Economic Education

Wednesday, June 19th, 2019

There is a problem in public affairs. If there is a state, with the capacity to do good, the temptation to do something is irresistible.

Tuesday, June 18th, 2019

The Trump administration has imposed a rule that two existing regulations must be removed for every new regulation imposed on the economy. Unfortunately, the two-for-one rule does not apply to the trade policies consuming much of the administration’s attention.

Sunday, June 16th, 2019

Don't become cynical; embrace the challenge; and as teachers of a subtle scientific discipline it is vital to remember that the students will remember what is emphasized in the class, so emphasize throughout the lectures the enduring principles that are embodied in the economic way of thinking.

Saturday, June 15th, 2019

Feldstein taught his students and readers to think about economic policy decisions in rigorous ways, backed by hard numbers.

Tuesday, June 11th, 2019

There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.

Friday, June 7th, 2019

Without realizing it, and as brilliant as they may be, the candidates—like all of us—are still profoundly ignorant.

Tuesday, June 4th, 2019

Because the American government is democratically elected, there’s a widespread presumption that the actions of this government are, as a rule, the best ones possible. Yet this presumption is mistaken.

Tuesday, June 4th, 2019

What preferences do you want? In traditional neoclassical economics, that’s a nonsense question, because preferences are taken as idiosyncratic, fixed, and exogenous. Of course, that’s only a modeling assumption; no one really claims that’s descriptively accurate.

Tuesday, May 28th, 2019

The danger that individuals often put themselves in comes at a public cost.

Saturday, May 25th, 2019

The truth is that even the best-intentioned government officials do not — indeed, cannot possibly — have the knowledge necessary to deliver on any grand promises.

Thursday, May 23rd, 2019

Statutes and regulations continue to accumulate, layer by layer, until they suffocate not only economic opportunity, but also the effective administration of government itself.

Monday, May 20th, 2019

Market manipulation would be so much easier if you didn’t declare what your price is relative to the station down the street. And yet, of all the things we buy on a regular basis, the price at the pump is the most visible.

Friday, May 17th, 2019

Every unforced decision to trade represents a spark of insight, a hope for a better future, and the instantiation of a human relationship that affirms the dignity of everyone involved. Sometimes that relationship is personal; it is even more awesome to consider the enormously complex impersonal relationships that make up the vast global networks of exchange that make our lives wonderful.

Thursday, May 16th, 2019

The problem is that we have discarded importance in favor of interesting.

Wednesday, May 15th, 2019

If socialism can’t be made to work in such a small and simple case like this, why would one think that all these problems would go away once you expand the idea of common ownership to the whole of society and all existing goods?

Wednesday, May 8th, 2019

Alexandria Ocasio-Cortez is from New York, where garbage disposals are not very common in apartments because they were only legalized in the 1990s, as incredible as that seems. But now she lives in D.C., and she has discovered that there is one in her apartment.

Tuesday, May 7th, 2019

Unlike progressives and conservatives, libertarians judge society and government policy by how well individuals are able to fulfill their goals; libertarians do not suppose that individuals who comprise the large collectives that we call “countries” do or should aim at fulfilling the non-existent higher goals of these large collectives.

Monday, May 6th, 2019

Yes, the greatest political show on earth. It’s just too bad that so few of the performers that are listed on the campaign-program flyers to entertain us have any belief in and policy platforms for advancing individual liberty, free markets, the impartial rule of law, or constitutionally limited government. Still, sit back and watch the show, and experience also being taken for a ride on the collectivism carousel.

Wednesday, May 1st, 2019

As a child, I couldn’t figure it out. Why is my grandfather a hero to this vast community of Asian immigrants?

Wednesday, May 1st, 2019

Social systems must be able to serve people in periods of stability, by creating predictable patterns of rules and expectations, and to serve people in times of disruption, by fostering innovation and entrepreneurship without breaking down.