Economies of scale and comparative advantage let us make bigger and better oranges, grapes, and everything else. For more Dan Russell, watch https://www.youtube.com/watch?v=_sLET3sqMgU
We live in the richest society in history, but most people never ask what “wealth” even means. For more about wealth and why it’s on the rise, click here.
Shows like Flip or Flop make it look easy to turn huge profits from renovating a home. But don’t quit your day job just yet.
Economists have an important purpose, but they often fail to serve it.
Venezuela is an unfolding story of the chaos resulting from government intervention in economic affairs. President Maduro faces a political crisis, and violent protests pose real threats to his desperate attempts to retain power. The economy is collapsing in front of our eyes, but the real tragedy is not the macro indicators that we read […]
On this wonderful day, gleeful children and adults flock to their local 7-Elevens with cups of (almost) all shapes and sizes.
Wrestling with ethical issues can bring life to the economics classroom.
In terms of implications for contemporary monetary economics, it doesn’t much matter whether the chartalists or the emergent theorists are right.
In which economist Michael Munger explains jokes, making them funnier. Seriously though, if you want to know why economist jokes exist, this is your jam.
How did the Major League Baseball wagering market respond to the publication of profitable wagering strategies in 2012?
My 85-pound pit bull lives better than most people on this planet do. He eats superior food, drinks clean water, and sleeps inside a comfortable house on a comfortable bed.
The laws of human action help us understand the origins of money.
The new idea on the Left today isn’t so much Marxism as Welfarism. That’s how Prof. Brandon Turner explains today’s politics. Full video on Facebook
The astonishing growth in SEZs qualifies as a revolution of sorts, but not the usual, political kind.
The government issues thousands of new patents every week — each one a new regulation — with little to no oversight or review.
The coaches get millions of dollars. The schools get millions too. So why don’t college athletes get paid at all? Watch the full interview
“Pro-Business” can mean a few different things when it comes out of politicians’ mouths. It could mean they want to let free markets create as many jobs and opportunities as possible, or it could mean they want to treat the economy like a machine, pulling levers and pushing buttons to pick winners and losers. Mercatus […]
Those “lazy, self-centered, millennials” get a bad rap. Jared Meyer, author of “Disinherited: How Washington Is Betraying America’s Young” explains how this generation both has higher standards of living and more government barriers to success than any other.
It’s easy to imagine a perfect system, one in which all are taken care of, where our cars run on recycled emissions, and where everyone can afford healthcare, but we too easily fall into “unicorn traps” with this sort of thinking. Professor Michael Munger of Duke University explains:
Some people argue that natural disasters and other acts of destruction create wealth and employment as we repair the damage they’ve caused. Professor Dan Russell explains that this fallacy fails to take into “opportunity costs” into consideration. Whenever we use a resource for one purpose, like fixing a window, we give up the opportunity to […]
Why bad laws get passed. Public choice is a field of economics that takes what we understand about human behavior and applies that knowledge to humans who work in the public sector, politicians, bureaucrats, lobbyists, and voters. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain the true cost of […]
Here’s how you help free people make the best choices. Free market economists argue that people should be left alone to make decisions for themselves, but sometimes, specialized knowledge is required to make a decision that most people just don’t have. Is there a way to encourage people to make what is, for most of […]
Why do we make bad choices? Making rational choices is expensive. It takes time and energy to collect the information necessary for rational thought, and it takes mental effort to apply rational thinking to the information we gather. For that reason, we occasionally use a different type of decision making all together. Professor Antony Davies […]
Here’s why we we eventually stop searching for soulmates… and shoes. How is it possible to make a rational purchase decision without seeing all the possible options? Humans have evolved low cost shortcuts for increasing the odds of finding the better options. The shortcuts are called Heuristics. Professor Antony Davies of Duquesne University and Erika […]