Economic Education

Five Myths Propagated by Local-Food Activists

– November 14, 2019

By promoting the increased production of local food that does not offer a compelling quality/price ratio while shunning modern production and processing technologies, activists ensured that our food supply would become more expensive, environmentally damaging, and hazardous to our health .

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Economic Education

The Struggle to Get Education Away from the State

– November 13, 2019

Education reform is a perennial hot-button issue, with teachers’ unions like the American Federation of Teachers and the National Education Association spending vast sums to elect their preferred candidates and lobby them for reforms they find favorabl …

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Economic Education

The Wonderful Surprises of Comparative Advantage

– November 12, 2019

Human society is permeated with comparative advantage. When each person specializes in performing that task, or small set of tasks, for which he or she has a comparative advantage — and then exchanges the fruits of this labor for goods and services pro …

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Economic Education

Economics Is the Great Reality Check

– November 10, 2019

Economics is a ubiquitous and conspicuous set of limits that cause everyone to buck up, cease our simpleton solipsism, face what’s true, become disciplined, get adaptable outside our embedded identity, live within our means, adopt solid values, and lead a good life.

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Economic Education, Economic Theory

Krugman’s Zombie Idea: We Owe It to Ourselves

– November 6, 2019

Paul Krugman claims that the national debt doesn’t matter because “we owe it to ourselves.” This “zombie idea” is dead wrong.

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Economic Education

What Is Comparative Advantage?

– November 4, 2019

An economic entity’s technical ability to produce some particular product is, by itself, irrelevant for determining if that entity should produce that product itself or, instead, acquire that product by first producing something else and then trading that something else for the product.

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Economic Education, Economic Growth

How Kids Create Wealth By Trading Halloween Candy

– October 30, 2019

The post-Halloween candy market is a commercial society of traders buying low and selling high, and it’s a microcosm of what happens when market exchange works well.

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Economic Education, Economic History

Wealth Inequality: It’s Complicated

– October 30, 2019

In the debates over wealth inequality that have followed the publication of The Triumph of Injustice (authored by Emmanuel Saez and Gabriel Zucman), there have been intense discussions of the methodological choices made in the book. There have been few …

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Economic Education

Planners Gonna Plan, but They Won’t Succeed

– October 29, 2019

To the naive mind that can conceive of order only as the product of deliberate arrangement, it may seem absurd that in complex conditions order, and adaptation to the unknown, can be achieved more effectively by decentralizing decisions.

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Economic Education, Economic Theory

How Salesmen Improve Our World

– October 27, 2019

The salesman is the empathetic agent of change that helps us overcome our psychological reticence to part with our property in order to gain something that will genuinely improve our subjective well-being.

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