- Liberty Fund Network
Industry Interviews: Individuals at Work, Marketing, Management, Strategy, and Leadership, Sports
“In politics you try to move money around and take credit for it. In markets you try to create value and make profits.” I don’t know if we should stay in this business.” That city official was just being honest, but his framing of the problem surprised me. The “business” he was referring to was .. MORE
Reflections from Europe
Since the series of banking and stock market mishaps of the last eighteen months, there is an intense revival of interest in the “efficient market” theory of exchange-traded asset prices. The theory proposes that the prices reflect all the available information relevant to them. Various inferences have been drawn from this. One is that since .. MORE
In the neoclassical economic model, agents are assumed to act in pursuit of maximum utility—to know their preferences and some of the constraints they face—and to effectively satisfy their economic needs by means of market exchanges. In contrast, behavioral economists claim that individual judgments tend to be cognitively conditioned by biases such as overconfidence, lack .. MORE
Industry Interviews: Individuals at Work
Angus Deaton of Princeton University and author of the Great Escape talks with EconTalk host Russ Roberts about the book–the vast improvements in health and standard of living in recent times. Deaton surveys the improvements in life expectancy and income both in the developed and undeveloped world. Inequality of both health and wealth are discussed .. MORE
Economists often oppose the expansion of licensing in America in recent years because it makes it harder for people with low skills to get access to opportunity. Sociologist Beth Redbird of Northwestern University talks with EconTalk host Russ Roberts about a different perspective. Redbird finds that licensing expands opportunity for women and minorities and has .. MORE
Who asked Nikki Haley to run for president? Can somebody introduce us to the gentlepersons who convinced Tim Scott to enter the contest? Is anybody outside of his family and his congregation urging Mike Pence to join the Republican field? The same applies to the other long shots — Vivek Ramaswamy, Doug Burgum, Chris .. MORE
There are loose ways of speaking, which are literally incorrect, and precise ways of speaking, meant to convey exact information. As an example of loose speaking, I read in yesterday’s Wall Street Journal (“Why You’re Losing More to Casinos on the Las Vegas Strip,” May 29, 2023): In addition to smaller winnings, visitors are also .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
There are few things of which I have occasion to advertize the reader, before he enters upon the perusal of the following work.My object has been to compose a school-book of Political Economy, to detach the essential principles of the science from all extraneous topics, to state the propositions clearly and in their logical order, .. MORE
Ludwig von Mises (1881-1973) first published The Theory of Money and Credit in German, in 1912. The edition presented here is that published by Liberty Fund in 1980, which was translated from the German by H. E. Batson originally in 1934, with additions in 1953. Only a few corrections of obvious typos were made for .. MORE
Many regard the US Constitution as one of the greatest successes in history. But is it time for a change? And if so, how? In this episode, EconTalk host Russ Roberts welcomes back Mike Munger (for his 40th appearance!!!) to talk about changing constitutions, doing without them altogether, writing one, and whether they’re important. The .. MORE
One main reason why rational expectations macroeconomics, in particular its implication that the Phillips Curve for anticipated changes in money is vertical even in the short run, caught on was the allegation that the incumbent Keynesian tradition had failed to either control or explain high inflation. “Failed to control,” I suppose, is true, though the .. MORE
Recognized as one of the most influential voices in the areas of market structure, the theory of the firm, law and economics, resource unemployment, and monetary theory and policy, in this 2001 interview, Armen Alchian (1914-2013) outlines the “UCLA tradition” of economics which he founded and explores the many unanticipated consequences of self-seeking individual behavior. .. MORE
A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand .. MORE
Conversations with some of the most original thinkers of our time
The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.
Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.
These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.
More than a century after his death, Karl Marx remains one of the most controversial figures in the Western world. His relentless criticism of capitalism and his corresponding promise of an inevitable, harmonious socialist future inspired a revolution of global proportions. It seemed that—with the Bolshevik revolution in Russia and the spread of communism throughout .. MORE
National defense is in many ways a public, or “collective,” good, which means two things. First, consumption of the good by one person does not reduce the amount available for others to consume. Thus, all people in a nation must “consume” the same amount of national defense (the defense policies implemented by the government), although .. MORE
Major league sports, as every reader of the sports pages knows, is a major league business. As a result, economics has a lot to say about how players, teams, and leagues will act under different circumstances. But would you believe that economics can be used to predict which teams will win and which will lose? .. MORE
-Frederic Bastiat Full Quote >>