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Previously on Invisible Hands, our hosts Kevin Lieber, Fiona, and Professor Fergberg explained that the study of economics is about trying to understand human behavior whenever people have to make choices among different competing uses of the same resources.

One of part of life where we face the most significant and direct trade-offs is politics. Political decisions can affect millions of people, they tend to be binary where there are clear winners and clear losers, and the more power governments have over a wide range of their citizens’ lives, the more contentious these decisions often become.

The nature of politics creates fascinating and challenging incentives both for political decision-makers such as politicians and government bureaucrats *and* for voters who aren’t always as knowledgeable or rational as many of us would like to believe.

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LINKS:

Unicorn Governance

What is socialism
https://fee.org/shows/audio/words-numbers/despite-its-rebranding-socialism-is-still-horrific/#player

What is capitalism
https://fee.org/shows/audio/words-numbers/capitalism-doesnt-mean-what-you-think-it-means/#player

Public choice

Alcohol regulation

How capitalism is making the world more peaceful
https://www.vox.com/2015/6/4/8725775/pinker-capitalism

The Minimum wage is turning workers into lawbreakers