Archive for August, 2006
Understanding economics: International finance, liberalization, etc.
I
Ever since Adam Smith in the 18th century extolled the prospects for mutual gain inherent in free trade between nations, economics textbooks have tended to classify economic policies as either "welfare-enhancing" or "welfare-reducing." One implication of this tradition is that a macroeconomic policy ought to be judged on the basis of whether it provides [...]