Prices allow huge numbers of people to coordinate their plans and achieve amazing things together. Learn more with Dr. Russell Russell, Daniel. “Coordination Through Prices.” YouTube. Learn Liberty, 6 July 2017.
How transaction costs can block trade, and intermediation can keep it going — even in a POW camp. Watch more with Dan Russell. Russell, Daniel. “Transaction Costs and Intermediation.” YouTube. Learn Liberty, 29 June 2017.
To earn a profit, businesses must increase your “consumer surplus” by giving you better products or charging you less money. Watch more with Dan Russell Russell, Dan. “Consumer Surplus” YouTube. YouTube, 22 June 2017. Web. https://www.youtube.com/watch?v=mOzgmveDdKo
Fifty years from now, people will look back on the turn of the century and wonder about us. They will wonder why we were so wasteful, so selfish.
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.
Should fashion designs be eligible for copyrights? When I listen to people talk about this issue, many of the same interesting arguments come up. These people know about designer knockoffs and feel that something is not quite fair about them. Yet they also view copyists as moving innovation along in the fashion world. Copying releases […]
This Women’s History Month, let’s avoid the trap of looking at women’s equality as a problem that only politicians can solve.
This year April 17 is Tax Day. Those who pay little tax count themselves as lucky winners. Some of the biggest losers will be married, working women, who are being discouraged from working by high rates of tax. Higher marginal tax rates discourage married women from working. When single women work and are considering marriage, […]
How can people still starve in a world overflowing with food and a vast international aid apparatus?
Budapest has done the sensible thing and withdrawn from the competition to host the 2024 Summer Olympics. Finally a refutation of the standard point about economists – that the more united their view on a subject the less attention anyone else pays to them. For the truth about the Olympics is that they are a […]
Here are three economic principles you’ll see between security and takeoff.