Last Christmas, Pope Francis criticized holiday consumerism, saying that ours is “a society often intoxicated by consumerism … wealth and extravagance.”
To understand why this sort of critique is mistaken, and why consumerism and capitalism deserve our love at Christmastime and throughout the year, we need to go back to basics.
Immigration has been a huge driving force behind creating America as we know it today. Without immigrants, or with far fewer immigrants, it would be impossible to imagine the United States developing into the world’s dominant economic powerhouse as it did. Opposition to immigration has been allowed to gradually place the American dream out of reach for so many ambitious individuals and deprive the country of further potential in the process.
“Colonization is why Africa is so poor” is something I hear all the time. But it was not until recently that I realized: This impulsive defense of Africa is far from the full truth.
In a world dominated by numbers and equations, one economist dared to challenge the status quo and unveil the true power of persuasive language. Meet Deirdre McCloskey, a visionary economist, historian, and writer whose groundbreaking ideas have reshaped the way we understand economic progress.
While Austrian economists have made great contributions in many subdisciplines of economics, their critiques of mainstream views of entrepreneurship have received arguably the most praise. Modern-day finance and entrepreneurship classes even use Austrian ideas dating back to Carl Menger’s Grundsätze der Volkswirtschaftslehre (Principles of Economics). But has Austrian Entrepreneurship Theory remained constant ever since?
Why are some countries successful while others aren’t? Is it down to natural resources, colonialism, or can it be better explained by something else?
Capitalism can be viewed as an economic system that has been a driving force in many advanced economies, fostered growth and innovation, enabled people to lift themselves out of poverty, and greatly improved living standards. But it also has many staunch critics, who will argue that, regardless of outcomes or track records, it is a deeply harmful and exploitative system. So, to clear up any confusion, what really is capitalism, and what isn’t it?
By embracing capitalism, Botswana went from one of the poorest nations in the world to one of the fastest growing economies.
Why are Western countries like the United States and Germany so much richer today than other countries around the world?
Would you give up air travel for $100,000? What about foregoing automotive travel for $500,000? Why or why not?
Beneath the surface there’s a lot of progress occurring that should make us all feel a little more optimistic about the future.
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.
Adjusting for inflation, that a regular NES and 30 games would be about $2450 in 2015 dollars. And we can get all that today for $70. That’s a 97 percent price decrease without adjusting for quality
You might have come across this recent article which argues that destroying the Death Star in Star Wars would have economically crippled the galaxy. There are a number of problems with the article, as Janet Neilson at the Foundation for Economic Education points out. The three major causes for concern are: Mistaking the cost of […]