Note: This is post #81 in a weekly video series on basic economics. How did Germany and Japan achieve record economic growth following World War II? A primary reason is physical capital. In this video by Marginal Revolution University, Alex Tabarrok explains two specific concepts that deal with physical capital and the success of Germany and Japan. The first is the iron logic of diminishing returns which states that, for each new input of capital, there is less and less...

A recent study concluded that members of the Eastern Orthodox Church, the second-largest church in Christendom, are likely to support left-wing economic policies. But that does not mean, says Krassen Stanchev in this week’s Acton Commentary, that Orthodox Christians are naturally statists: It is probably true that historically Orthodox countries (the study lumps in believers and non-believers alike) would fall into the group of those supporting greater government intervention in the economy. This has been the case in the last...