Topic: Economic Theory

Economies Are Not Intelligently Designed

– December 19, 2019

Taking this evolutionary thinking seriously leaves an agenda for economists that goes well beyond demanding the end of the state.

Economic Theory, Regulation

Socialism and the Green New Deal are Economically Impossible

– December 4, 2019

The marginal decisions and calculations necessary for rational economy do not go away even under a “moral equivalent to war” to defeat global warming.

Economic Theory, Regulation

Government Intervention Is Unscientific

– December 2, 2019

Sit in any time beyond the first month of a typical ECON 101 class and here’s what you’ll be taught: free markets work well, but only under conditions that seldom prevail in reality – a regrettable fact that requires the state to intervene to correct e …

Economic Theory

Gary Becker: A Birthday Appreciation

– December 2, 2019

For Becker (and so many after him), economics wasn’t just about stock markets, exchange rates, and the money supply.

Economic Theory

There are Numbers, and There Is Reality

– November 20, 2019

At the very least, some humility is in order. We could do worse than Yogi Berra recommended when he said, “If you ask me something I don’t know, I’m not going to answer.”

Economic Theory

The Most Important Concept Mises Taught Me

– November 18, 2019

Key among the basic concepts of Austrian economics (a term that Mises rarely used; he preferred just “economics” or more broadly, “praxeology”) is the concept of methodological individualism. This has been the most important of Mises’ basic conce …

Economic Theory

The Soul of Economics Is the Market Process

– November 18, 2019

The process of economic change is about how economic actors invest to alleviate the constraints they face by reducing transaction costs in order to grow richer.

Economic Theory, Economic Trends

It’s a Disservice to Urge Young People To Become Entrepreneurs

– November 15, 2019

The legend of the twenty-something business wunderkind is everywhere in pop culture. Here’s the problem. The data are in. It turns out that the whole thing is a gigantic myth.

Economic Theory

Free Competition Is Voluntary Cooperation

– November 11, 2019

Unlike the competition in games where some lose what the victors win, and unlike war where even the winner may lose more than he gains, freely competitive economic behavior enables each participant t.o gain the greatest possible reward by voluntarily cooperating .