More of the United States are legalizing medical marijuana, and voters in two states—Washington and Colorado—voted to legalize marijuana for recreational use a few years ago. The legalization is subject to certain restrictions, but it is a step toward ending the world’s failed experiment with drug prohibition. Will the US turn into a nation of […]
In this video professor Don Boudreaux responds directly to commentator Robert Reich on the topic of wages, particularly the claim that middle class wages have stagnated in recent decades.
This new On Demand series will explore the history of financial mayhem caused by government intervention as it explores topics like the effectiveness of stimulus spending, the Austrian theory of booms and busts, the government response to the 2008 financial crisis, the Great Recession and more. Join professors Stephen Davies, Tyler Cowen, and others as […]
Every year has its own weird economic ideas which crop up. Back in 2012, there was the talk of the economic “silver lining” to the destruction caused by Hurricane Sandy (by people who are clearly not familiar enough with the parable of the broken window). 2015 had its own share of odd economic theory, and […]
Bernie Sanders sure gets a lot of air time out of his class warfare rhetoric. Common arguments from him and his supports lead less knowledgeable people to believe that the middle class is at risk of an ever more exploitative wealthy elite. But is that true? Let’s take a look at just one of those […]
Learn Liberty: First, when did you join the Learn Liberty team and what is your role? Liz McCaffrey: I’ve worked at IHS since 2007, and I helped to found the Learn Liberty project when we launched it in 2011. This February will be 5 years that I’ve worked on Learn Liberty as a video producer. […]
A student recently asked me why unemployment remains so stubbornly high, especially for lower-skilled people. Here’s an adaptation of my answer. No one can know for sure the precise causes of unemployment; the economy is a fantastically complex system, like an ecology but still more complex, so unemployment is sure to have a variety of […]
The following post appeared on Don Boudreaux’s blog, Cafe Hayek, on December 20th, 2015. There’s been a lot of reporting recently about a new Pew Research Center report misleadingly titled “The American Middle Class Is Losing Ground” and even more misleadingly subtitled “No longer the majority and falling behind financially.” But here’s a picture of Pew’s […]
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 […]
Bernie Sanders and Hillary Clinton have never met a tax they didn’t like. They argue that it will balance the budget and act as though it was a silver bullet to the U.S. government’s fiscal woes. But will taxing the rich really fix the budget deficit? Professor Antony Davies tackles that question in this Learn […]
Preston Cooper over at Economics 21 has written an excellent piece about minimum wage’s effects on employment. Economics teaches us that when you raise the price of a good, the amount of that good which is demanded goes down. This is true whether the thing for sale is ketchup or labor. Supporters of the minimum […]
Have you ever wondered how to save for retirement and avoid debt? Well, this is the place for you. If you’re drowning in debt (and who isn’t, right?), unfortunately doing bank heists and selling crystal meth are out as solutions. So how do you get out? Join economist Art Carden of Samford University as he […]
In the wake of his passing, I’ve spent a lot of time reflecting on the contributions of my mentor Douglass C. North (Nobel Prize winner in 1993). In the last few months, I have been thinking especially about how we can understand debates about innovations like “Big Box” retail and ridesharing in light of some […]
We take a trip down memory lane to look at one of our older and perhaps more controversial videos, where we tackle the question of the wage gap. Take a look at the video and let us know what you think.
Shamans knew they could bend the credulous to their will (and make a boatload of money) if the shaman could predict something like a storm, or an eclipse. “This very evening, the Night Wolf will devour the Moon Virgin! But if you pay me many coins of silver, I will force Night Wolf to cough […]
Looking to learn more about Austrian economics, libertarianism, or classical liberal thought? The Mises Institute (named for famed Austrian economist Ludwig von Mises, author of Human Action) offers a huge online library of books, journal articles, and other writings on a range of topics related to Austrian economics and classical liberalism. Here are just a […]
As the holiday season begins, you might be getting a lot of emails about Black Friday sales. Over time, the store openings for many retailers on Black Friday has been getting earlier and earlier, even to the point of stores opening on Thanksgiving. Check out the chart below for opening hours over time for some […]
This post originally appeared on Don Boudreaux’s blog Cafe Hayek on November 25th, 2015. Below is an excerpt: But a well-taught principles course – a course taught, for example, by the likes of Deirdre McCloskey, by my colleague Walter Williams, by Dwight Lee, or by the late Armen Alchian – is one that teaches, and […]
What makes something valuable? Today, we know that value is in the eye of the beholder—that is, value is subjective. But for many years, people subscribed to the theory that the value of goods came from the amount of work that went into creating them: the “labor theory of value”. Professor Steven Horwitz explains it […]
Senator Bernie Sanders isn’t the only one saying it—today you can’t go very long without hearing about how “the rich are getting richer while the poor are getting poorer.” But is that really true? Chelsea German over at HumanProgress.org says “no”: “Senator Sanders is half right: the rich are getting richer. However, his assertion that […]
For more from Hayek on what he and fellow Austrian economists referred to as the knowledge problem be sure to check out Hayek’s seminal essay, “The Use of Knowledge in Society.”
Newly reelected Greek Prime Minister Alex Tsipras expects that by early 2017 Greece will be able to access bond markets, from which it has been virtually cut off since it lost investor confidence in 2010. If it is unable to meet this timeline, it will be forced to rely on further bailouts or go bankrupt. […]
With presidential contenders like Donald Trump and Bernie Sanders making a fuss about foreign laborers coming to the country and depressing wages or murdering our women and children immigration reform has once again moved to the front lines of presidential politics. Have you ever wanted to cut through the demagoguery and fear-mongering and get plain […]