History of Economic Thought

National | World | Economic History | Pop Eco | Interactive Articles

Arthur Cecil Pigou: externalities and the answer to climate change

Prices contain an immeasurable amount of information. They are the sum of an entire population’s private preferences and an indispensable signal to achieve an efficient allocation of resources. But what about the information they don’t include? Taylor Nugent examines the work of Author Pigou on externalities, and concludes that his eponymous tax is the best way to make prices reflect the costs of climate change.
This article first appeared in Short Supply 2016 – check out the full magazine via the Short Supply tab at the top of this page!

Rethinking the Rationality paradigm…

Rationality is often assumed, yet far from perfect. The question remains, does rationality still have a place in modern economic thought? Hugh Oliver discusses.
This article first appeared in Short Supply 2016 – check out the full magazine via the Short Supply tab at the top of this page!

The ‘Creative Destruction’ of Capitalism

Joseph Schumpeter reluctantly offers a stark account of the future of capitalism. Alarmingly, Schumpeter’s thesis is looking increasingly accurate.
This article first appeared in Short Supply 2016 – check out the full magazine via the Short Supply tab at the top of this page!

The Swedish Brains Behind the Welfare State

Few places in the world have managed to maintain strong economies with high tax rates and welfare spending. Eddie Go delves into the Swedish origins of the unique Scandinavian model.
This article first appeared in Short Supply 2016 – check out the full magazine via the Short Supply tab at the top of this page!