Economics 
Essential
Competition, Regulation, and the Market Process: An "Austrian" Perspective
By Israel M. Kirzner: "The point is that in questioning government regulation, the economist makes no claim for the ultimate moral benignity of market process, or of its results; the relevant issue is strictly the effectiveness with which the system serves the goals of its individual participants."
Milton Friedman on "Greed"
In an interview with Phil Donahue, Milton Friedman explains why societies have historically always flourished when they've embraced a political and economic system that encourages economic self-interest -- "greed."
Project on Social Security Choice
The Cato Institute's experts examine the problems facing the current social security system, the methods that can be used to move towards a system of personal retirement accounts, and the effects that a new system would have on workers.
The Layman's Guide to Economics
Five easy lessons to master free market economics, without math or graphs.
Independent Study Guide: Economics
Liberty Guide offers a comprehensive resource for the independent study of economics. The study guide provides access to articles and reviews, online publications, blogs, associations, book recommendations and more. This guide is an indispensable tool for aspiring students of liberty.
I, Pencil
By Leonard E. Read: "A charming story which explains how something as apparently simple as a pencil is in fact the product of a very complex economic process based upon the division of labor, international trade, and comparative advantage."
The Use of Knowledge in Society
By Friedrich August von Hayek: "One of Hayek’s most important contributions to economic theory is his demonstration of the part prices play in disseminating widely diffused knowledge about consumer demand and the availability of economic resources in order to make rational economic calculation possible."
Globalization Is Grrrreat!
Tom Palmer brings the globalization debate to the solid grounds of reason, and provides a series of arguments against the most common fallacies.
The Freedom Philosophy
This anthology includes 14 essays on the political, economic, and moral foundations of a free society. These classic writings by Leonard E. Read, Frank Chodorov, Benjamin Rogge, F. A. Harper, among others, demonstrate the superiority of individual choice and capitalism over any forms of collectivism.
Economic Freedom and Peace
"Since before the time of Thucydides, states have used wealth to acquire more territory and to dominate the affairs of their neighbors. Understanding the reasons that the powerful countries of today are less prone to dispute than their predecessors is critical to maintaining the peace and to extending its benefits more broadly."
Economics in One Lesson
By Henry Hazlitt: "This primer on economic principles brilliantly analyzes the seen and unseen consequences of political and economic actions. In the words of F.A. Hayek, there is "no other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time."
Opening the Door to the Economic Way of Thinking
By Russell Roberts: "Here are ten fundamental ideas to help you explore and understand the world around us using the economic way of thinking. "
Entrepreneurs Are the Heroes of the World
By Johan Norberg: "The amazing fact is that entrepreneurs and innovators and businesses have turned luxuries that not even kings could afford into low-priced everyday items at your local store. That is the best defense of capitalism."
Twenty Myths About Markets
Tom Palmer subjects popular fallacies about the market system to the critical scrutiny of economics and ethics.
The Concise Encyclopedia of Economics (CEE)
This encyclopedia contains articles by leading economists on basic concepts, economic systems, schools of economic thought, macroeconomics, economic policy, taxes, money and banking, economic regulation, environmental regulation, discrimination, labor issues, international economics, corporations, financial markets, the marketplace, the economics of special markets, economies outside the U.S., and biographies of famous economists.
The Tide in the Affairs of Men
By Milton Friedman and Rose D. Friedman: "The aim of this brief essay is to present a hypothesis that a major change in social and economic policy is preceded by a shift in the climate of intellectual opinion. The intellectual tide is spread to the public by all manner of intellectual retailers: teachers and preachers, journalists in print and on television, pundits and politicians. "
Selected Essays on Political Economy
By Frédéric Bastiat: "Bastiat directed his arguments against certain ever recurring fallacies as they were employed in his time. Few people would employ them today quite as naively as it was still possible to do then. But let the reader not deceive himself that these same fallacies no longer play an important role in contemporary economic discussion: they are today expressed merely in a more sophisticated form and are therefore more difficult to detect."- F.A. Hayek
Economic Sophisms
By Frédéric Bastiat: "Bastiat was not primarily an original economic theorist. What he was, beyond all other men, was an economic pamphleteer, the greatest exposer of economic fallacies, the most powerful champion of free trade on the European Continent."- Henry Hazlitt
Frederic Bastiat - What is Seen and What is Not Seen
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
Public Choice Theory
By Jane S. Shaw: "Public choice takes the same principles that economists use to analyze people's actions in the marketplace and applies them to people's actions in collective decision making."
