E. Frank Stephenson

efsephenson@berry.edu

Related Freeman Articles

Article

An Economics Lesson for the Drug Czar

Is a Reduction in Illegal Drug Expenditure Good News?

JUNE 30, 2010 by E. FRANK STEPHENSON

It Just Ain't So

T. Boone Pickens is Right About Oil Imports? It Just Ain't So!

APRIL 01, 2009 by E. FRANK STEPHENSON

The $700 billion that Americans spend annually to purchase oil from other countries (according to Pickens) is a price not a transfer. For the $700 billion we send to oil exporters, we get something in return—oil. Our receipt of millions of barrels of oil in exchange for that money is hardly a transfer. We receive a versatile commodity that can be used for everything from making plastics to fueling family vacations. The exporters receive the $700 billion that they can then use to purchase other goods and services.

Article

Dry-Cleaning Economics in One Lesson

What Caused Dry Cleaners' Hanger Prices to Double?

SEPTEMBER 01, 2008 by E. FRANK STEPHENSON

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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