What individual, group, or power is sovereign in economics? What is the final court of appeal? Economic theory alone cannot decide this, and this is an important judgment. It will fundamentally altar economic theory. For instance, Socialist economists would say … Read More
Category: Economics (Page 1 of 2)
There are many people out there, especially conservatives, who view themselves as supporters of the free-market. However, many of these people also favor protectionism. In other words, they favor tariffs and import quotas placed on imports to benefit the economy. … Read More
Protectionists are sly. They don’t have any logical arguments for their position. All they can do is spit out rhetoric and slogans and hope they persuade the public. As futile as this may seem, it sadly often works. One of … Read More
I have a simple question for all defenders of tariffs. If tariffs benefit the economy, why shouldn’t we place them at every state, county, or even household border? I hope this idea sounds crazy because it is. Obviously everyone would … Read More
Import quotas like their brother tariffs are one of the unholy spawns of Protectionism. They do not benefit most people; they are designed to benefit special interest groups. They protect inefficient domestic businesses from efficient foreign competitors. Throughout this process, … Read More
Today, it is easy to figure out that free-market ideology is not popular. Most people are in favor of one for of interventionism or another. They believe that we need the government to manage the economy. However, if one looks … Read More
Ludwig von Mises was an exceptional economist; one of the best in all of history. But, like all humans, he still made little mistakes occasionally. One of his mistakes is his dismissal of price levels or in other words statistics … Read More
Public schools are inherently bureaucratic. Anything run by the government will be managed bureaucratically and public schools are no exception. This becomes clear when one follows the money and consequently the source of authority. This is represented by the good … Read More
No individual alone is capable of producing cardboard boxes. This may seem like an outlandish claim, but it is not. As simple as a cardboard box may seem, there is still not one person capable of producing then by themselves. … Read More
Today, governments around the world enact many public works programs. They build parks, dams, bridges, carvings of politicians faces on the side of a mountain (Mt. Rushmore), or whatever they think will pass politically. The politicians always have their reasons … Read More