Socialism: An Economic and Sociological Analysis
By Ludwig von Mises: "This book must rank as the most devastating analysis of socialism yet penned… . An economic classic in our time." - Henry Hazlitt
Intellectuals and Socialism
"In 1949, Hayek attributed the dominant position of planning in the West to the role of intellectuals, by which he meant 'professional second-hand dealers in ideas' such as journalists and commentators."
The Calculus of Consent
"The Calculus of Consent: Logical Foundations of Constitutional Democracy, by James M. Buchanan and Gordon Tullock, is one of the classic works that founded the subdiscipline of public choice in economics and political science. To this day the Calculus is widely read and cited, and there is still much to be gained from reading and rereading this book."-Robert D. Tollison
Why Do Intellectuals Oppose Capitalism?
By Robert Nozick: "Wordsmith intellectuals fare well in capitalist society; there they have great freedom to formulate, encounter, and propagate new ideas, to read and discuss them. Their occupational skills are in demand, their income much above average. Why then do they disproportionately oppose capitalism?"
Recommended
New on Free Will: Bruce Caldwell on Hayek
"This week, I talk with Bruce Caldwell, author of Hayek’s Challenge, a wonderfully lucid, comprehensive, and penetrating account of the development of Hayek’s economic and methodological ideas. Hayek is one of my enthusiasms, so I had a great time talking to Bruce, who knows as much about Hayek as anyone." - Will Wilkinson
Don't Shed a Tear Over Bid for Beer
By John D. Burger: "An unsolicited bid by the Belgian-Brazilian conglomerate InBev to take over Anheuser Busch has set off a backlash among the American public. Protesters of the proposed deal are relying on patriotic slogans such as "Keep Budweiser American" in an attempt to rally the masses against the originally friendly but increasingly hostile takeover bid. I find this reaction terribly embarrassing."
FARC Politics, FARConomics
By Ibsen Martinez: "Shortly after noon, on Wednesday, I finally sat down to write my monthly column when I received news that 15 hostages, including three U.S. defence contractors, held for years by the Revolutionary Armed Forces of Colombia, or FARC, the infamous drug-trafficking guerrilla, branded a terrorist organization by the United States and European Union, had been rescued by a successful army operation. Most eminent among the hostages was the 46-year-old former presidential candidate Ingrid Betancourt."
Munger on the Political Economy of Public Transportation
"Mike Munger and Russ Roberts deliver one of the best podcasts ever. Munger describes the way in which moving from a private bus system to a public system in Santiago Chile made essentially everyone in the city worse off. The puzzle that Roberts keeps pushing Munger to resolve is why the political incentives do not work to abolish the public system and revert to a private system." - Bryan Caplan
Tyler Cowen on Bloggingheads.tv
"The chat covers many topics, including whether capitalism will triumph, whether you should have more kids, and which country is most likely to be hit by the next nuclear weapon attack."
Mexicans and Machines: Why It's Time To Lay Off NAFTA
"Like technology, trade gives us more good stuff than bad—yet Americans are likely to cheer technology and fear trade. No doubt TV talkers and White House wannabes will keep stoking our fears of foreigners until voters and viewers stop buying it—or until robots snag their jobs, too."
From Breadbasket to Basket Case
By Mary Anastasia O'Grady: "As the presidential campaign drones on, Barack Obama and the Democrats are fleshing out the promise of "change" with some specific, big-government policy proposals. Many are familiar, perhaps because they already have been tried – in Argentina."
The Klein Doctrine: The Rise of Disaster Polemics
By Johan Norberg: "To make her case, Klein exaggerates the free-market reforms that take place in times of crisis, often by ignoring central events and rewriting chronologies. She uses loose metaphors and wild distortions to claim that free markets are a form of violence. She confuses libertarianism with corporatism and neoconservatism and blames Milton Friedman for encouraging reform by stealth. To do so, she engages in one of the most malevolent distortions of a thinker that has been done in a major work in recent years."
In Defense of "Sweatshops"
Benjamin Powell: "Because sweatshops are better than the available alternatives, any reforms aimed at improving the lives of workers in sweatshops must not jeopardize the jobs that they already have."
