Trump-style economic nationalism, like the more full-throated fascism with which it shares much, aims to bring back the mythical glory days of the nation. But if we really want to make America great (again), we should learn the lesson of history, as well as economic theory, that prosperity comes from the free movement of goods, services, and people regardless of arbitrary political lines.
Commerce brings out the best in human beings by providing incentives to care about others. Those who can’t rise above focusing on their short-term narrow needs have little ability to meet the needs of others.
Why is a model of education that is also profitable seen as such a bad thing?
The holiday season is a time for love and cheer. So this Christmas, as you’re huddled in front of fire drinking eggnog and singing carols, be thankful for the wealth and opportunity that the free market has generated, and signal your love by giving a gift that matters.
If we want the market order to survive, we will have to continue to treat it both in theory and practice as a realm of moral and virtuous behavior.
Suppose that Smith, your neighbor in New Haven or your friend in Fayetteville, produced a lot of auto parts that consumers voluntarily bought at prices that earned for Smith a sizable fortune. Suppose further that Smith prudently saves a large chunk of his fortune, some of which he uses to start a glass-manufacturing plant in […]
Economic competition in functioning market economies it the best surefire way to reduce global poverty. That, and letting people leave poor countries for rich ones.
When it comes to trade, the best US policy, or that of any country, is the elimination of all barriers to imports. This can be done unilaterally. Abundance should always be preferred to scarcity.
Each consumer is free, on his or her own, to visit farms and factories and processing plants in order to purchase items directly from producers. But, of course, such visits would be enormously time consuming and would cost quite a lot in airfare and other travel expenses. We know that retailers and other middlemen perform valuable services because we observe consumers, everyday, voluntarily paying for these services.
UberX produces daily social value of about $18 million. That is comparable to having an excellent French impressionist painter produce a beautiful work each day and give it away for free.
Several years ago Uncle Sam declared Jones, a man in his mid-40s, to be uniquely entitled to retire immediately at double his real annual income of $100,000 for life. Jones took Uncle Sam up on this offer. Each and every year until Jones enters oblivion Uncle Sam now transfers to him $200,000. Jones is made […]
A focus on jobs missing the forest for the trees. We should be focused on creating wealth, not maximizing employment.
I use a lot of books in my line of work. I can get a lot of them from the library. I use Amazon’s Kindle app to download a lot of books and organize my notes on them. Some books—like F.A. Hayek’s Individualism and Economic Order—are available for $0 download or on a website like […]
The following is an excerpt from Don Boudreaux on his blog, Cafe Hayek. Be sure to click through and read the whole post. Deirdre [McCloskey] acknowledges that a great deal of exploitation has occurred throughout history – exploitation that enriched some people and impoverished others. (Indeed, such exploitation continues to occur in various forms and degrees.) […]
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 […]
In this video Professor Deirdre McCloskey explains how property rights and economic freedom has resulted in a dramatic explosion in overall wealth. Why then do you think free markets and capitalist are derided so much in society? Let us know what you think in the comments!