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Category Archive: Economic Principles

  1. Choice and Change: How to Close the Gender Gap

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    What stops women from being success in workplaces the way men do? Factors like discrimination, culture, and access to education are factors that need to be addressed – but they aren’t the whole story. Another reason are the choices that men and women make for their lives. While discrimination should be fought at every turn, Professor Lauren Hall argues that we have to look at full scope of the story.

  2. Bridging the Gender Gap: The Problems with Parental Leave | Learn Liberty

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    While it sounds good on paper, mandated maternity leave doesn’t always achieve what it was created for. Even mandating paternity leave has its own disparities. The truth is that while women are temporarily away, their career goals and advancement opportunities can be permanently stunted. In the best cases, policy mandates are inefficient solutions and in the worst, mandates can prevent the cultural changes they seek to encourage.

  3. Playing Without Protection: Solving Football’s Concussion Crisis

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    Is it crazy to think that by making football helmets flimsy or by getting rid of them all together will reduce the amount of football concussions in the NFL?

    In this video we discuss the moral hazard of football helmets. Moral hazard refers to the lessening of people’s incentive to avoid negative outcomes when they are presented with additional forms of protection.

    Will attempts to reduce risk in injuries actually create more?

    We want to hear from YOU! Share your thoughts in the comments below.

  4. Football Law: Changing the Rules of the Game

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    What happens when the rules of a game change?

    One of the most important parts of playing a game like football is that the rules remain predictable and consistent for all players. However, this doesn’t just apply to touchdowns and tackles – the rule of law is key to a well-functioning free market. The question at hand is whether or not this really exists in the US or – do the rich and powerful benefit from hiring lobbyists to get what they want and to protect themselves? Watch and learn from Professor Steve Horowitz what happens when the Rule of Law changes and its impact on our society, the economy, and YOUR life.

  5. How Dirty Laws Trash The Environment

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    Dirty Laws? That’s the confusing part of EPA regulations. While intended to do good, they end up doing quite the opposite. When a corporation dumps its toxic waste a few miles upstream from your tomato farm – sure, you can go to the EPA, but odds are the offending party has filed all the right permits that allow them to do their dirtiest and you’re screwed. Join Law and Economics Prof. Roger Meiners in this Learn Liberty video as he shows how an age-old, British, free-market concept called “Common Law” may be the best remedy – without bureaucratic trash to stink things up.

  6. The Economics of Jersey Shore

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    What could denizens of “Jersey Shore” possibly know about economics? In a word, plenty – at least according to Professor Dan D’Amico of Loyola University in New Orleans. Let Professor D’Amico show you how Mike “The Situation” Sorrentino and Nicole “Snooki” Polizzi display a keener grasp of basic fundamental economic concepts than you might think – like the Law of Diminishing Returns, scarcity, opportunity costs, and the role of self-interest in the economics of public choice as it applies to dating, packed dance floors, fist pumping, and tanning.
    Bet you never thought getting fresh to death would teach you so much about economic theory. Sit back, relax, and welcome to the shore, baby!

  7. The Costs of Brazil vs Germany: Protest and Poverty at Brazil’s World Cup

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    Brazil gained prestige in landing the World Cup and Olympics, but sometimes hosting a major global event isn’t as glamorous as it seems. For a start, it’s difficult to justify massive spending — Brazil plans to spend $31 billion between the two — for such a temporary payoff. . Many venues created for these events, including those erected for the Olympic Games in Athens and Beijing, have fallen into disrepair after the celebrations ended. Many workers die on these massive construction projects — hundreds, already, for Qatar’s 2022 World Cup. Government often evicts lots of people from their homes, as Beijing did to over 1.5 million people in anticipation of the 2008 Summer Olympics. So why are cities and countries so eager to host? Often for the international prestige. However, support can sour quickly, as it has in Brazil, when the real costs became more apparent. Economist Matt Ryan from Duquesne Universityasks you to consider those costs now – a country that wins the bid may lose big overall.

  8. How They Beat the Oregon Trail IRL

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    How did more than 300,000 people avoid bloodshed and chaos when they crossed the American plains between 1840 and 1860? Trappers used to say there was no law west of Leavenworth, Kansas.

    No one established a government to rule the wagon trains — it’s true. But they governed themselves instead. They signed contracts that worked like voluntary constitutions. The contracts anticipated disputes among the various groups of travelers and laid out how to resolve them.

    Imagine the red tape if the government had gone with the settlers. Marvel at the ability of people to innovate rules and order in a most unlikely setting. That’s what Hill advises. Tune in to hear more.

  9. Foreigners Are Our Friends | Econ Chronicles

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    Some people say technology is the driver of innovation, but society often takes great steps in prosperity by trading. Like technological shifts over history, trade is a powerful way of creating wealth for all parties. In one example, Professor of Economics Bryan Caplan imagines a machine that turned agricultural products directly into cars: it would disrupt the way we do business, but the US would be wealthier for it.

    If, however, that machine was nothing but a freighter that exchanges corn for cars with another nation, many people think this is unfair. Whether in dislike for foreign trade or worry about immigration, Prof. Caplan calls this “anti-foreign bias,” and points out that most economists don’t share these concerns. Professional economists think trade and immigration benefit all parties involved – just like innovative technology. As we said before: trade is made of win!

  10. Can Capitalism Save Lives? | Econ Chronicles

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    Thousands of people die in the US every year because there’s a shortage of willing kidney donors. Some people are saved by the generosity of friends and family, but many more suffer because no willing & compatible donors come forward. As in most countries, it is illegal to compensate donors in the US for donating a kidney. Prof. Caplan argues that we should allow a market: if donor could be paid to donate a kidney through a reputable hospital, they could earn money and save a life in the process. Such a system would encourage many more donors, and save many more lives. But most people are uncomfortable with the idea that individuals or companies would make money by solving that kind of problem. They equate making a profit with selfish intentions, and bad results. Economics professor Bryan Caplan calls this “anti-market bias.”  He argues that most people (and voters) are prone to this bias, leading to harmful policies. Another example Caplan gives is air pollution. While most economists think that markets could help curb pollution, most regular people reject the idea. Perhaps this is partly because for many problems we face, it is difficult to imagine how markets and profit could help us find a solution. Caplan argues that this makes allowing markets even more important: they incentivize people to find new & creative ways of solving problems, many of which we never could have predicted in advance.

  11. Everything’s Amazing and Nobody’s Happy | Econ Chronicles

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    People tend to think the world is much worse off than it actually is. Bad news gets a lot more attention than good news. Professor Bryan Caplan calls this “Pessimistic Bias,” and argues that it affects the policies people  vote for. Despite the amazing economic gains of the past 100 years and even the past decade, most people are under the impression that things are just getting worse. But Prof. Caplan argues that even with all the tough problems in the world, there is reason for optimism; contrary to most people’s expectations, he contends that the best is yet to come.

    Hat tip to Louis C.K.

  12. Make Progress, Not Work | Econ Chronicles

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    As technological developments increased the US agricultural worker’s output tremendously over the last two centuries, the share of the population employed in agriculture fell from around 90 percent to around 2 percent.

    The lay American public supposes that when workers lose their jobs, we become worse off — they suffer from what economist Bryan Caplan calls the make-work bias. But would anyone prefer to live in a society in which many went hungry and no one enjoyed the wealth, financial security, job growth, and innovation created as all those workers lost their farm jobs?

    Unfortunately, the more that democracies enact policies that reflect the make-work bias, the closer we come to such a society. Follow Caplan, author of The Myth of the Rational Voter, as he explains the gap between the lay public and the professional economist’s views about the merits and demerits of making work for individuals instead of letting them find work.