Topic: Economic Education

Bitcoin and the Cost Fallacy

– August 4, 2022

“Energy cost doesn’t put a floor under the price. Instead, it is the price that influences the energy cost. The price of bitcoin is just about supply and demand. Same as it ever was.” ~ Joshua R. Hendrickson


There Are Good Reasons for Monetary Rules

– August 3, 2022

“A good monetary rule does not only identify an appropriate course of action in advance. It also requires monetary policymakers to take that course and, in doing so, reduces the uncertainty businesses and consumers face.” ~ Nicolás Cachanosky


Price Ceilings of $0

– August 2, 2022

“Whatever particular objections might be raised to legalization of the likes of prostitution or the selling of transplantable body organs, clarity of thought is enhanced by recognizing that the prohibitions in question are really price ceilings of $0.” ~ Donald J. Boudreaux


A Simple Guide for Aggregate Demand Management

– July 31, 2022

“We’ve advanced little beyond the classical-liberal prescriptions of free markets, sound money, and peace. ‘Keep it simple, stupid,’ is good enough for government work.” ~ Alexander William Salter


The Strange Definition of Recession Is the Best We Have

– July 29, 2022

“The reality is that the reason many use the flawed rule is because all other alternatives seem to be worse. As such, politicians and pundits who try to downplay talks of a recession by mentioning the flawed rule may be politically, and not economically inclined.” ~ Vincent Geloso


From Republic to Democracy to Kakistocracy

– July 25, 2022

“So how do we get from a republic to a democracy, and how does democracy become a kakistocracy during a period when democracy is so highly praised?” ~ Gary M. Galles


Not so Modern Monetary Theory

– July 24, 2022

“If the issue of an unbacked or insufficiently-backed currency exceeds the amount needed to pay the tax, and even exceeds the amount in demand as a medium of exchange, the value of that currency will fall (or, there will be inflation).” ~ Gary M. Pecquet & Clifford F. Thies


Planning Fails Because Rules Rule

– July 23, 2022

“What, then, are organizational leaders to do? Think like classical liberals and align incentives carefully! Give workers autonomy by allowing them to make decisions where they have superior information.” ~ Robert E. Wright


Why Job Turnover Is So High for Gen Z and Millennials

– July 23, 2022

“As stated by Thomas Sowell, in Wealth, Poverty, and Politics, ‘Transferring the fruits of human capital is not as fundamental as spreading the human capital itself.'” ~ Kimberlee Josephson


On the Negative Consequences of Price Floors

– July 21, 2022

“As with price ceilings, if more people understood the full economic consequences of price floors, public support for the especially pernicious piece of legislation called ‘the minimum wage’ would plummet.” ~ Donald J. Boudreaux



– July 20, 2022

“A renewed examination of the most basic economics—the theory of the good—might yet generate a revolutionary micro-microeconomics.” ~ Caleb S. Fuller


Association, Causation, Expectations, and Caveat Civis

– July 18, 2022

“We must recognize that in our current circumstances, honesty requires any serious answer (at least part) to involve ‘it depends,’ not the plethora of ‘trust me; follow my plan, because I know what to do’ from beltway snake oil salesmen.” ~ Gary M. Galles