Adam Smith Institute

Not the way that many will think about it, but markets have positive externalities and they are public  goods. They will therefore be undersupplied by the market itself. Our task is thus to both create and aid markets, so that we can enjoy more of those externalities.

An interesting book about how you can start from the bottom and get on in the US. Unfortunately, the fact that millions of immigrants, legal and otherwise, manage the same thing every year makes the need for the book and the experiment somewhat moot.

The fact that the expert opinion changes so often should make us somewhat wary of experts' opinions.

More on why the unwinding of the Lehmann CDS positions is better news than some think.

A brave new world of banking is being ushered in. Let's hope it's not back to the 1970s.

Yes, there really was a goal in the US to get more homeowners, more people with low downpayments, more people who were marginally capable of paying a mortgage to do so.

And finally, the joys of the division of labour, or round pegs for round holes.

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