January 2019 ISSUE

Politics, Economics, and Evolution

By Arnold Kling

Some see the social world as just too complex to be successfully explained in terms of simple and general principles. Others, in a more radical way, state that human meanings or beliefs belong to a special domain of cultural things, which is forever closed to scie...

Vera Smith: The Contrarian View

By Leonidas Zelmanovitz

In 1936, seven years into the Great Depression, John Maynard Keynes' General Theory of Employment, Interest, and Money was published. The culmination of Keynes' theorizing in support of policies of manipulation of money and credit by the state in order to achieve ma...

Costs, Cancer, and Making Better Choices

By Steven Horwitz

You might think economists are obsessed with the idea of "cost." It is nearly impossible to talk to or read economists without our invoking cost for some reason or another. This is, however, not some irrational obsession on our part. The concept of cost is at the ve...

Markets without Friction

By Arnold Kling

"If you want to know why at present we own rather than share, the answer is transaction costs. And that is all going to change." —Michael C. Munger, Tomorrow 3.0: Transaction Costs and the Sharing Economy(page x)1 In his most recent book, Mike Munger...

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