crumbling tower

The Academy’s Monopoly on the Truth Is Crumbling

– September 18, 2020

“Just like in markets, truly revolutionary technologies never destroy the old order–they usually accomplish more through adoption, changing established players from within. Goodacre’s efforts, especially as a hub where traditional academic insiders and outsiders met, teaches us much about how new technology changes old institutions. More academics should learn the lesson.” ~ Max Gulker


What’s the Right Mix of Money and Drugs for Your Employees?

– September 17, 2020

“There isn’t a ‘right’ combination of wages, benefits, and other perquisites, and the pattern of things that ‘work’ for people is not planned by a central authority. It emerges from trial and error in the market.” ~ Art Carden


NASA is Paying for Moon Rocks. The Implications for Space Commerce are Huge

– September 16, 2020

“In ancient times, mankind extended the division of labor across tribes, turning enemies into friends. Later came trade across national boundaries, with similar largely peaceful effects. Now, humans are prepared to extend it still further: into the final frontier. Doux commerce is coming to the stars. NASA just made a ‘giant leap for mankind.’ Everyone who cares about human wealth and welfare should heartily thank them.” ~ Alexander W. Salter & David R. Henderson

cambridge, campus, river

Disaggregating Keynes Demonstrates Macro Delusions

– September 15, 2020

“Which view of man prevails – man seen as a reasonable but imperfect person who can guide and direct his own life, or man seen as an irrational being constantly needing someone else to direct and dictate how and what he does – will determine the future for mankind, not only out of the current economic crisis, but also for the many years and decades to come.” ~ Richard M. Ebeling


Why Do Basketball Players Make More Than Teachers?

– September 14, 2020

“As an educator myself, I am happy to grant that teachers produce value for students, and for society. But even the most marginal teacher, at the worst and least motivated public school, can’t-wait-for-retirement clock puncher, makes far more than the marginal basketball player. You can’t compare the marginal unit of water, or teachers, with diamonds.” ~ Michael Munger


Citibank’s $900 Million Mistake and the Finality of Payments

– September 11, 2020

“Cases like Citbank’s $900 million mispayment and $846,000 bank drafts stuck in financial limbo make for interesting stories. But keep in mind that the participants in these transactions are the accidental victims of a payments system that provides hard finality. What is unseen is the huge amount of trade that the certainty of hard finality facilitates.” ~ J.P. Koning


The Resilience and Brilliance of the World’s Poorest: The Case of Pagpag

– September 10, 2020

“The problem isn’t that the world’s poorest don’t work hard. The problem is that they work hard in societies where restrictions on economic freedom throttle growth.” ~ Art Carden


Assar Lindbeck – Sweden’s Greatest Economist Died 90 Years Old

– September 8, 2020

“Lindbeck was a great economist and public voice of economic sanity. He will be sorely missed.” ~ Joakim Book


Celebrate Entrepreneurs, Don’t Guillotine Them

– September 7, 2020

“The key to getting wealthy in a capitalistic society is to produce something so valuable that millions of people want to trade for it.” ~ Raymond C. Niles

empty shelves

Mandatory Shortages And Concentrated Pain: What “Price Gouging” Laws Do

– September 6, 2020

“Disasters and emergencies are bad enough without policies that make things worse. That’s exactly what price gouging laws are: rules that actually make these worse for the least of these among us by snuffing out the signals that would tell the rest of us precisely what is needed where.” ~ Art Carden

space x dragon

For-Profit Companies Must be the Backbone of the New Space Age

– September 5, 2020

“Space remains the final frontier. Just as with the terrestrial frontier, private enterprise should be the driving force for exploration, development, and settlement.” ~ David R. Henderson & Alexander W. Salter

golden gate bridge

The Myth of the Crowding-Out Myth

– September 4, 2020

“Recognizing that private investment usually works better than public investment does not mean that public investment is never desirable. But it does put the burden of proof on those who champion public investment projects. Rather than offering faux refutations of the crowding-out argument and citing anecdotal evidence, as Skidelsky does, those in favor of a public investment project should make the case for why it is desirable.” ~ William J. Luther & Nicolás Cachanosky