Understanding that it is governments – not free markets – that create harmful monopolies is monumentally essential in order to harbor a comprehension of basic economic principles.
The first task of classical liberalism is to understand social order; normative conclusions must follow and flow from that understanding.
How can people still starve in a world overflowing with food and a vast international aid apparatus?
Republican reformers have repeatedly promised affordable healthcare for all Americans — doubly affordable, in fact. They promise sufficient subsidies to put premiums and out-of-pocket costs within reach of low- and middle-income consumers. At the same time, they promise that the plan will be affordable to the federal budget, even given the constraints their most conservative […]
Here are three economic principles you’ll see between security and takeoff.
The first thing to clarify is what an interest rate is not.
Prohibition was repealed more than 80 years ago, but we’re still feeling its policy hangover.
Making higher education free of charge won’t make it free to provide.
At what price would you hand over your homemade Christmas cookies?
Even Santa’s elves can’t repeal the laws of supply and demand.
Trump’s base will be hurt the most by his wealth-destroying and punitive trade policy.
Market economies have continually driven down the real cost of food, enabling more and more people to consume more calories and a wider variety of higher quality food.
“I learned in economics that in ‘perfect competition’ profits are zero, so any actual profits come from some kind of monopoly power. So how could profits be good?”
One great benefit of markets is that prices tell us what to do. Not through orders, which often don’t work, but through incentives.
California’s minimum wage is set to rise to $15 an hour by 2022.
A market for parking free of government manipulation would reduce inequality, improve the environment, and make cities more livable.
There’s more to travel than the sticker price of different ways of getting from point A to point B.
“We’re going to need to see your birth certificate,” the manager said, making a notation on my employment application, “But you’re hired. Show up a 10 a.m. on Thursday for training.” I was too young and dumb to realize he was calling my bluff. I had to be 16 to take the job and I […]
Can you really blame universities for charging high prices for football tickets when so many people are willing to pay for them?
Economics can be counterintuitive and abstract, but it is also essential for understanding how the world works—especially when we’re trying to make policies in the spirit of good intentions.
Without young, healthy individuals buying insurance and thereby paying into the system, the government is finding itself saddled with the responsibility for supporting the healthcare of the older, sicker population.
Imagine that the government creates the Furniture and Desk Association, an agency which declares that only IKEA is allowed to sell chairs.
The relative worth of a dollar is dependent on a range of factors that vary from state to state.
A preoccupation with jobs over productivity is not sound economics as Professor Mihail Nica explains.