Category Archives: Economics

when vanderbilt beat government corruption

From Capitalism: the Unknown Ideal: When Vanderbilt began to organize several small, obscure railroads into what was to become the New York Central system, he had to obtain a franchise from the City Council to permit his railroad, the New … Continue reading

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the nirvana fallacy

From a post by David Henderson: When people advocate government intervention, they rarely, maybe never, tell us how the incentives will be set up so that government will do the right thing. Think about how asymmetric the argument is. Incentives … Continue reading

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the black market for legal controlled drugs

A while back, I listened to an NPR story about black market drugs. These were normal drugs like Viagra and pimple medication. Because patents and copyrights create a framework for overpriced medicine, black markets in generic knockoffs are thriving. The … Continue reading

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caplan on rational irrationality

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the religion of recycling

From an excellent article by Mike Munger: My first experience with the recycling debate was in 2008, when I was asked to keynote a conference in Freemantle, Australia. The conference, called “Australia Recycles!,” was a gathering of recycling professionals and … Continue reading

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friedman on cultural differences

From an article about the standard of living differences between Scandinavia and the US: A Scandinavian economist once stated to Milton Friedman: “In Scandinavia we have no poverty.” Milton Friedman replied, “That’s interesting, because in America among Scandinavians, we have … Continue reading

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predatory pricing and public schools

Predatory pricing is when one organization under-prices their goods or services at below cost in order to drive competition from the field. This is seen by many laymen as an effective tool that works to build monopolies. Without any concrete … Continue reading

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when krugman was sane

At some point in the last decade or so, a very good economist by the name of Paul Krugman morphed into a very bad rhetorician. My own personal theory is that he saw a very lucrative opportunity to fill the … Continue reading

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property rights are the basis of a civil society

From LearnLiberty:

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soviet grocery store

It is very important to understand the abject poverty that socialism wreaked on its population. Without price incentives, no one produced and no one could buy anything. Lines and shortages were everyday life. Here is video from a Soviet grocery … Continue reading

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