December 2018 ISSUE

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...

A Century of Risk, Uncertainty, and Profit

By Ross Emmett

In 1917, Frank Knight submitted an essay entitled "Cost, Value, and Profit" to Hart, Schaffner, and Marx as part of an essay contest whose aim was "to draw the attention of American youth to the study of economic and commercial subjects."1 Knight's essay ended up wi...

Culture Matters

By Virginia Postrel

Libertarian intellectuals and activists know that culture matters. If I had a hundred bucks for every time I'd heard someone chalk up poverty to a black box called "culture" or demand that we "change the culture" or complain that Hollywood or the universities or the...

Democracy and Its Discontents

By Pedro Schwartz

Democracy today receives the general assent of humanity, yet it also suffers from infirmities that make others doubt its very survival. Is democracy mainly the political expression of the principle of individual sovereignty? Or is it rather characterised by the leve...

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