Category:Free Markets and Capitalism
Should Government Regulate Monopolies?
February 29, 2012 | Video
Before considering government regulation of monopolies, Prof. Lynne Kiesling encourages us to think about the regulation that markets naturally provide. In any market, in the absence of government interference, each business is constrained by the following: Consumer demand The availability of substitutes The entry, or threat of entry, of new firms Historically, despite these competitive […]
Makers vs. Takers at Occupy Wall Street
December 20, 2011 | Video
The Occupy Wall Street protests have popularized the distinction between the lowest 99% and the highest 1% of income earners. Prof. Chris Coyne suggests that a distinction between makers and the takers is a better way to understand the problems that the protesters decry. There are makers and takers in all income brackets in society. […]
Occupy Wall Street & Capitalism: A Professor’s Response
November 28, 2011 | Video
The Occupy Wall Street movement expresses valid frustrations, but do the protesters aim their accusations in the wrong direction? Economics Professor Chris Coyne draws the distinction between crony capitalism and legitimate capitalism. Crony capitalism is government favoritism fueled by handouts and is responsible for the plight of the 99%. Legitimate capitalism, on the other hand, […]
Liberty and Community: Marx and Smith on Commercial Societies
November 7, 2011 | Video
According to Professor James Otteson, one of the greatest challenges often presented against individual liberty and free markets is that they are atomizing. Essentially, it is claimed that people within a commercial society begin to view one another as competitors. This critique goes as far back as at least Karl Marx. Although there is some […]
What Motivated Adam Smith?
October 14, 2011 | Video
Why did Adam Smith, considered by many to be the father of economics, write The Wealth of Nations in 1776? Prof. James Otteson suggests that one of Adam Smith’s main concerns was poverty, which, at the time of Smith’s writings, was much worse than the poverty of today. After analyzing centuries of data, Smith found […]
Stephen Davies’s Intellectual Development
October 10, 2011 | Video
Dr. Stephen Davies discusses his intellectual development, which really began with John Stuart Mill’s essay On Liberty. Mill’s essay encouraged Dr. Stephen Davies to think in ways he had never thought before. After reading this essay, he began reading the works of Milton Friedman, Friedrich Hayek, and many others. Through these readings, as well as […]
Top Five Libertarian Books
September 23, 2011 | Video
Dr. Stephen Davies describes the difficulty in selecting the top five libertarian books, and therefore, decides to select two books for his first book recommendation. Below are his recommendations: On Liberty by John Stuart Mill & The Sphere and Duties of Government by Wilhelm von Humboldt The Use of Knowledge in Society by Friedrich Hayek The Structure of Liberty by Randy Barnett Norms of Liberty by Douglas […]
What Should We Think About Chain Stores?
September 13, 2011 | Video
Are chain stores good or bad? According to Prof. Art Carden, there are reasons to both like and dislike chain stores. The reasons to like chain stores include their ability to lower prices, increase variety, and reduce uncertainty. However, chain stores also do things to dislike, such as pursuing special government privileges like subsidies and […]
An Economist’s Look at Intellectual Property Law
September 12, 2011 | Video
Prof. Daniel D’Amico discusses several arguments for and against government enforcement of intellectual property, including trademarks, patents, and copyrights. He explores both moral arguments (deontological) and cost benefit arguments (consequential), dedicating most of his time to consequential arguments. He finds that, in general, intellectual property is difficult to enforce and is inherently an anti-rival good. […]
Economic Freedom of the World
September 8, 2011 | Video
Do you prefer the world of Adam Smith or the world of Karl Marx? Prof. Robert Lawson tells the story of his numerous discussions about this very question with his friends in college. Even after years of theoretical discussion with his friends, a conclusion was never reached between them. Prof. Robert Lawson now works on […]
A Tale of Two Countries: Botswana and Zimbabwe
September 1, 2011 | Video
According to Prof. Scott Beaulier, when most people think of Africa and the standard of living it provides, they tend to think of the entire continent as a whole rather than the individual countries. This type of thinking, however, overlooks some large differences that exist between African countries. Specifically, when comparing Botswana to other African […]
Free Trade vs. Protectionism
August 31, 2011 | Video
According to Prof. Don Boudreaux, free trade is nothing more than a system of trade that treats foreign goods and services no differently than domestic goods and services. Protectionism, on the other hand, is a system of trade that discriminates against foreign goods and services in an attempt to favor domestic goods and services. In […]
Property Rights in the 21st Century
August 25, 2011 | Video
Timothy Sandefur, Principal Attorney at the Pacific Legal Foundation, discusses how the evolution of law in the United States has affected our property rights. Beginning with discussions of the founding fathers, Timothy describes how our rights, especially property rights, have eroded as a consequence of progressive ideas and judges. To reverse this cycle, Timothy states […]
Top Three Common Myths of Capitalism
August 22, 2011 | Video
Is being pro-business and pro-capitalism the same? Does capitalism generate an unfair distribution of income? Was capitalism responsible for the most recent financial crisis? Dr. Jeffrey Miron at Harvard answers these questions by exposing three common myths of capitalism.
