Economic Education

Monday, December 10th, 2018

Markets guided by prices daily lead each of us to share happily and abundantly with each other despite the reality that we are, to each other, mostly strangers. Familiarity, affection, and brotherly love are virtuous feelings but these feelings do not contribute as reliably to our material well being as does market exchange.

Sunday, December 9th, 2018

Since neither politician, activist, nor voter are held responsible for our actions when a policy goes wrong, blame (or praise for that matter) is also highly distributed. This distribution of blame then diminishes the responsibility of those who might plausibly be held most culpable for the bad consequences.

Monday, December 3rd, 2018

Market prices weave consumers together with each other, and with producers, into a humane and peaceful community of sharers.

Friday, November 30th, 2018

The truth is that when you live, as I do, in Arlington ,Virginia , and work near Washington, D.C., you know all too well that humility is a very scarce commodity.

Tuesday, November 27th, 2018

The theory of perfect competition should be utterly rejected, both as a theory of competition (which it is not) and as offering an appropriate standard against which to judge real-world markets (which it does not).

Monday, November 26th, 2018

There is an indissoluble link between capitalism and the stock market. Over the long run, stocks will rise when capitalism flourishes and fall when the entrepreneurial spirit wilts. Therefore, a crash is not to blame on the stock market but on the erosion of capitalism that has preceded the collapse.

Saturday, November 24th, 2018

The division of labor can be cultivated in a setting with no history of prosperity, and highly productive specialization can be fostered even in people who have no special knowledge or abilities at the outset.

Tuesday, November 20th, 2018

Women have come a long way. Isn’t it ironic, then, that women’s freedoms are today being constrained by misguided government policies enacted in the name of increasing that freedom? In other words, there are still battles yet to be won and disasters yet to prevent.

Sunday, November 18th, 2018

The public discourse concerning the state of the financial system that once took place in trade associations and committees of concerned citizens has disappeared, replaced by a cold and sterile managerialism practiced by an insular and self-perpetuating macroeconomic elite.

Friday, November 16th, 2018

The wonderful movie based on the life of Freddie Mercury and his band makes a great case that commerce can be and is the friend to art. It has always been so, but we are only now fully coming to terms with what this implies for the artistic endeavor generally.

Friday, November 16th, 2018

If our entrepreneurial innovators had to get permission prior to introducing their innovations, we would still be walking around or perhaps at best riding on the backs of beasts.

Thursday, November 15th, 2018

Modern democracy suffers from the contradiction that while most citizens mistrust the politicians and the state, and want fewer taxes and less state control, each voter is eager to use their vote in such a way as to get the largest piece of the cake.

Wednesday, November 14th, 2018

Remember: numerical measures are by their very nature retrospective. Epistemologically, information derived exclusively from data analysis will by be both backward-looking and prone to the shortcomings associated with the snapshot fallacy. Which is to say: they are essentially without context.

Tuesday, November 13th, 2018

Julian Simon’s most notable contribution is his demonstration that the human mind is, as he described it, “the ultimate resource.” The human mind is the ultimate resource because it, and only it, creates all of the other economically valuable inputs that we call “resources.”

Monday, November 12th, 2018

Despite the warnings made by many economists who urge officials to rethink putting additional restrictions on home-sharing services, residents from other European countries have also been pressuring officials to “do something” about all the prosperity the services have helped to provide.

Saturday, November 10th, 2018

The Incredibles must discover the fortitude to push through and say no to those who want to bury talent in a thicket of mediocracy.

Wednesday, November 7th, 2018

We are probably being overly confident in claiming that the great merit of crypto is disintermediation of all things. That probably won’t happen.

Wednesday, November 7th, 2018

The financial crisis of 2008-9 was caused by government intervention, mainly in mortgage finance and the housing sector.

Monday, November 5th, 2018

Conventions exist when people all agree on a rule of behavior, even if no one ever said the rule out loud or wrote it down.

Monday, November 5th, 2018

Arguments should be judged, ultimately, by their contents rather than by the identities of their flesh and blood deliverers.