In their new book, America 3.0: Rebooting American Prosperity in the 21st Century—Why America’s Greatest Days Are Yet to Come,1 James C. Bennett and Michael J. Lotus predict America’s future by looking deep into the past. They argue that the unique nuclear-family orientation inherited from the Anglo-Saxon tradition creates a culture that ultimately will reject the model […]
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I often told my students that Hayek’s “The Use of Knowledge in Society” published in the American Economic Review in 1945 remains the most insightful economic article ever published. I read it once a year and always learn. Anyone who understands it well knows more about the economy and society than does the average Ph.D. […]
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Many social scientists have found that when people do not trust anyone outside their own clan or village, the level of trade and general prosperity tends to be low. Wealthy societies are characterized by high-trust cultures. When I mentioned this observation at a recent conference in Bozeman, sponsored by the Foundation for Research in Economics […]
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