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Category Archives: Microeconomics

Is the “invisible hand” still relevant?

Adam Smith first talked about the invisible hand in the Wealth of Nations, expressing the view that by and large, competitive markets that are relatively free of government guidance do a better job of allocating resources than occurs when governments play a dominant role. Stephen LeRoy, professor at the University of California, opens with this well-known economic premise in his … Continue reading

Posted by Nigel Tree | Leave a comment

Benefits and costs from monetary union

At the end of last week, Francesco Paolo Mongelli, Professor at the University of Frankfurt, published a brief article entitled “Some benefits and costs from participating in a monetary union.” In his conclusion he says that: “There is a broad range of benefits and costs in sharing a currency. Contrary to conventional wisdom, the macroeconomic costs of losing influence over … Continue reading

Posted by Nigel Tree | Leave a comment