Book Review, Kling's Corner
Teacher's Corner
Prices are arguably the most fundamental variables in economics. They enter into virtually every economic analysis, and predictions about their values are made in all manner of economic research, from highly esoteric theoretic models to street-level forecasting of business trends. Each day, we all make scores of decisions in which one of the very first .. MORE
Featured Article
Most Americans recognize the efficiency of private enterprise in providing goods such as computers and cars. Yet for various reasons, when it comes to roads, most people recoil from the idea of private production. Indeed, many people think that one of the essential functions of government, in addition to other tasks such as coining money .. MORE
“Why is it that we seem to be concerned that some baseball players may gain an unfair advantage by turning to pharmacists while at the same time we don’t blanch at people getting cosmetic surgery to improve their competitive advantage?” Why is it that no one complains when Ray Romano (“Raymond”) gets $50 million a .. MORE
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econtalk-podcast
Economist and author Arnold Kling talks with EconTalk host Russ Roberts about the recent drama in the tech world–Elon Musk’s acquisition of Twitter, the collapse of FTX, and the appearance of ChatGPT. Underlying topics discussed include the potential for price discrimination to make social media profitable, whether you could tell Jeff Bezos from Sam Bankman-Fried .. MORE
econtalk-podcast
Terry Anderson of PERC talks with EconTalk host Russ Roberts about economic life for Native Americans. Anderson discusses economic life before the arrival of Europeans and how current policy affects Native Americans living on reservations today.
Competition
If you asked where you can find a regular criticism of anything that looks like a classical-liberal approach to social, political, and economic problems, I could recommend the pieces of Financial Times columnist Rana Foroohar. Her latest column is another good illustration: “America Is Telling a Very Different Story About Trade,” Financial Times, June 18, .. MORE
Macroeconomics
Brian Albrecht has a clever series of tweets comparing inflation and weight gain: After a sarcastic comment about cutting off legs to lose weight, Albrecht then draws some policy implications: I’d like to take this analogy a bit further. I can imagine a few cases where it might make sense to attribute weight gain to .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
I AM desirous of prefixing to the second edition of the following work a few explanations which may tend to prevent misapprehension of its purpose and conclusions.The expression “exhaustion of our coal mines,” states the subject in the briefest form, but is sure to convey erroneous notions to those who do not reflect upon the .. MORE
IT GIVES me great satisfaction to see this book, handsomely printed by a distinguished publishing house, appear in its third revised edition. Two terminological remarks may be in order. First, I employ the term “liberal” in the sense attached to it everywhere in the nineteenth century and still today in the countries of continental Europe. .. MORE
A Book Review of Law, Legislation, and Liberty, by Friedrich A. Hayek. Jeremy Shearmur, editor.1 Friedrich Hayek’s trilogy Law, Legislation, and Liberty, published in three separate volumes in 1973, 1976, and 1979, was recently republished in a single book under the careful editorship of Jeremy Shearmur. The last volume of the original trilogy2 covers Chapters .. MORE
In 1976, Friedrich Hayek effectively read Samuel Smiles out of the classical-liberal movement. In The Mirage of Social Justice, Hayek said that the work of Samuel Smiles (1812-1904) constitutes a snare and a delusion for pro-capitalists. Smiles’s defense of free enterprise, Hayek lamented, seemed to be “the only defence of it which is understood by .. MORE
VIDEO
Israel Kirzner, Professor Emeritus at NYU, is among the foremost scholars in the continuing development of the Austrian school of economic theory. He has extended our understanding of the workings of a free society, illuminated the role of entrepreneurs in the process of economic discovery, and shed new light on the dynamics of market forces. .. MORE
VIDEO
Anthony de Jasay, a regular columnist for Econlib, was one of the most original and independent thinkers on the relationship between the individual and the state. Through his published works, he challenged the reigning paradigms justifying modern democratic growth. His deeply challenging theoretical works include The State, an analysis that views the state as acting .. MORE
Econlib Videos
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.
Public goods have two distinct aspects: nonexcludability and nonrivalrous consumption. “Nonexcludability” means that the cost of keeping nonpayers from enjoying the benefits of the good or service is prohibitive. If an entrepreneur stages a fireworks show, for example, people can watch the show from their windows or backyards. Because the entrepreneur cannot charge a fee .. MORE
For more than two centuries economists have steadfastly promoted free trade among nations as the best trade policy. Despite this intellectual barrage, many “practical” men and women continue to view the case for free trade skeptically, as an abstract argument made by ivory tower economists with, at most, one foot on terra firma. These practical .. MORE
For well over a hundred years, the economic world has been engaged in a great intellectual debate. On one side of this debate have been those philosophers and economists who advocate an economic system based on private property and free markets—or what one might call economic freedom. The key ingredients of economic freedom are personal .. MORE
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-Ludwig von Mises Full Quote >>