Source: EconLog
by Vincent Geloso & Antoine Noël
“The core of this argument is that the American Founding set the United States on a unique path that made it one of the richest and freest places in the world. Yet, this causal connection requires a leap of faith. Few have attempted to conjure a counterfactual in which America remained a British colony or became independent in ways similar to later British Dominions (e.g., Canada, Australia, New Zealand, and South Africa). Serious causal inference generally requires the use of large datasets to infer the effects of important policy changes or some large exogenous shocks. For nations, especially in the more distant past, this is even more challenging because of data paucity, limited numbers of observations, and other confounding factors. It may even be impossible. A possible alternative course is to rely on analytical narratives to construct a theory, laying out assumptions and predictions.” (07/09/26)
https://www.econlib.org/econlog/the-cost-of-the-american-revolution