Kidneys for Sale: Iranian Organ Donation
By Kerry Howley: "'What can Iran teach us about good governance?' is not a question often posed in Washington. But according to Benjamin Hippen, a transplant nephrologist in North Carolina, the Iranians have managed to do something American policy makers have long thought impossible: They’ve found kidneys for every single citizen in need."
Everyone in Favor, Say Yargh!
By Joanna Weiss: "Long before they made their way into the workings of modern government, the democratic tenets we hold so dear were used to great effect on pirate ships. Checks and balances. Social insurance. Freedom of expression. So Leeson, an economics professor at George Mason University, will argue in his upcoming book, The Invisible Hook: The Hidden Economics of Pirates."
American Idol and Poverty
Ed Crane, President of the Cato Institute, suggests that celebrities take a good look at how to help the poor of the world create their own wealth.
Fairness, Idealism and Other Atrocities
By P.J. O'Rourke: "Well, here you are at your college graduation. And I know what you're thinking: 'Gimme the sheepskin and get me outta here!' But not so fast. First you have to listen to a commencement speech."
Bernstein on the History of Trade
"William Bernstein talks with EconTalk host Russ Roberts about the history of trade. Drawing on the insights from his recent book, A Splendid Exchange: How Trade Shaped the World, Bernstein talks about the magic of spices, how trade in sugar explain why Jews ended up in Manhattan, the real political economy of the Boston Tea Party and the demise of the Corn Laws in England."
Profit: Not Just a Motive
By Steve Horwitz: This article "explores the problems with the frequent argument on the left that we should 'take the profit motive out' of various activities and industries, especially health care."
Bail Bondsmen, Bounty Hunters and Private Prisons
"America’s free enterprise system is at work in many aspects of the criminal justice system. Profit-making bail bondsmen who help defendants post the money needed for their freedom pending trial are common in the U.S. but virtually unheard of across the rest of the world. Bounty hunters lured by big payouts find criminals who have previously eluded the police. And private companies are building and operating prisons and detention facilities."
Roberts on the Least Pleasant Jobs
"EconTalk host Russ Roberts talks about the claim that for capitalism to succeed there have to be people at the bottom to do the unpleasant tasks and that the rich thrive because of the suffering of those at the bottom. He critiques the idea that capitalism is a zero sum game where to get ahead, someone has to fall back. He also looks at the evolution of the least pleasant jobs over time and how technology interacts with rising productivity to make the least pleasant jobs more pleasant."
Fuel vs. Food
By Indur M. Goklany: "In recent years, we've heard that climate change could be catastrophic for nature and humanity. But it's becoming increasingly evident that over the next few decades, climate-change policies could prove even more catastrophic."
Free Trade, Free Markets: Rating Congress
This interactive web site allows users to examine how Congress and its individual members have voted over the years on bills and amendments affecting the freedom of Americans to trade and invest in the global economy.
The Biofuel Brew Ha-Ha
By Peter Suderman: Reason contributor Peter Suderman writes that the biofuels craze is boosting the price of beer, because farmers are shifting away from barley to biofuel crops made more lucrative by mandates and subsidies.
Inequality and Excess
By Arnold Kling: "What the American people really should feel awkward and defensive about is the level of inequality and excess of political power. Instead of asking ourselves what we can do about Warren Buffett or Bill Gates, we should be asking ourselves about what we can do about the Clintons and the Spitzers. Those who want more and more power should be our biggest concern."
McCloskey on Capitalism and the Bourgeois Virtues
"Deirdre McCloskey of the University of Illinois at Chicago and the author of The Bourgeois Virtues talks with EconTalk host Russ Roberts about capitalism and whether markets make people more ethical or less. They also discuss Adam Smith's world view, whether people were nicer in the Middle Ages, and the role of prudence and love."
Incentives, Incentives, Incentives
By Allen R. Sanderson: "If incentives work so well, maybe there are ways to improve public sector outcomes through the application of these same 'incentives matter' principles."
Showing That You Care: The Evolution of Health Altruism
By Robin Hanson: "Human behavior regarding medicine seems strange; assumptions and models that seem workable in other areas seem less so in medicine. Perhaps, we need to rethink the basics. Toward this end, I have collected many puzzling stylized facts about behavior regarding medicine, and have sought a small number of simple assumptions which might together account for as many puzzles as possible."
