John Stuart Mill: Victorian Firebrand
Richard Reeves (2007) John Stuart Mill: Victorian Firebrand. London: Atlantic Books. pp. vii + 616. Richard Reeves’ sparkling new biography can be read as an attempt to do justice to this eminent thinker, and it succeeds triumphantly. He reveals Mill as a man of action—a philosopher and radical MP who profoundly shaped Victorian society and […]
Understanding liquidity traps
Tyler Smith When the economy weakens, central banks respond by lowering interest rates to encourage borrowing and spending. But recent large downturns, such as the Great Recession and Japan’s Long Recession, have highlighted a major limitation of this tool—the zero lower bound. In such extreme circumstances, the economy can get stuck in what economists call […]