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No matter how good legislators’ intentions are, and no matter how much money government spends, government “solutions” are very likely to fall short of solving most of the problems they’re sold as solving. Indeed, often the result is disastrous.
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Few defenders of free markets, not even the oft-maligned Ayn Rand, can be read as defending greed. In fact, if greed or selfishness is understood as exploiting others, then greed is impossible in a system of voluntary exchange.
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Human beings can do more and realize their potentials more readily the more human interactions they have and the more extensive and complex the system of human interaction of which they are a part.
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Economic growth as measured by gross domestic product directs policy makers toward imagining a lump sum of output instead of allowing the market to adapt to the diverse needs and wishes of individuals.
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Students don’t learn enough economics, neither as a subject nor as a way of thinking across the curriculum. AIER was proud to co-sponsor and partner on an event last week with two organizations working to change that fact: the Foundation for Teaching Economics (FTE), and the Economic Education Center at Lindenwood University’s School of Education in St. Charles, Missouri.
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“Without entirely knowing what we were doing, that in the course of a few decades, we replaced a view of the human project that was inspired by choice, personal ambition, and individual achievement with a completely different view that insists that aspiration is utterly pointless and probably even dangerous.” ~ Jeffrey Tucker
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In my lifetime, I’ve never observed more confusion over the issue of international trade. That’s an indicator of a more serious problem, the dearth of economic knowledge among the general public.
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Social Security is in the hole. It’s time to stop digging.
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Long before governments entered the disaster scene, private citizens and entities took responsibility whenever they saw their fellow residents in trouble, oftentimes putting their own safety at risk to help save lives.
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Paul Krugman is a little too quick to dismiss the need for microfoundations in rigorous macro models.
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When done well, economics regularly reveals that that which appears to the popular mind to be undeniably true is often a mirage, or at least highly questionable. No service performed by economists is as important as this one.
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Anti-Price Gouging Laws are either useless or harmful.
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