Bridges Over Troubled Water
By Christopher Preble and Jeremy Lott: "War costs money too. Round the bill for the bridges to nowhere that so incensed McCain up to $500 million. Our occupation of Iraq, which often seems to be getting nowhere, is costing north of $10 billion a month. That sum could finance the construction of 40 superfluous bridges this month and 480 bridges in a year."
Organ Transplants: Kidneys for Sale
"In his most controversial segment yet, reason.tv host Drew Carey offers a startling solution to the critical shortage in kidneys available for transplant: Pay people to donate their kidneys."
Public Choice
"Public Choice studies the intersection between economics and political science. The journal plays a central role in fostering exchange between economists and political scientists, enabling both communities to explain and learn from each other’s perspectives." Now available online.
Peace Won't Come to Zimbabwe
By Marian L. Tupy and David Coltart: "The case against Mr. Mugabe and the ZANU-PF for crimes against humanity would be compelling. They have turned one of Africa's most prosperous and relatively free nations into an Orwellian nightmare. Since 1994, the average life expectancy in Zimbabwe has fallen to 34 from 57 for women and to 37 from 54 for men. Some 3,500 Zimbabweans die every week from the combined effects of HIV/AIDS, poverty and malnutrition."
If I Were a Shill For Industry ...
By Donald J. Boudreaux: "A blogger recently complained that I (along with my fellow bloggers from George Mason University's Department of Economics) "seem to be shills for industry." This lazy accusation is as familiar as it is mistaken, for if I were truly a shill for industry ..."
Feel Safer Now?
From The Economist print edition: "After September 11th 2001, most countries beefed up security at airports and other vulnerable places. Tough-looking immigration officials no doubt made passengers feel safer, offsetting the irritation of longer queues. Yet doing something because it makes people feel good is not adequate justification. Is money devoted to counter-terrorism well spent?"
The Five Dumbest Product Bans
By Eli Lehrer: "Even as the array of consumer products available to the average American expands each day, a bewildering variety of government regulations serve to limit consumer choice. From the aircraft on which Americans fly to the food they buy in the grocery store, government regulation limits product choice at every turn."
I'd rather be Hanged for a Sheep than a Lamb: The Unintended Consequences of 'Three-Strikes' Laws
By Radha Iyengar: "Using criminal records data, I estimate that Three Strikes reduced participation in criminal activity by 20 percent for second-strike eligible offenders and a 28 percent decline for third-strike eligible offenders. However, I find two unintended consequences of the law. First, because Three Strikes flattened the penalty gradient with respect to severity, criminals were more likely to commit more violent crimes. Among third-strike eligible offenders, the probability of committing violent crimes increased by 9 percentage points. Second, because California's law was more harsh than the laws of other nearby states, Three Strikes had a "beggar-thy-neighbor" effect increasing the migration of criminals with second and third-strike eligibility to commit crimes in neighboring states."
Ohio Needs More Foreign Trade
By Daniel T. Griswold: "But tinkering with a 14-year-old trade agreement [NAFTA] will not bring an industrial renaissance to Youngstown and other Rust Belt cites. The relative decline of those regions dates back to the 1960s and 1970s, when the American economy began a transition from heavy industry toward an information-based service economy."
Gun Buybacks a Noble Idea That Always Misfires
By Alex Tabarrok: "Did no one running the program think to look at the price of a new gun? In fact, the first two people in line at one of the three buyback locations were gun dealers with 60 firearms packed in the trunk of their car. One wonders why the police even bothered to buy the guns from Oakland residents. Why not buy directly from gun manufacturers?"
Orders and Organizations
By Don Boudreaux: "More generally, it seems difficult for some people to grasp the fact that society and government are not identical -- or, more precisely, to grasp the fact that civil society can and does often thrive outside of government influence and, indeed, very often (I would say most often) in spite of such influence."
Atlas Hugged
Brian Doherty: "As executive vice president of the Cato Institute, Boaz is one of the media's primary go-to guys on libertarian thought and policy. And in his new book, "The Politics of Freedom," a collection of his short-form journalism from the past 25 years, Boaz pushes an interesting and counterintuitive belief about American politics. The political spectrum, he argues, contains a lot more libertarians than the two major party's stances would lead you to believe."
It's an Election, Not a Revolution
By Tyler Cowen: "And if you’re still worrying about how to vote, I have two pieces of advice. First, spend your time studying foreign policy, where the president has more direct power, and the choice of a candidate makes a much bigger difference. Second, stop worrying and get back to work."
