Social justice advocates argue that it is “society’s” duty to eliminate pain and inequality wherever and whenever it exists. What is interesting is that I have never met Mr. Society.
Last night, millions of movie buffs, entertainment fiends, and celebrity gawkers from across the globe tuned in for the Oscars. While a few of us aficionados waited with bated breath for the announcement of Best Live-Action Short (Timecode was robbed!), for many viewers the awards ceremony isn’t the main event: The red carpet is what […]
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.
The top or bottom 1/5/10% by income, just like the top or bottom income quintiles, are never the same people from year to year, because there is constant, dynamic turnover as we move up and down the income categories.
Despite the popularity of dating apps like Tinder, Grindr, and OKCupid, Millennials are not pairing off. Only 26% of Millennials are married now, compared to 36% of Gen-Xers and 48% of Baby Boomers when they were young. We propose (no pun intended) that the economy is to blame.
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.
Have you ever stopped and looked around the grocery store? There are thousands of products neatly arranged and conveniently located just for you.
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.
California’s minimum wage is set to rise to $15 an hour by 2022.
Reports of the world’s demise are greatly exaggerated.
There are two problems with an estate tax: 1. The belief that estates should be taxed at all reveals a fundamental misunderstanding of economics, and 2. The actual taxing of estates has very different effects than those that advocates imagine it will have.
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.
The relative worth of a dollar is dependent on a range of factors that vary from state to state.
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!