The presidential campaign has brought up several economic issues, and international trade has been front and center of the debate. So, as I look at my Donald Trump tie that was made in China and my Donald Trump shirts that were made in Bangladesh and Indonesia, I want to clarify some basic economic concepts dealing […]
“If we look at the history of the world, a huge fraction of the improvements in standard of living has come because private businesses have created new products, have given people jobs, have generated profits that raise people out of poverty and allow them to live fruitful and productive lives with reasonable standards of living.” […]
Markets can be regulated by the figurative force of competition or by the literal force of government. Which better protects buyers and sellers? Contrary to popular belief, regulation by competition usually renders regulation by government either unnecessary or counterproductive. Regulations are usually presented to the public as a matter of guarding the public interest and […]
You hear the words “socialism” and “capitalism” thrown around a lot, but what do they really mean? And what are the pros and cons of each system? In this special On Demand program, we take an honest look at these concepts and explore the practical and philosophical issues behind them. Is socialism a fairer system […]
Capitalism is frequently misrepresented on the news, on social media, and in numerous other places. These sources portray the big, evil company as the “dark side”, which is personified by a CEO. In contrast, the “mom and pop” small business owner is heroic – that is, until they become a “big player” and start “exploiting” […]
Big crises raise big questions. And in the wake of the financial crisis of 2008, economists are asking billion-dollar macroeconomic questions: What causes market fluctuations? What causes business cycles? In this series of videos, Professor Tyler Cowen vets contenders for the title of “top macroeconomic theory” – Keynesian, Austrian, and Monetarist, and Real Business Cycle […]
What do UFC fighters and prostitutes have in common? Both deal with individual adults who choose to use their bodies how they see fit, in various ways. The former was almost banned thanks to Senator John McCain who compared mixed martial arts (MMA) to human cockfighting, while the latter remains illegal, except in certain counties […]
The argument no proponent of central planning has ever been able to overcome; if humans can’t be trusted with freedom, how can they be trusted with power?
If you follow the news, you’ve probably seen plenty of coverage on ObamaCare or the Affordable Care Act. Even if you don’t follow the news, it’s hard to go for more than a few days without hearing someone mention their insurance premiums, high cost of care, or some other frustration with health care. All the […]
This quote comes from David Friedman’s book, “The Machinery of Freedom,” in which he makes the case for private markets in law enforcement, courts, and other conduct typically defined as the exclusive realm of the state.
The following article by professor Howard Baetjer appeared on the Freeman on December 3rd, 2015. Below is an excerpt. But suppose these kinds of legislated disadvantages were done away with, so that we had truly free labor markets and quality schooling even for the poor. Would that mean equal employment opportunity for all? Full freedom […]
In this On Demand Program, our professors will explain the means and ends of arguments for social justice through the lens of classical liberalism. You’ll learn more about how to adapt your own arguments to fit the critiques of markets and individual liberty that come from advocates for social justice. Then we’ll look at the […]
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 […]
Did you know that selling milk for less than the government’s imposed price floor could land you in jail? Prison time isn’t the only drawback of minimum prices for milk. Prices are the miraculous mechanism by which complex market information about supply and demand are communicated throughout the economy. When government policies artificially raise or […]
In this video Professor Aeon Skoble explains how market competition and spontaneous order result in the emergence of a civil order that discourages stealing and other harmful behaviors. This concept is often overlooked or ignored or just plainly misunderstood by critics of free markets. Can you think of other areas where competitive markets results in […]
The following blog post by Abigail Hall appeared on the Independent Institute’s blog on September 3rd, 2015. Below is an excerpt. Some people look at the conditions in Venezuela and point to oil prices as the source of many of its problems. The Venezuelan government, led by President Nicolás Maduro, blames opposition leaders for the […]