The Ultimate Scholar
By Donald J. Boudreaux: "Last Friday, Feb. 8, marked the 10th anniversary of the death of the great economist Julian Simon. Although he never received the professional or popular acclaim of economists such as Milton Friedman, Paul Samuelson or F.A. Hayek, Simon's insights and work rank with those of history's greatest social scientists."
Living Large: America's Middle Class
"To hear the Lou Dobbses and Bill O'Reillys of the world--not to mention politicians ranging from Ron Paul to Hillary Clinton--the middle class of America (however you define that term) has never had it so tough. Between credit squeezes, out-of-control immigration, rising costs of education and health care and everything else, it's all darkness out there for those of us who are neither millionaires nor welfare cases, right?
In 'Living Large,' Drew Carey and reason.tv examine the plight of the American middle class. What do they find? "
Is the Gold Standard Still the Gold Standard among Monetary Systems?
By Lawrence H. White: "Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a "crazy" idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration."
Atlas Shrugged and Public Choice: The Obvious Parallels
By Bryan Caplan: "Though there is little evidence of mutual influence, Ayn Rand and public choice converge on a strikingly similar vision of the political process. Both emphasize the contradiction between the propaganda of government intervention and the reality. Government supposedly intervenes to advance the interests of the majority. In reality, however, its goal to advance the interests of political insiders at the expense of everyone else."
The Economics of Tolerance
With Will Wilkinson: "When the economy's good, Americans tend to act better toward their fellow citizens. But commentator Will Wilkinson says in a sliding economy, we tend to slam the gates of opportunity."
Flex-Fuel Nonsense
By Jerry Taylor: "Congress can no more guarantee that fuel prices will go down from now until the end of time than it can guarantee a robust sex life for fat, balding, middle-aged men. Fuel prices are subject to supply and demand curves that do not answer to Congress — particularly in global energy markets."
U.S.-Imposed Border Bedlam Will Hurt Michigan
By Jim Harper: "Nobody imagined when Congress created the Department of Homeland Security that the department itself would mount the next attack on American transportation, travel and trade. But the department begins an assault this week that will do billions of dollars in damage if it is not stopped."
Global Warming: Risks and Consequences
"Last fall, at the Reason in DC conference, one of the most strongly attended and memorable panels was titled "Climate Change: Risks and Consequences" and featured Lynne Kiesling, a senior lecturer in economics at Northwestern University, proprietor of the blog Knowledge Problem, and an expert in retail electricity markets; Ronald Bailey, reason's longtime science correspondent and author of, among other books, Liberation Biology: The Moral and Scientific Case for the Biotech Revolution and ECOSCAM: The False Prophets of Environmental Apocalypse; and Fred L. Smith, Jr., the founder and president of Competitive Enterprise Institute."
Tim Hartford on BHTV
Cato's own Will Wilkinson speaks with author and economist Tim Hartford about his new book, The Logic of Life. "Tim’s book isn’t just another foray into pop econ. It’s a fascinating and entertaining overview and synthesis of a good deal of the most important recent research in economics." - Will Wilkinson
Unintended Consequences
By Stephen J. Dubner and Steven D. Levitt: "But with a government that is regularly begged for relief — these days, from mortgage woes, health-care costs and tax burdens — and with every presidential hopeful making daily promises to address these woes, it might be worth encouraging the winning candidate to think twice (or even 8 or 10 times) before rushing off to do good. Because if there is any law more powerful than the ones constructed in a place like Washington, it is the law of unintended consequences."
The Foolishness of Economic 'Stimulus'
By Donald J. Boudreaux: "The best way for policymakers to foster such growth is to avoid panicking over any current economic downswing. Instead, they should focus on getting the economic fundamentals right. Such emphasis might not make things better – or even make things appear to be better – today, but it will make our tomorrows as bright as possible."
Econ Journal Watch
"The electronic triannual Econ Journal Watch publishes Comments on articles appearing in economics journals and serves as a forum about economics research and the economics profession. EJW watches the journals for inappropriate assumptions, weak chains of argument, phony claims of relevance, and omissions of pertinent truths."
Markets in Everything.com
Michael Cleverly has compiled a website consisting of all the "Markets in Everything" posts found on various economics blogs. Highlights include an alarm clock that spends your money if you oversleep, settling a debt with a severed finger, prom date rentals, Bibles for porn stars, and many other ingenious/wacky things.
