Economy

This posting is Part XV in a series of postings about economic thoughts. The excerpts in this posting are taken from Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and addresses the many consequences of price controls – both ceilings and floors: To understand the effects of price controls, it is necessary…

This posting is Part XIV in a series of postings about economic thoughts. Milton and Rose Friedman, in Chapter 5 of their 1979 book, Free to Choose: A Personal Statement, discuss the issue of equality: …In the early decades of the Republic, equality meant equality before God; liberty meant liberty to shape one’s own life.…

This posting is Part XIII in a series of postings about economic thoughts. Professor Don Boudreaux of George Mason University, who hails from New Orleans, recently published an article entitled Triumph of the Individual at Tech Central Station in which he discusses Nobel Laureate Friederich Hayek’s contribution to our understanding about how it is individuals…

This posting is Part XII in a series of postings about economic thoughts. Years ago, Leonard E. Read of the Foundation for Economic Education wrote a now-famous story entitled I, Pencil. The story describes how, in the production of something as simple as a pencil, the free market naturally brings together many different physical materials…

This posting is Part XI in a series of postings about economic thoughts. The excerpts in this posting are taken from Chapter 3 in Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and discusses prices, a key structural element in a competitive capitalistic economy. Prices play a crucial role in determining how…

This posting is Part XI in a series of postings about economic thoughts. The excerpts in this posting are taken from Chapter 3 in Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and discusses prices, a key structural element in a competitive capitalistic economy. Prices play a crucial role in determining how…

This posting is Part X in a series of postings about economic thoughts. Milton and Rose Friedman, in Chapter 1 of their 1979 book, Free to Choose: A Personal Statement, discuss the power of the market: …we know of no society that has ever achieved prosperity and freedom, unless voluntary exchange has been its dominant…

This posting is Part X in a series of postings about economic thoughts. Milton and Rose Friedman, in Chapter 1 of their 1979 book, Free to Choose: A Personal Statement, discuss the power of the market: …we know of no society that has ever achieved prosperity and freedom, unless voluntary exchange has been its dominant…

This posting is Part IX in a series of postings about economic thoughts. D. W. MacKenzie wrote in the October 2002 issue of The Freeman: Ideas on Liberty, the monthly publication of the Foundation for Economic Education, about the coercive role of government: I am government… Coercion is both my vocation and my avocation; it…

This posting is Part IX in a series of postings about economic thoughts. D. W. MacKenzie wrote in the October 2002 issue of The Freeman: Ideas on Liberty, the monthly publication of the Foundation for Economic Education, about the coercive role of government: I am government… Coercion is both my vocation and my avocation; it…