"Fear The Boom and Bust" Video

Check out Keynes and Hayek rap battle about business cycles:

Get the lyrics from EconStories.

This is brilliant!!

Christopher Coyne on The Political Economy of Exporting Democracy

On Thursday the Econ Club had the pleasure of hosting Dr. Christopher Coyne, assistant professor of economics at WVU and author of "After War: The Political Economy of Exporting Democracy."

By using the tools of economics, Coyne analyzed the ability of the US to export democracy abroad. He took into consideration the American intervention in Iraq and Afghanistan and argued that the US failed to establish democracy due to too much reliance on the bureaucratic agencies and the public sector. Coyne concluded that a recovering country needs free trade and movement of people in order to effectively establish liberal and constitutional democracy.

Crucial to Coyne's argument is the distinction between democracy and liberal democracy. As explained in "After War":

Democracy deals with the method of selecting government officials, while liberal democracy deals with the goals of government: the protection of individual rights, the rule of law, and so on. (p. 11)

Coyne's argument clearly challenges the current US political economy. Highlighting the role of incentives and free market, he identifies free trade of goods and people as being key elements to successfully encourage the establishment of liberal democracy abroad.

To what extent do you think a country can intervene beyond its borders in order to establish democracy? Do you think a developed country has the sufficient knowledge to impose political and economic systems abroad? Or do you think that non-intervention and free market could lead to global peace?

George Ayittey to Speak at Loyola Economic's Club

African Economics specialist George Ayittey will attend the Loyola Economic's Club on Thursday, September 24th in Miller room 208 from 12:30-2:00 (the window).

Dr. Ayittey is a professor at American University and was credited as one of the "Top 100 Public Intellectuals" in 2008. His work on the developing economies in Africa include books the books Africa Unchained: the blueprint for development, Africa in Chaos, The Blue Print of Ghana's Economic Recovery, and Africa Betrayed.

The Economic's Club welcomes Dr. Ayittey and all members of the Loyola Community. Pizza and Drinks will be provided.

Peter Leeson to Speak at Loyola Econ Club

On Monday, September 14th, Peter Leeson will be speaking to the Loyola Economic's Club in Miller Room 115.

The topic of discussion will be Pirate Economics. All students and community are invited.

Peter Leeson's Website: http://www.peterleeson.com
Peter Leeson's Blog: http://austrianeconomists.typepad.com/