Don Boudreaux on Globalization and Trade Deficits
"Don Boudreaux, of George Mason University, talks about the ideas in his book, Globalization. He discusses comparative advantage, the winners and losers from trade, trade deficits, and inequality with EconTalk host Russ Roberts."
Dismal Science Sees Upbeat Future
By Alexander Tabarrok: "Forget the talk of recession. The world is about to enter a new era in which miracle drugs will conquer cancer and other killer diseases and technological and scientific advances will trigger unprecedented economic growth and global prosperity."
What to Expect When You’re Free Trading
By Steven E. Landsburg: "All economists know that when American jobs are outsourced, Americans as a group are net winners. What we lose through lower wages is more than offset by what we gain through lower prices. In other words, the winners can more than afford to compensate the losers. Does that mean they ought to?"
The Real Key to Development
By Mary Anastasia O'Grady: "The Index [of Economic Freedom] also reports that the freest 20% of the world's economies have twice the per capita income of those in the second quintile and five times that of the least-free 20%. In other words, freedom and prosperity are highly correlated."
An Empirical Analysis of Street-Level Prostitution
By Steven D. Levitt and Sudhir Alladi Venkatesh: "Unlike most other crimes, prostitution is based on markets, and thus potentially of special interest to economists. It is thus surprising that amidst the burgeoning literature on the economics of crime, there is little analysis of prostitution."
So We Thought. But Then Again . . .
By Tyler Cowen: "Harry S. Truman once said he wanted to talk to a one-armed economist, “so that the guy could never make a statement and then say: ‘on the other hand.’ ” Yet economic knowledge continues to progress in unexpected ways. Here are a few of the things we learned in the last 12 months:"
The Failure of U.S. Organ Procurement Policy
By T. Randolph Beard, John D. Jackson, and David L. Kaserman: "In this article, we calculate how many lives will be lost if the United States continues in its current policy course. We do this to motivate policymakers to stop implementing one ineffectual policy action after another and attack the organ shortage with more effective weaponry in the form of financial incentives."
The Micromagic of Microcredit
By Karol Boudreaux and Tyler Cowen: "If a poor family is able to keep a child in school, send someone to a clinic, or build up more secure savings, its well-being improves, if only marginally. This is a big part of the reason why poor people are demanding greater access to microcredit loans. And microcredit, unlike many charitable services, is capable of paying for itself—which explains why the private sector is increasingly involved. The future of microcredit lies in the commercial sector, not in unsustainable aid programs."
5 Myths About Our Ballot-Box Behavior
By Bryan Caplan: "We haven't even made it to the New Hampshire primary, but millions of Americans are already sick of hearing about the 2008 race. Bad as the torrent of news is, I find the repetition of myths about voters and voting even more galling. Whether you're arguing with friends or watching the news, you hear many claims about how American democracy works that just aren't true."
Paths to Property
By Karol Boudreaux and Paul Aligica: "The study finds that the “easy option” of agencies entering less-developed countries and using blueprints to try to recreate institutions in Africa that work effectively in the West often fails miserably. Indeed, the failures of such approaches can give the whole privatisation and property rights process, vital for sustainable economic growth, a bad name."
Raw Deal
By Sallie James: "Hollywood had better hope that a services liberalization deal reached Dec. 17 between the United States and the European Union holds. Without a successful resolution to the long-running Internet gambling dispute, American movies, music and software could be vulnerable to copyright infringement."
Regulatory Competition: A Primer
By Jennifer Smith-Bozek: "A given government jurisdiction—local, state, or federal—can provide regulatory alternatives to compete with those of another government. Regulatory competition can attract more businesses and jobs, yield regulations that are more efficient and less expensive, and thereby provide more options to consumers."
Milton Friedman with Charlie Rose
"An hour with Nobel Prize-winning economist Milton Friedman. Friedman discusses his life, his contributions to economics, the Republican Party and his view on the direction of the United States and the world in coming years."
Mugabe's Apologists
By Marian Tupy: "Robert Mugabe's participation in the European Union-Africa summit in Lisbon over the weekend was a triumph of Zimbabwean diplomacy. Both African and EU leaders must share the blame for this farce. Zimbabwe's foreign ministry managed to portray the octogenarian dictator, who has presided over widespread violations of human rights and an astonishing economic collapse, as the victim of a Western conspiracy."
