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.
Hans Rosling’s intellectual fearlessness and the substance of his work have great importance for those who care about human freedom and progress. We are richer for the work he did. We are poorer for his loss.
The Attorney General has the power to enact fundamental changes to freedom, and there's no doubt Trump would support Sessions in this endeavor. On the other hand, DeVos could only do limited, temporary damage as Secretary of Education. So why has DeVos faced much more opposition than has Sessions? Maybe people just don't care very much about human liberty in general. But a better answer comes from the theory of interest group politics.
Under one roof in the Cincinnati suburbs is a microcosm of the global economy: people with a variety of different wants and desires finding ways to mutually satisfy them through exchange. Jungle Jim’s is a model of peaceful, tolerant interaction among diverse humans.
The debate about income inequality is contentious partially because people conflate several different but related ideas. These four questions should be at the center of discussion of inequality to keep everyone on the same page.
From the perspective of a CEO, markets are very much about winning. If the goal is to win by profiting, it will not matter where the profit comes from. Unfortunately, the perspective of the businessperson is not helpful for understanding economies as a whole.
for all of the talk of regulatory relief, there is at least one area in which Trump has made it clear he intends to dramatically increase government regulation – the buying of goods and services across national boundaries. Trump has promised (or threatened) to impose an across the board tariff on imports, and he has promised subsidies or other benefits for firms who keep their production in the US. During the campaign, he indicated he would limit immigration and that he would punish firms who relocated to other countries.
Those of us lucky to have known and interacted with Professor Kirzner will recognize in these essays two defining features of his work as a scholar: an analytical precision unmatched by his contemporaries and a passion for conveying sound economics. That passion was most obvious in hearing him lecture, but it shines through on these pages as he walks us through topics from the basics of microeconomics, to the role of the economist as policy advisor, to the history of Austrian economics.
Ask yourself this: even if you make less than your parents, would you go back in time to the world they lived in at your current age even with their higher real money income? My guess is no, and that’s the most powerful evidence that whatever your income, you perceive yourself as better off today than they were then.
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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