Around the Web

This is the 69th installment of ‘Around the Web’. Giggity!

  1. guaranteed income vs. open borders; Economist Kevin Grier weighs the options
  2. How poverty taxes the brain; A sexy-sounding female gives us the low-down
  3. The origins of Northwest European ‘guilt culture’; Evolutionary anthropologists are so, soooo cute
  4. The ‘thoughtful libertarian’ subreddit; Finally!
  5. Is Christmas efficient? Only an economist (Tyler Cowen) could ask such a thing
  6. God, Hayek and the Conceit of Reason; Concise essay by Jonathan Neumann in Standpoint
  7. Milton Friedman’s 1997 musings on a common currency in the European Union: The Euro: From monetary policy to political disunity

Around the Web

Gene Callahan breaks down social thought through the ages.

The auto industry’s success story since Obama’s union vote-buying bailout.

Debt: the first 500 pages. An economist from Australia reviews David Graeber.

Daniel Larison laments the terms of debate in regards to US foreign policy this election.

Economic Growth in Europe: the Longer View

Economist Tyler Cowen has a post up on who has gained most from the Euro (as measured by state), but the economist Angus puts things into perspective:

Ireland, Spain, Portugal and Greece were all growing fast relative to Germany (and France which is not on the graph) well before the introduction of the Euro. Ireland and Spain take off somewhere around 1990 and the intro of the Euro in 2000 does not speed up their trajectory. Portugal actually falls further behind Germany in the Euro era. Greece is the only country of these 5 whose catch-up to Germany accelerates with the intro of the Euro.

Two quick thoughts:

  1. Woah! Look at Ireland!
  2. I’ll bet the acceleration of growth in the 1960’s had to do with the end of World War 2 and its rebuilding efforts.

Taking a broader historical view really puts things into perspective. If the Euro was not the catalyst for the economic growth of the 1990’s, what was? My guess is that the elimination of tariffs and labor restrictions between European states led to the growth. If the Eurozone had not implemented a central bank I think we wouldn’t be looking at all of the political problems now associated with the region.

Angus (who works at Oklahoma University) got his statistics from here. I highly recommend using it in your own studies as well.