Man has only one tool to fight error: reason.
— Ludwig von Mises
1. What’s gone wrong with democracy?, asks the Economist. (For political scientists: is there a difference between “top-down” democracy and, say, “grassroots” democracy? I mean that in the sense of a planned democracy v. one that was both, in ways, planned and spontaneously developed.)
3. The myth of the great wages “decoupling,” Don Boudreaux and Liya Palagashvili.
4. Coordination and the demand for money, Nick Rowe. It reminds me of Hayek, and Hoffman’s and Urbansky’s “Economic Order Displacements and Recurring Business Cycles.”
5. Reddit’s economic article of the week: “The Political Economy of the Rent-Seeking Society,” by Anne Krueger.
6. Can economic sanctions force Putin to retreat on the Crimea issue? Sanctions are an easy option to condemn, and to damage to, an aggressor, but, historically, they rarely work. Here is an old essay of mine on the unintended consequences of sanctions on Iran.