Economists like to look at actual behavior as a way of inferring what people believe. This is called “revealed preference.” I’ve always found it to be a very useful tool. Recent statements by top Trump administration officials have puzzled observers on both sides of the political spectrum. Here’s the National Review, a conservative publication that […]

Econlib Blog

21.02.2025

The King of New York - Econlib

When Joe Biden was president, Republicans rightly complained that he often abused his power when doing things like cancelling student debts. They also rightly complained when the federal government usurped the power of state and local governments. The GOP is traditionally seen as favoring “federalism”. Was the GOP complaint about the president exceeding his constitutional […]

Econlib Blog

21.02.2025

What Makes International Trade Unique: Politics - Econlib

Those of us who teach and study international trade sometimes get the question: “how is international trade different from domestic trade?” From a purely analytical perspective, national borders do not change the fundamentals of trade. Whether one is trading with Bart in Baton Rouge, Brad in Boston, or Brent in Berlin, the fundamentals stay the […]

Econlib Blog

21.02.2025

The Benefits of Free Trade Are at Risk - Econlib

When I was a full-time economics professor at the Naval Postgraduate School, I always taught my master’s students about comparative advantage. I showed them that if two people were on a desert island and discovered each other, they could each have more by specializing in producing the good in which they had a comparative […]

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Revealed preference as an analytical tool - Econlib

The King of New York - Econlib

What Makes International Trade Unique: Politics - Econlib

The Benefits of Free Trade Are at Risk - Econlib

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