Tag: markets
The Consequences of Ignoring Economics in Public Policy
July 12, 2016 | Post
Why does economic education matter? Look no further than the ongoing crisis in Venezuela, where the Washington Post is reporting that food shortages are so bad that people are attacking food trucks when they make deliveries. It all started when Hugo Chavez and his successor, Nicolas Maduro, tried to formulate public policy while ignoring economics. […]
No, Your Friends are Probably Not Moving to Canada
May 26, 2016 | Post
Each presidential election year—perhaps this year more than most—we hear from friends, family, and celebrities the familiar refrain of, “If he/she wins, I’m moving to Canada!” Actress Lena Dunham is just the most recent example of this, claiming that if Republican Donald Trump is elected she “really will” move to Canada. The prevalence of this […]
Open Letter, Part 2: Minimum Wage Laws Are Immoral
May 20, 2016 | Post
Editor’s Note: This is part 2 of an open letter from Prof. Howard Baetjer to a friend who commented on one of his Facebook posts about minimum wage laws. You can view part 1 here.Baetjer and his friend, Adam, look at the minimum wage issue from very different perspectives, so Baetjer wrote an open letter. […]
Why You Can’t Just “Reject” Capitalism
May 15, 2016 | Post
The Washington Post recently blared the headline: “Majority of Millennials Now Reject Capitalism, Poll Shows.” I suspect, perhaps unfairly, that this is a matter of some pleasure for the Post’s editorial board. But if you actually read the article, a different picture emerges. In fact, 42 percent of the millennials polled say they support capitalism. […]
Government Launched the First Rocket, but Private Companies Made It Affordable
May 14, 2016 | Post
Fans of increased government intervention in the economy often like to justify their position by pointing to the success of the moon landing. “If we can put a man on the moon,” the refrain goes, “we can surely rebuild our crumbling infrastructure (or provide everyone with healthcare, etc.).” There’s no question the moon landing was […]
When I Look at My Donald Trump Tie Made in China, I Think About This Huge Economic Fallacy
May 13, 2016 | Post
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 […]
3 Persistent Myths About Capitalism That Need to Be Addressed
April 16, 2016 | Post
“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.” […]
All McDonald's Hamburgers Taste the Same, But You'll Need a Crash Course in Economics to Know Why
March 28, 2016 | Post
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 […]
Featured On Demand Program of the Week: Capitalism vs. Socialism
March 22, 2016 | Post
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 […]
Voluntary Exchange Makes Us All Better Off
February 15, 2016 | Post
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” […]
Featured On Demand Program of the Week: Business Cycles Explained w/ Tyler Cowen
February 15, 2016 | Post
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 […]
Freedom for Sex Workers and MMA Fighters
February 8, 2016 | Post
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 […]
Quote of the Day: The Wisdom of Mises
January 26, 2016 | Post
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?
Featured On Demand Program of the Week: America's Health Care System
January 25, 2016 | Post
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 […]
Quote of the Day: David Friedman on the Infantile State
January 19, 2016 | Post
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.
Freedom Makes Bigots Pay
January 1, 2016 | Post
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 […]
Featured On Demand Program of the Week: Social Justice
December 28, 2015 | Post
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 […]
Free Books on Free Markets
December 4, 2015 | Post
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?
November 26, 2015 | Post
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 […]
Social Cooperation: Why Thieves Hate Free Markets
November 24, 2015 | Post
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 […]
When government fails — Venezuela edition
October 21, 2015 | Post
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 […]