The Market Revolution
August 12, 2011 | Video
What is the market revolution? How has it affected our daily lives? Was it good for ordinary Americans? What caused it? Was the market revolution good for humanity? Through a series of historical stories and data, history professor Rob McDonald answers all these questions, along with many others.
Capitalism and the Family
June 3, 2011 | Video
Prof. Steve Horwitz discusses the relationship between capitalism and the family. Prior to capitalism, the primary purpose of families was production. Capitalism was the first economic system to enable individuals to form various types of associations, generating a more dynamic cultural evolution. The result of this process was a more moral and free family structure. […]
Markets: Exploitation or Empowerment?
May 26, 2011 | Video
Prof. Antony Davies empirically examines the question of whether or not markets are exploitative. In his analysis, he finds that trade is positively correlated with wealth creation, jobs, reductions in child labor, and increasing wages. Markets, therefore, empower individuals rather than exploit them.
The Shackled Continent
May 25, 2011 | Video
Robert Guest, through a series of personal travel stories, explains the causes and his proposed solutions to Africa’s poverty. Africa’s poverty, he claims, is primarily the result of authoritarian governments. His solution is to encourage African governments to enforce the rule of law and provide basic necessities such as education, roads, and water.
Welfare, Regulation, and the Migration of the "Creative Class"
May 19, 2011 | Video
Prof. Bruce Yandle uses the concept of freedom to analyze various changes across the globe. Through this paradigm, he analyzes industrialization, regulation, migration, and even human psychology.
Are Entrepreneurs Modern Day Heroes?
May 18, 2011 | Video
Law professor Donna Matias defines an entrepreneur as someone able to identify and provide for an unmet need. In short, entrepreneurs are both problem solvers and wealth creators. Extremely successful entrepreneurs, therefore, are not evil. Rather, they are modern day heroes who have managed to effectively fulfill the needs of their consumers.
Do you want to live in the world of Atlas Shrugged?
May 6, 2011 | Video
In her masterpiece of fiction, Atlas Shrugged, Ayn Rand emphasizes three key classical liberal themes: individualism, suspicion of centralized power, and the importance of free markets. In this video, Prof. Jennifer Burns shows how Rand’s plot and characters demonstrate these themes, principally through innovative entrepreneurs who are stifled by laws and regulations instituted by their […]
"Trade Is Made of Win," Part 3: Conservation
April 26, 2011 | Video
Prof. Art Carden explains how trade not only creates wealth, but conserves both wealth and resources. When people have access to trade, they can produce the things they make efficiently, and then trade for the things they can’t produce as efficiently. This means they are able to meet their needs while consuming fewer resources. Part […]
"Trade Is Made of Win," Part 2: Cooperation
March 28, 2011 | Video
Prof. Art Carden examines how trade creates wealth, by allowing people working together to produce more than they could individually. Using a simple two-person example, he shows another example of how cooperation during production benefits everyone.
Libertarian Cosmopolitanism
March 18, 2011 | Video
From the IHS Vault: Prof. Steve Horwitz explores what he calls “Libertarian Cosmopolitanism.” Horwitz argues that in a world of globalized trade and communications, we should not just tolerate difference, we should acknowledge the benefits of voluntarily trading, exchanging, and interacting with others different from ourselves. He addresses issues including immigration, population growth, and free […]