Excellent writing on the New Right. The Old might read

An insightful mini-essay from Marginal Revolution’s Tyler Cowen on how his “own preferred slant of classical liberalism is being replaced” by what – for want of an agreed term – he categorises as the “New Right”. 

At his level of intellectual discourse, this means “the smart young people I meet who in the 1980s might have become libertarians”.

Presumably they didn’t.  But nonetheless “the New Right doesn’t entirely reject the basic principles of free market economics”. (Is ‘entirely’ redundant here?) 

Lucky Liz? Wait a few years to find out

Britain’s new PM, Liz Truss, might have caught a break last night.

The International Monetary Fund, after a longish period of complaisance in regard to fiscal stimulus, abruptly decided that the Truss economic plan was a good point to draw a line, in part because giving people their money back was seen as untargeted and might increase inequality.  

But in being so unusually prompt and decisive, it has missed a chance to wait and see which way the wind blows.

Britain’s Liz Truss chooses a hard road

Is the new approach to economic policy of the Truss government important. Well, just look at the overreaction.

“It has been extreme” says the mild-mannered Tyler Cowen, who goes on to add:

“I certainly can see reasons why one might oppose the plan, but the skies are not going to fall.”

Criticism from many of the government’s opponents can be dealt with relatively briskly – it’s usually easy enough to pick out contradictions in their own recent testimony.  Cowen again, with admirable restraint:

Questions about China?

As the song goes, it used to be so easy. China was liberalising, we could buy cheap stuff, the world was becoming a better place.  Now we’ve got more to think about, and it’s much harder.

Consider the following.