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Adam Smith infused the expression “impartial spectator” with a plexus of related meanings, one of which is a super-being, which normally would aptly take the definite article the, and which bears parallels to monotheistic ideas of God. As for any genuine, identified, human spectator of an incident, he can be deemed impartial only presumptively. Furthermore,… Read more »

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Jordan Peterson says that postmodernists say no interpretation is better than another. Hmm. I would no sooner identify Peterson’s adversaries as those who have been misled by „postmodernism“ than I would identify them as misled by „sustainability,“ „diversity,“ „multiculturalism,“ or „intersectionality.“ Such fare is mainly symptomatic. „Postmodern“ invocations are often like „sustainability“ invocations: inessential. This… Read more »

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Smith’s two-sentence rebuke of the slave trade was quoted in full several times in early anti-slavery literature. It helps us make sense of Part V of The Theory of Moral Sentiments and understand Smith’s posture toward slavery. Also, it might inform our understanding of the relationship between Smith’s two great works. Klein, Daniel B., Adam… Read more »

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Das Ende 1926 gegründete Österreichische Institut für Konjunkturforschung – das spätere Österreichische Institut für Wirtschaftsforschung – entwickelte sich unter seinen Leitern Friedrich A. Hayek und Oskar Morgenstern von 1927 bis 1938 zu einer bedeutenden außerakademischen Institution der Wirtschaftsforschung mit hoher internationaler Reputation. Inhaltlich wandelten sich die Aufgaben von der Konjunkturdiagnose und -prognose, der die Ökonomen… Read more »

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This paper analyzes the link between large youth cohorts and violent conflicts when labor-market restrictions are present. Such restrictions are expected to limit the youth cohort’s access to income opportunities in the formal economy, and thus lower the youth-specific opportunity cost of insurrection activities. We develop a theoretical model of insurrection markets and integrate the youth cohort’s relative size.