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Clark Packard Since the late 1970s, when Chinese president Deng Xiaoping initiated some market‐​oriented liberalization, the country has been on an upward economic trajectory. As documented by my colleague Jim Dorn in a recent essay for Cato’s Defending Globalization project, these reforms yielded substantial dividends. It is estimated

The term “roundabout” is not normally associated with efficiency, unless you’re an economist. Yet roundabout methods—when applied to production—are the key to prosperity. Eugen von Böhm-Bawerk, the great Austrian economist of the late nineteenth and early twentieth centuries, provided examples illustrating how this idea works. Consider