A Bill of Rights Europe Did Not Need
By Anthony de Jasay: "Even if it were less woolly and silly, the Charter of Fundamental Rights could hardly become a force for good."
Boettke on Austrian Economics
Pete Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the origins and tenets of Austrian economics.
Economics Books and Podcasts: The Class of 2007
By Arnold Kling: "For people who like to read about economics, 2007 produced a bumper crop of outstanding books. Here are my top recommendations."
Creative Destruction's Reconstruction: Joseph Schumpeter Revisited
By J. Bradford Delong: "Perhaps this next century will give Schumpeter's work its proper place as the power of innovation to transform, create, enrich, and destroy makes itself manifest globally. And while we marvel at how much he got right, we can hope Schumpeter was wrong in his political analysis. One great test of our era will be whether creative destruction can flourish alongside public order and political liberty."
The Dollar Is Falling, and That’s Good News
By Tyler Cowen: "But when it comes to currencies, a higher value neither brings national success nor predicts future prosperity. The measure of a nation’s wealth is the goods and services it produces, not the relative standing of its currency."
Pigs Don't Fly: The Economic Way of Thinking about Politics
By Russell Roberts: "Politicians are just like the rest of us. They find it hard to do the right thing. They claim to have principles, but when their principles clash with what is expedient, they often find a way to justify their self-interest."
Munger on Fair Trade and Free Trade
"Mike Munger, frequent guest and longtime Econlib contributor, speaks with EconTalk host Russ Roberts about fair trade coffee and free trade agreements. Does the premium for fair trade coffee end up in the hands of the grower? What economic forces might stop that from happening?"
Fed Up
By Alvaro Vargas Llosa: "All in all, financial instability has been far greater since the creation of the Federal Reserve. What did the Great Depression teach us? Essentially that even with the best of intentions, it is impossible for the authorities to manage the supply of money in accordance with the exact needs of the economy."
That "Top One Percent"
By Thomas Sowell. People who are in the top one percent in income receive far more than one percent of the attention in the media. Even aside from miscellaneous celebrity bimbos, the top one percent attract all sorts of hand-wringing and finger-pointing. Who are those top one percent? For those who would like to join them, the question is: How can you do that?
Robert Frank's Strange Case for Taxing "The Rich"
By David R. Henderson: "At one time, critics of economic freedom justified high taxes on high-income people on the grounds of ability to pay. They at least admitted that those taxes hurt those people. But the growing availability to even the poor of goods that were only recently thought of as luxury goods has weakened that argument. Now, Robert Frank argues for higher taxes on high-income people on the grounds that it is good for them."
Economics in Many Lessons: A Better Brew for Rwanda
By Donald J. & Karol C. Boudreaux: "In some parts of the long-suffering continent, good things are happening and too few people, in Africa and elsewhere, know about them."
Adam Smith - A Primer
"Despite his fame, there is still widespread ignorance about the breadth of Adam Smith’s contributions to economics, politics and philosophy. In Adam Smith – A Primer, Eamonn Butler provides an authoritative introduction to the life and work of this ‘founder of economics’. "
Discover Your Inner Economist: Use Incentives to Fall in Love, Survive Your Next Meeting, and Motivate Your Dentist
"The economist and blogger Tyler Cowen provides quirky and insightful advice for life based on his signature urbane style of economic reasoning."
Why We Trade
By Russell Roberts: "We’re used to shrugging off all sorts of rhetorical gobbledygook from our politicians. But when you hear U.S. presidential candidates start to mouth off about free trade, watch your wallet: A discredited 14th-century theory of economics is enjoying a dangerous renaissance in the 2008 campaign. "
Fat on the Farm Bill
By Dr. Sallie James: The Farm Bill is the ultimate example of concentrated benefits and diffused costs. Farm subsidies are hard to justify on their merits, and even harder to justify when they go to massive corporate farms.
Undercover Economist: Your Vote Doesn't Count
The concept of a “vote” is meaningless when it comes to the market. If Benn’s claim [that the poor are better represented in a democracy than in a market] means anything at all, surely it means this: that a poor person has more influence over the service he or she receives from the government than over the service he or she receives from the market. That claim means something, but it is also hard to sustain.
Let Them Eat Laptops
By Daniel R. Ballon: "The '$100 laptop,' which actually costs $188, can only be purchased at a minimum quantity of 250,000. OLPC targets countries like Nigeria, where one out of three children suffer from malnutrition. There a $50 million minimum investment could instead be used to feed more than a million children for an entire year."
