Art Carden is a Senior Fellow at the American Institute for Economic Research. He is also an Associate Professor of Economics at Samford University in Birmingham, Alabama.
You have heard, no doubt, that we are going to run out of oil. Is there any hope? Can we escape the calamity? Whatever might we hapless citizens do? This sounds like a job for … the Speculator!
Deirdre Nansen McCloskey is a one-woman university, a polymath’s polymath in an age of ever-increasing academic specialization. She has done ground-breaking work across several fields, and her academic appointments show it.
The Harwood Economic Review, Summer 2019
Price gouging laws are effectively knowledge embargoes that keep people positioned to help from getting the message.
The strangers at Uber cared for my loved ones by making it easier for me to get to and from the studio safely — and markets made it possible for them to do it without explicitly intending to do so.
For many firms, their reputation is their most valuable asset. They will go to great lengths to protect it.
Imagine there are two people, Jason and Namor, and they have these production possibilities for crimes prevented and movies made per year.
The labor problems facing the Sanders campaign should make us pause for just a second and ask what it says about our ability to deliberate over, form, and articulate a Glorious Plan that will cure people’s ills, correct injustices, and secure domestic tranquility.
Milton Friedman was the very model of a careful thinker, a first-rate scholar, and a clear communicator. He left an intellectual and institutional legacy that will be often imitated but likely never equaled. Our world is better because he was with us.
Until they were transformed by ideas and culture, minerals and oil were just so much dirt and goo.
A government could, undoubtedly, make beer. But the right beer with the right flavor profiles for a world of nearly infinite variety of tastes — not all of them consistent? For that, you need a market.
You’re not spreading prosperity when you choose the labor-intensive option just because it’s labor intensive. You’re actually wasting resources.
Should we study and learn from the past? Of course we should. Should we yearn for the past, seek to return there, and perhaps undo the progress of the last several centuries? Of course we shouldn’t.
Or in the musical context, the capitalist achievement consists not of softer seats at the opera for the king and queen but access to a practically infinite library for pennies a day.
Let’s just try a mental experiment. Let’s regard the players on the team as some seem to regard themselves, exploited and underpaid. The same claims are made for many people around the world. The commonly proposed solution is the boycott.
We aren’t respecting others’ liberty, dignity, and autonomy as independent and independently valuable moral agents when we coerce them.
Empirically, the socialist record is one of dismal and at times murderous failure. Why, then, do intellectuals, scholars, and commentators continue in their romantic attachment to it?
"Every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him." ~ Adam Smith
For all its imperfections, American business does a pretty good job — a much better job, Cowen argues, than most people think, and I, for one, agree.
There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.