Disasters, such as the horrific earthquake that hit Turkey and Syria in February 2023, bring up a recurring myth — one that demands the wisdom of Frederic Bastiat.
The tragedy of the commons is a concept that describes the depletion or degradation of shared resources that are not owned or managed by any individual or group. It occurs when multiple individuals, each pursuing their own ends, overuse or exploit a shared resource to the point of depletion, resulting in harm to all users of that resource in the long run.
Just as COVID has changed our lives in many ways since 2020, Chernobyl changed the world in 1986. These were two great disasters emanating from two major communist nations. The results and consequences of both will affect us for a very long time, maybe even forever.
As many will know, Chernobyl was instrumental in accelerating the end of the Soviet Union and is critical to our understanding of this period. However, could COVID be the key to understanding, in the future, perhaps, the end of Communist China?
The distinctly human capacity for innovation has reduced hunger and poverty, and greatly expanded our life expectancies since the Industrial Revolution. Many industries may have contributed to the carbon crisis, but a new industry will be what solves it.
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?
Joseph Schumpeter (1883-1950) was an Austrian economist and political scientist. Born in what is now the Czech Republic, he studied at the University of Vienna, and his publications were closely tied to the Austrian school of Economics.
Do minimum wage laws help low-skilled workers? No. Workers are thrown out of work if they cannot produce more than the minimum wage stipulates. If the minimum wage is $15/hour and a worker can only produce $13/hour worth of goods, they will not be hired since no profit-seeking employer would employ someone at a loss.
Despite the economic challenges involved, nuclear power is our best chance of walking that tightrope that allows us to manage both economic and industrial concerns while decarbonizing. Is that not the objective we are all striving for?
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?
Consensual sex is legal. But as soon as one party offers cash to another in exchange for sex and that money is voluntarily accepted, it’s considered prostitution, and that is illegal.
Ayn Rand, a celebrated author and philosopher, was one of the most influential thinkers of the 20th century. Known for her bestselling novels, such as The Fountainhead and Atlas Shrugged, Rand’s ideas have had a profound impact on the fields of politics, economics, and philosophy.
Housing affordability has become a plague on Australia’s economy, and government policy here has ensured that no matter what happens, people — especially the least well off — will continue to get hurt. Let’s take a look at the reasons behind Australia’s housing crisis…
President Washington famously warned against entangling alliances in his farewell address to Congress. But now more than ever, it seems that escalations across the globe are tempting the United States to become increasingly involved in other countries’ dilemmas. American citizens and legislators must remember part of what made the American experiment so unique and resist the temptation of interventionism. Here’s why…
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?
The law of supply and demand is often misunderstood and misconstrued, and it has downstream effects for our understanding of economics. In this video, Learn Liberty Basics establishes supply and demand as ever-changing RELATIONSHIPS, not constants. We also lay out some of the early history of our idea of supply and demand. CHAPTERS 0:00 […]
Ayn Rand, one of the most influential pro-liberty minds of the 20th century, was born 118 years ago today. Considered to be a novelist and philosopher in equal measure, she promoted Objectivism, her philosophical system, through many works of both fiction and nonfiction.
Although now under siege, Hong Kong still shines as an example of what a well-built city-state can be. Its development should be used as an example and a guide toward realizing what is possible.
Advocating for liberty is both idealistic and realistic. What is it that makes liberty “work” in a way that central planning cannot?
Soylent Green (1973), a dystopian sci-fi movie, depicts a world suffering from overpopulation, climate change, and extreme inequality, where the rich exploit and own the poor, who survive on the evil Soylent Corporation’s processed plankton. As 2022, the year in which Soylent Green was set, has now passed, the movie’s grim predictions of overpopulation have proven misguided.
Uncover how NIMBYism is driving the housing crisis, as residents use the power of the state to restrict development and reduce housing supply. Learn how this phenomenon is exacerbating affordability and accessibility issues for many individuals and families…
Bitcoin, an innovative, decentralized digital currency, faces significant criticism over its perceived negative environmental impact. However, it is no enemy of the environment. Here’s how it can be part of the future of clean energy…
Looking for a way to combine entertainment with thought-provoking ideas? Check out our list of ten movies every libertarian should watch…
There are books that every libertarian should read and books every libertarian has read, but those circles don’t perfectly overlap. Here are 13 diverse book recommendations for well-rounded thinkers…
While inflation continues to severely impact the financial security of Americans, the IRS has warned business owners that they are legally obligated to report financial transactions of over $600 made through payment facilitators such as Venmo, CashApp, and PayPal.