The Political Economy of Force-Feeding
By Anthony de Jasay: "Compulsory education is delivering contestable results. Governments seek a remedy by providing more of it."
What Can the United States Learn from the Nordic Model?
By Daniel J. Mitchell: "Conservative critics correctly condemn the large welfare states, but often overlook the positive results generated by laissez-faire policies in other areas. Liberals, meanwhile, exaggerate the economic performance of Nordic nations in an effort to justify welfare-state policies, while failing to acknowledge the role of freemarket policies in other areas."
The Tragedy of the Commons and the Implications for Environmental Regulation
Bruce Yandle of Clemson University and George Mason University's Mercatus Center looks at the tragedy of the commons and the various ways that people have avoided the overuse of resources that are held in common.
Free Trade: America’s Opportunity
By Leland Yeager: "Want to read an economist's economist? Want an example of scholarly writing that is crystal clear? Want to understand better the case for free trade? If so, you can do no better than to read this 1954 monograph." - Dr. Donald Boudreaux, Chairman of the Economics Department of George Mason University
The Question of Monopolies
By Nathaniel Branden. A reader asks "In a society of laissez-faire capitalism, what would prevent the formation of powerful monopolies able to gain control over the entire economy?"
What Do We Really Know About the Spread of AIDS?
By Emily Oster. Emily Oster, a University of Chicago economist, looks at the stats on AIDS in Africa -- and comes up with a stunning conclusion: Everything we know about AIDS in sub-Saharan Africa is wrong. We look for root causes such as poverty and poor health care -- but we also need to factor in, say, the price of coffee, and the routes of long-haul truckers. In short, there is a lot we don't know; and our assumptions about what we do know may keep us from finding the best way to stop the disease.
Our Priorities for Saving the World
By Bjorn Lomburg : "Given $50 billion to spend, which would you solve first, AIDS or global warming? Danish political scientist Bjorn Lomborg put this question to economists and students around the world, and the answers they came up with may surprise you. Ranking our toughest problems not on any moral scale but simply by how effectively they can be solved, Lomborg and his colleagues demand we take a fresh look at doing good."
Let's Take a New Look at African Aid
By Andrew Mwenda: "In this provocative talk, journalist Andrew Mwenda asks us to reframe the "African question" -- to look beyond the media's stories of poverty, civil war and helplessness and see the opportunities for creating wealth and happiness throughout the continent. Most important, he says, the solution to Africa's problems is not more aid."
Chill Out
By Bjorn Lomborg: "The discussion about climate change has turned into a nasty dustup, with one side arguing that we're headed for catastrophe and the other maintaining that it's all a hoax. I say that neither is right. It's wrong to deny the obvious: The Earth is warming, and we're causing it. But that's not the whole story, and predictions of impending disaster just don't stack up."
In Defense of Scalpers
By David Harsanyi: "In the end, I’m not sure why it’s fair to allow monopolies to sell tickets and not individuals. Turning a profit on your investment doesn’t sound like a crime to me. It sounds like America."
So You Want to be a Masonomist
By Arnold Kling: "Years from now, perhaps people will be saying that something big got started recently at the George Mason University department of economics. Maybe if you become a Masonomist now, you will be getting in early on a trend that will soon catch on much more widely."
McCraw on Schumpeter, Innovation, and Creative Destruction
"Thomas McCraw of Harvard University talks about the ideas of Joseph Schumpeter from his book, Prophet of Innovation: Joseph Schumpeter and Creative Destruction. McCraw and EconTalk host Russ Roberts discuss innovation, business strategy, the role of mathematics in economics, and Schumpeter's vision of competition embodied in his most important idea--creative destruction."
Robert Frank on Economics Education and the Economic Naturalist
"Frank argues that the traditional way of teaching economics via graphs and equations often fails to make any impression on students. In this conversation with host Russ Roberts, Frank outlines an alternative approach from his new book, where students find interesting questions and enigmas from everyday life. They then try to explain them using the economic way of thinking."
Democracy and Other Failures
By Doug Campbell: "The theory of public choice helps explain why we get stuck with so many bad economic policies. Or does it?"
Stockholm Syndrome
By Michael C. Moynihan: "Western Europe's most famously socialist country is slowly plodding toward free-market reforms."
