Protectionism: Krugman half right, halved wrong*

I can’t refute Krugman.  Institutions matter.  But just what is an institution anyway.  A stop sign, Burger King, constitutional conventions the EMU?  All of the above?  Sadly yes including gold standard like thinking.  But the EMU and the WTO come with rules ratified in international treaties and enshrined in national law.  Gold standard like thinking (Read more…)