A Discussion of Bourgeois Equality Chapter 53 “It Was Not a Deep Cultural Change” Dr. McCloskey continues to examine the power of rhetoric, what we may now call the narrative, on society and the economy. Why did the Great Enrichment take root around 1700 in England? Capitalism and the Hockey Stick…
Tag: Institutions
Bourgeois Equality
Good Ideas Put the Bourgeois in Charge
A Discussion of Bourgeois Equality Chapter 43 “Ideas Made for a Bourgeois Revaluation” Dr. McCloskey is continuing her exploration for the factors that caused the Great Enrichment to occur when and where it did, nineteenth century England. She has been focusing on many economic and cultural factors so far, but…
Bourgeois Equality
Why We Need a Supportive Government not a Predatory One
A Discussion of Bourgeois Equality Chapter 42 “Political Ideas Mattered for Equal Liberty and Dignity” Dr. McCloskey is examining the role political thinking played in making the trade tested betterment system work. She notes that many societies in the past, and now, have some elements needed for such a system…
Bourgeois Equality
Are Libertarians Right about Government?
A Discussion of Bourgeois Equality Chapter 16 “Most Governmental Institutions Make Us Poorer” Calling all libertarians! I think this chapter is for you. This chapter wraps up Part 2. Chapters 10 and 11 showed the Left’s explanations for the Great Enrichment were wrong, but Chapter 12 and 13 did the…
Bourgeois Equality
Liberty and Dignity for Everyone Swamps Institution Quality
A Discussion of Bourgeois Equality Chapter 15 “And the Oomph of Institutional Change is Far Too Small” Dr. McCloskey continues critiquing the popular view of economists that good institutions explain the hundred-fold economic growth rate since the 18th century. For the past 2 chapters, she has argued that good institutions…
Bourgeois Equality
Good Institutions are not Enough — You Still Need Good Ideas
A Discussion of Bourgeois Equality Chapter 14 “Because Ethics Matters, and Changes, More” I’ll be honest. If the first few chapters read like this one, I never would have thought to do this chapter by chapter review! That is not because this chapter is bad, but it did challenge me….
Economic Thought
Economy not Developing? Check your Spirituality
A Discussion of “Morality and Spirituality: The missing link for economic development in the 21st century”. Economists postulate that it takes good institutions (laws, regulations, morality, customs) to create the incentives needed to organize your factors of production (capital, labor, etc.) to produce a growing output (GDP per capita). Kame…
Economic Thought
Can Ancient Greece Help Developing Economies?
A Discussion of “Morality, Institutions and the Wealth of Nations: Some Lessons from ancient Greece” When I teach macroeconomics, I know one question the students have is, “Why can’t we use all this economic knowledge to help poor countries grow?” And the answer is, we can, to a point. But,…
Macroeconomics
Why Countries Rich with Resources can be so Poor and How to Prevent It
A Discussion of “Does Information Break the Political Resource Curse? Experimental Evidence from Mozambique” It seems logical that a country with no resources would be poor, so it seems puzzling when a country rich in resources is poor. However, Armand, Coutts, et al. (2020) note the Resource Curse, defined as…