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Human Capital

Introduction Human capital refers to the accumulated skills and talents that a person learns in order to increase his or her success in life. Your human capital consists of what you've learned in school, and what you've learned via your family upbringing that may have taught you values such as the importance of showing up on time for work or finishing what you begin, and what you've learned from any on-the-job training you've received, and how you may have learned...
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Introducing No Due Date, our NEW Economics Books Club! No Due Date is our NEW subscription economics book club. Curated by Pete Boettke, you’ll spend a whole year reading with him exploring the best in economics and the social sciences- both classic and contemporary.   Click here...

By:

  David Henderson

I've held off writing an obituary for George Smith because I wasn't sure that the obituary friends pointed to was truly of him. But David Boaz has convinced me that it was. I had lost touch with George and so I didn't know that he had moved to Bloomington, Illinois. David Boaz's obituary of George is an excellent su...

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It's tempting to explain Russia's invasion of Ukraine with Putin's megalomania. Economist Chris Blattman of the University of Chicago talks about his book Why We Fight with EconTalk host Russ Roberts. Blattman explains why only a fraction of rivalries ever erupt into violence, the five main reasons adversaries can't...

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By:

  John Phelan

Baseball is back, but it was in doubt for a while. It was only on March 13 that the second longest work stoppage in baseball history – 99 days – came to an end when the MLB and the MLB Players' Association – the baseball players’ union – struck a deal. The Players Association was pushing for a number of th...

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By:

  Scott Sumner

Most fiscal policy consists of adjustments in taxes and transfers.  However, the effects of this type of fiscal policy are largely offset by changes in monetary policy, at least when the Fed is doing its job.  Defenders of fiscal policy respond that changes in real government spending can directly boost output even w...

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Many people think schools are no place for teaching character. Psychologist Angela Duckworth of the University of Pennsylvania and founder of Character Lab, disagrees. She talks with EconTalk's Russ Roberts about the implicit curriculum for character, the critical role early education plays in shaping our adult values...

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Introduction The Council for Economic Education (CEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The resources arranged here supplement these recommended CEE topics. These free resources are appropriate for teachers of high school...

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  "There are two kinds of people in the world: Johnny von Neumann and the rest of us.” This quote is attributed to Eugene Wigner, a Nobel Prize–winning physicist. John von Neumann, whom people called Johnny, was a brilliant mathematician and physicist who also made three fundamental contributions ...

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By:

  Jeffrey Rogers Hummel

Woody Holton, Professor of History at the University of South Carolina, has written a nearly 800-page tome entitled Liberty is Sweet and sub-titled The Hidden History of the American Revolution. His previous books include a definitive biography of Abigail Adams and Unruly Americans and the Origins of the Constitution, ...

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A Liberty Classic Book Review of The Foundations of Modern Austrian Economics, edited by Edwin Dolan.1 What's so Austrian about "Austrian economics?" The label was originally a pejorative, coined by Gustav Schmoller, a harsh critic of Carl Menger's work. It was an attempt to attach Menger's ideas to a "provinc...

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A Book Review of Rebellion, Rascals, and Revenue: Tax Follies and Wisdom through the Ages, by Michael Keen and Joel Slemrod.1 Introduction What do you think would happen if suddenly beards and bachelorhood were taxed? Ridiculous, you say? Not so! In the later 17th century, Tsar Peter the Great instituted a beard ta...

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In this episode, Nobel laureate Paul Romer argues that we need to look beyond both mitigation and suppression strategies for a sustainable alternative that is a lot less costly. This is needed to avoid further devastating effects of economic shut-down, living with fear, and Romer’s and host Russ Roberts’ greatest c...

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According to Nobel Laureate economist James Buchanan (1977, p.96): ... there is only one principle in economics that is worth stressing.... Apart from this principle there would be no basis for general public support for economics as a legitimate academic discipline, no place for economics as an appropriate part o...

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For many readers, perhaps indeed most of them, the question in the title is an absurdity. Have we not learnt that liberal democracy is the "end of history?" Political discourse is remarkably tolerant in naming certain aspects of government as liberal. It is like calling one a "good Christian" though he does not practic...

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