EconAir

Carrie Nation - Prohibitionist RELIGION IN AMERICA There is an interesting dynamic in the history of Protestantism in America .   As different Protestant churches became the “established” or mainstream churches, many Americans turn away to form and join more evangelical or Pentecostal churches and sects.  This began in colonial America. Following the spectacular success of itinerant evangelical preacher George Whitefield in 1740 (the first Great Awakening), the evangelical New Light movement and independent itinerant preachers swept America. They challenged the established (tax supported) churches with emotional appeals for salvation. Although the fervor died down in the 1750s, it never disappeared. The large and sudden popularity of Baptists and Methodists in the first half of the 19 th century was a revival of the reaction to the less fervent Puritan (Congregational) and Episcopal churches.   As Methodist and some Baptists groups became less eva...

President Trump Might Washington, like Rome, fall victim to imperial overstretch? Could military force abroad eventually have to be withdrawn because of bankruptcy at home? Might the whole idea of America eventually be challenged and destroyed by some charismatic new faith: some fundamentalist variant on Christianity? Or will nature disrupt America’s new world order? Robert Harris, "Does Rome's fate await the US?," The Mail on Sunday , October 12, 2003 (1) INTRODUCTION:  FOREIGN POLICY AND DOMESTIC POLITICS This post will discuss American foreign policy, with an emphasis on economic aspects. It will focus on the structure of America's trade treaties and policies, and the interaction of America's foreign economic policies and domestic politics. The companion post,  "Pax Americana": The World That America Made , the will discuss America's projection of global power and influence through military power, security arra...

INTRODUCTION For background, see prior post on The Limits of Negotiation . ECONOMIC NEGOTIATIONS Basic game theory works best in economic negotiations.    The players have the same assumptions (act rationally, make money), enter into the negotiations voluntarily and negotiate which positive payoff matrix they will agree on.   Economists usually assume that people are playing a positive sum (win – win) game.   That is, how to divide up the monetary or utility gains. Game theory indicates there is a better chance at cooperation or reaching good faith agreements if the players know they will be playing the game repeatedly or if both players see an advantage to a long-term agreement. Economic rationality implies that an agent will not agree to an outcome if the individual will be worse off than not negotiating.   The alternatives are not to negotiate or find another party with whom to reach a positive or better agreement.   A co...