Category Archives: Economic History

Should we miss the working class?

Brink Lindsey writes, people are not machines, and they don’t like being treated as such. By inducing millions of people to take up factory work and creating a social order in which those millions’ physical survival depended upon their doing … Continue reading

Posted in Economic History, income distribution-wealth-poverty, labor market | 13 Comments

Land prices in San Francisco

Robert L. Cutts writes, Homes… now sell for 15 times the average salaried worker’s annual gross wage. Even small condominium units… sell for nearly 10 years’ pay. First-time buyers would have to contract 50- to 90-year mortgages to make the … Continue reading

Posted in Economic History, Housing and housing finance | 13 Comments

Broadberry and Wallis: A Suggested Interpretation

The Economist reports, Stephen Broadberry of Oxford University and John Wallis of the University of Maryland have taken data for 18 countries in Europe and the New World, some from as far back as the 13th century. To their surprise, … Continue reading

Posted in Economic History, Growth Causes and Consequences, Tyler Cowen is my Favorite Blogger | 3 Comments

Supply, Demand, and Immigration

Don Boudreaux writes, An increase in the supply of labor lowers wages only if nothing else changes. But when immigrants enter the workforce two very important other things change. First, immigrant workers spend or invest their earnings, both of which … Continue reading

Posted in books and book reviews, Economic History, Growth Causes and Consequences, Specialization and Trade Economics Intro, trade and immigration | 19 Comments

Peter Turchin’s Latest Book

It is called Ages of Discord: A Structural-Demographic Analysis of American History, and I received a review copy. I am not very far into it. An alternative title might be “Average is over. . .and maybe so is everything else.” … Continue reading

Posted in books and book reviews, Economic education and methods, Economic History, Tyler Cowen is my Favorite Blogger | 3 Comments

President Nixon’s Wage and Price Controls

Burton A. Abrams and James L. Butkiewicz write, We uncover and report in this paper evidence that Nixon manipulated his New Economic Policy to help secure his reelection victory in 1972. He became convinced that wage and price controls were … Continue reading

Posted in Economic History, PSST and Macro, Tyler Cowen is my Favorite Blogger | 6 Comments

PSST and 1946

Commenter Handle asks, As a first guess, would a PSST theory also predict significant disruption and delay in establishing a healthy ‘new normal’ from such a substantial and rapid transformation in the overall economy as accompanied the huge changes from … Continue reading

Posted in Economic History, PSST and Macro | 10 Comments

Book Discussions

If any readers are willing/able to organize a group interested in Specialization and Trade, I am willing/able to travel to talk with such a group. I think about 10-20 people would be a good size. I am particularly interested in … Continue reading

Posted in Economic History, Specialization and Trade Economics Intro | 3 Comments

Modernity is a Package

I have just started reading Leviathan 2.0, by Charles S. Maier. I could not find a Kindle edition when I was ordering the book. Here is a quote from p.5-6: The winners were the well-organized representatives of Europeans and their … Continue reading

Posted in books and book reviews, Economic History, Libertarian Thought | 5 Comments

Brad DeLong’s History Lesson, and another Puzzle

Interesting throughout, and difficult to excerpt. You would imagine, therefore, that once the iron-hulled ocean-going screw-propellered steamship and the submarine telegraph cable had made their appearance, factory work worldwide would have rapidly gone to where labor was cheap. Yet from … Continue reading

Posted in Economic History, Growth Causes and Consequences | 17 Comments