Steven Horwitz is the Charles A. Dana Professor of Economics at St. Lawrence University and the author of Hayek’s Modern Family: Classical Liberalism and the Evolution of Social Institutions. He is spending the 2016-17 academic year as a Visiting Scholar at the John H. Schnatter Institute for Entrepreneurship and Free Enterprise at Ball State University.
He is a member of the FEE Faculty Network.
Firms can still be highly profitable in a world of cronyism, but those profits reflect their ability to curry favor with those in power, not their ability to create value for consumers.
Certainly most of the progressive proponents of shopping local do not imagine themselves to be guilty of the same prejudices as Steve Bannon and other partisans of Trump’s economic nationalism, but the underlying logic is the same. The best path toward enriching everyone is allowing everyone to trade with everyone else.
Surveys show that millennials don't like the term capitalism. So if we don’t call it capitalism, what do we call it? The results are not elegant but let's try to be accurate.
Famous people are dying at an ever greater rate. This is because there are more famous people than ever. And why is that?
The real credit for the long-run decline in child labor and hours worked belongs to competitive capitalism, which enabled the growth of capital that increased labor productivity and enriched both capitalists and workers.
People adapt to the new situation, staying safe while caring for the safety of others. It's order without top-down authority.
The best way to save the planet is not to have fewer kids, but to have as many as you can afford.
One of the perennial complaints about the US economy is that we don’t “make stuff” anymore. No so.
Patronizing Uber supports entrepreneurial individuals rather than cab companies
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