Reports of the world’s demise are greatly exaggerated.
Suppose that Smith, your neighbor in New Haven or your friend in Fayetteville, produced a lot of auto parts that consumers voluntarily bought at prices that earned for Smith a sizable fortune. Suppose further that Smith prudently saves a large chunk of his fortune, some of which he uses to start a glass-manufacturing plant in […]
A good part of the ethics of enterprise is reflected in the integrity, discipline, and quality of character that must enter into those individuals who choose the role of entrepreneurial leadership.
Donald Trump is a protectionist like many other politicians, save that he unfurls his vast economic ignorance more fully and more proudly than do more seasoned politicians. I’ve more questions for Trump and his fans, and, indeed, for protectionists of all stripes, colors, and temperaments. Such as…. – If you buy your tomatoes and okra […]
The final moments of an economist amidst a horde of zombies.
The right of humans to freely cooperate on an open market is the surest way to bring about not only economic, but human harmony.
You earn $1,000 this week. You spend $650 on consumption items (rent, food, gasoline, a new pair of jeans) and save – you admirably prudent person you – $350. You use this $350 to buy three shares of stock in Apple, Inc. (which are priced today at just over $116 per share). The rest of […]
The work you do probably does not produce something you could consume. Even more striking is the fact that almost everything you consume is something you could not possibly produce. Your daily life depends on the cooperation of hundreds of millions of other people.
Another day, another hilariously awful straw man argument against libertarianism.
Musk brings to the conversation a vision of changing how we get around, how we power what gets us around, and where we live. In so doing, he is working to address some of the most important challenges facing our species.
Trump’s trade policies miss one of the most fundamental economic concepts: When two parties engage in trade, they are both better off.
NPR’s Goats and Soda recently covered a debate in India over surrogacy. In India, there is a thriving industry of women who are paid to be surrogate mothers, carrying another couple’s children. Many surrogates are impoverished women, and there are growing concerns that paying poor women to be surrogates amounts to exploitation. Some are calling […]
Here is what you should know about NAFTA, the perennially controversial trade agreement
Each consumer is free, on his or her own, to visit farms and factories and processing plants in order to purchase items directly from producers. But, of course, such visits would be enormously time consuming and would cost quite a lot in airfare and other travel expenses. We know that retailers and other middlemen perform valuable services because we observe consumers, everyday, voluntarily paying for these services.
Unions leverage special government-granted powers (e.g., unique exemptions from antitrust laws) allowing current employees to prevent competition from others willing to do the same work for less.
Entrepreneurs pitch an endless stream of Ideas. Everyone argues over which can work. A few attract funding. Most fail. This competitive market process ensures only the best survive.
Because the Cajun Navy consists of local volunteers who operate “on the ground” (or above the ground, on the water), they have access to local knowledge that other entities do not. Economist F.A. Hayek’s claim that knowledge is both dispersed and specific to time and place requires that we consider how various institutional structures are able or unable to make use of knowledge.
UberX produces daily social value of about $18 million. That is comparable to having an excellent French impressionist painter produce a beautiful work each day and give it away for free.
Businesses aren’t charities. They are money-making ventures that exist by and for profit. Everything else is a bonus.
This week Apple released its iPhone 7, the latest tech marvel from Silicon Valley, which has enjoyed relative freedom from government regulation. In contrast, the healthcare industry, which is controlled by countless regulations and edicts, is floundering. Premiums are expected to rise by double-digits again next year, a problem that was supposed to be solved by […]
Once liberal reforms were put in place, they created choice and opportunity for many like never before. Market forces unwittingly brought about economic and thus social progress for India’s poorest and most discriminated against.
Where government has continually failed, markets step in to provide a solution.
The government is, at best, another tool societies can sometimes use to good effect. It is not a Deus ex machina that societies can rely upon to swoop in and bring about a happy ending.
Outdated regulations prove to be a roadblock to ride-sharing innovation.