seigniorage tax may pay for programs they favor is a separate issue. Moreover, unlike income and other taxes, which people in democratic countries may think they have some control over through voting, seigniorage appears utterly arbitrary. In fact, people can …
The American Militia And The Origin Of Conscription: A Reassessment, Jeffrey Rogers Hummel
The American Militia And The Origin Of Conscription: A Reassessment, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.
The American Militia And The Origin Of Conscription: A Reassessment, Jeffrey Rogers Hummel
The American Militia And The Origin Of Conscription: A Reassessment, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
Problems With Austrian Business Cycle Theory, Jeffrey Rogers Hummel
Problems With Austrian Business Cycle Theory, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
Problems With Austrian Business Cycle Theory, Jeffrey Rogers Hummel
Problems With Austrian Business Cycle Theory, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.
The Jacksonians, Banking, And Economic Theory: A Reinterpretation, Jeffrey Rogers Hummel
The Jacksonians, Banking, And Economic Theory: A Reinterpretation, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.
The Jacksonians, Banking, And Economic Theory: A Reinterpretation, Jeffrey Rogers Hummel
The Jacksonians, Banking, And Economic Theory: A Reinterpretation, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
The Monetary History Of America To 1789: A Historiographical Essay, Jeffrey Rogers Hummel
The Monetary History Of America To 1789: A Historiographical Essay, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
The Monetary History Of America To 1789: A Historiographical Essay, Jeffrey Rogers Hummel
The Monetary History Of America To 1789: A Historiographical Essay, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.