TweetHere’s a letter to a new correspondent. Mr. E__: After reading this post, you think me “kind of silly and shallow for comparing trade deficits to witches given witches are figments of imagination but trade deficits are actual, objective things.” There is indeed an actual accounting artifact called “trade deficit,” but it’s a highly subjective […]

Cafe Hayek

11.07.2025

Quotation of the Day... - Cafe Hayek

Tweet… is from page 265 of Johan Norberg’s splendid 2023 book, The Capitalist Manifesto: Liberalism does not deny man’s need for belonging, it just denies that [Patrick] Deneen and [Noreena] Hertz know which collectives we should belong to. Liberalism is not about finding all life’s meaning in a shopping list, it just says that we […]

Cafe Hayek

11.07.2025

Some Links - Cafe Hayek

TweetThe Editorial Board of the Wall Street Journal shares the findings of a new paper from the Dallas Fed that details “the economic drain of mass deportation.” Two slices: The loss side of the ledger is that mass deportation of productive employees will drain economic growth and make it harder for Mr. Trump to deliver […]

Cafe Hayek

11.07.2025

Bonus Quotation of the Day... - Cafe Hayek

Tweet… is from David Hume’s 1742 essay “Of the Balance of Trade” (here from pages 314 of the 1985 Liberty Fund collection of Hume’s essays, edited by the late Eugene Miller, Essays: Moral, Political, and Literary) [original emphasis; footnotes deleted; the Heptarchy is the term for the independent Anglo-Saxon kingdoms in England from the fifth […]

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Trade Deficits Are Not As Objective As You Might Suppose - Cafe Hayek

Quotation of the Day... - Cafe Hayek

Some Links - Cafe Hayek

Bonus Quotation of the Day... - Cafe Hayek

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