Tag: Economics

Sorry, Your Minimum Wage Law Is a Nightmare »

The minimum wage is an economic nightmare. Let’s say it one more time, with feeling. The minimum wage is an economic nightmare. In the recent elections, voters throughout the U.S. took to the polls to elect their political leaders. Winners and losers were decided, the Republicans took control of the Senate, and pundits eagerly…
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How Much Longer Can the U.S. Economy Bear the Burdens? »

Ordinary people, and sometimes experts as well, tend to overreact to short-term economic changes. The current economic malaise in the United States and Europe has brought forth a bevy of commentators convinced that this time the economy has taken a permanent turn for the worse. Never again, they declare, will we enjoy growing prosperity…
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Peter Thiel’s Contrarian Manifesto »

[Editor’s Note: The Independent Institute is hosting a sold-out event, “Developing the Developed World: Entrepreneurship, Liberty, and the Future,” with Peter Thiel on Tuesday, January 27, 2015.] “Every moment in business happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a…
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Are Falling Prices a Bad Thing? »

Popular opinion seems to be that falling prices — or even stable prices — are bad for the economy, but I’ve never seen any good arguments about why. I’ve just read another article about this, that gives six clearly numbered reasons, so let’s look at what the article says to see if they hold…
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Agonizing over Sports Teams’ Mascot Names »

I have written several columns on current controversies involving the apparent offensiveness of the Washington Redskins’ nickname, the most recent of which was published by the Washington Times. A later contribution to the same debate, by Hayley Manugia at FiveThirtyEight, finds 2,128 such American monikers, all of which should be equally offensive to people…
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I, Nutella »

“The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society’s legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand….
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If You Like Rights, Liberty, and Economic Opportunity, Celebrate Christmas »

Those of us enjoying the multiple benefits of societies built upon respect for our human and economic rights ought especially to pause to give thanks for God’s incarnation as Christ, celebrated this week. There is thankfully now a rich literature from which we can learn how the many principles and laws we take for…
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Katniss Everdeen and the Paradox of Revolution »

“Historically, the common form of revolution has been a not-too-efficient despotism which is overthrown by another not-too-efficient despotism with little or no effect on the public good. Indeed, except for the change in the names of the ruling circles, it would be hard to distinguish one from the other.” —Gordon Tullock For the past…
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Economics 101: Uber’s Prices Don’t “Exploit” People »

The past few weeks have been full of travel—between Denver, Atlanta, Louisville, and Washington, D.C., I’ve had more than my fair share of layovers and flight delays. (I was also forced to contemplate what terrible thing I might have done to deserve sitting next to the woman who let out a scream every time…
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The Program No One Dares to Question: Social Security »

I recently exchanged letters with Joe Davidson, columnist for the Washington Post, about the Social Security program, in which I raised a central problem with this program, a defect consistently ignored by all its supporters. (Incidentally, the $1,000 reward I promised Mr. Davidson—which he did not attempt to claim—remains open to any staff member…
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