law of comparative advantage, law of demand
Liberty Classics
The Liberty Classic title Economics Works is a double entendre. One meaning refers to many of the more important articles by Armen Alchian, such as those contained in Economic Forces at Work: Selected Works by Armen A. Alchian.1 The other meaning is that economics works: economics explains much of the world. The second meaning sums up .. MORE
Book Review, Kling's Corner
Along with the direct impacts of technology, individualism and a slower life trajectory are the key trends that define the generations of the 20th and 21st centuries. ——Jean M. Twenge, Generations,1 p. 8 Jean Twenge has assembled a wealth of information about how the attitudes, behaviors, health, and economic circumstances of Americans have changed over .. MORE
Book Review, Kling's Corner
[I]nstitutions should be formative… they should act as links between the personal and the social. What we need, then, is a recommitment to such an understanding of institutions. Our challenge is less to calm the forces that are pelting our society than to reinforce the structures that hold us together. That calls for a spirit .. MORE
Economic Theory
Price Theory
Moral Reasoning
Norms, Customs, and Emergent Order
Sam's Links
Economic Education
Book Review
Artificial Intelligence
Economic Theory
Incentives
econtalk-podcast
Is tribalism destroying democracy? According to cultural psychologist Michael Morris of Columbia University, just the opposite may be the case. As he explains in his new book, Tribal, our tribal instincts can also be the source of our success–in politics, society, business, and even professional sports. Listen as Morris and EconTalk’s Russ Roberts discuss real examples of .. MORE
econtalk-podcast
Why is it okay to take the little shampoo bottles in hotels home with you but not the towels? And what stops people from taking the towels? Listen as political scientist Anthony Gill discusses the enforcement of property rights with EconTalk’s Russ Roberts. Backing up their observations with insights from Adam Smith, Friedrich Hayek, and our .. MORE
Price Theory
Question: The Texas Minimum Construction Standards require that all plumbing fixtures be WaterSense certified. Examples of requirements under these standards include low-flow faucets, shower heads, and toilets. Suppose, for the sake of argument, that before the requirement for low-flow toilets went into effect, installing a normal-flow toilet cost $250. Suppose also that installing a low-flow .. MORE
Moral Reasoning
In the NFL offseason, star running back Saquon Barkley signed a $40 million contract extension with the Philadelphia Eagles. Make no mistake, he earned it after rushing for 2,005 yards in the regular season and helping to bring another Lombardi Trophy to Philadelphia. I’m not alone in thinking this. As one sports writer put the .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
WE, the COMMISSIONERS appointed by YOUR MAJESTY to make a diligent and full inquiry into the practical operation of the Laws for the Relief of the Poor in England and Wales, and into the manner in which those laws are administered, and to report our opinion whether any and what alterations, amendments, or improvements may .. MORE
If you are anything like us, you are busy trying to maximize these last glorious days of summer. And you are probably also desperately trying to find the time to finish the pile of summer reading you planned for yourself at the beginning of summer. We are not here to help. As summer winds to .. MORE
Book Review of The Poor and the Plutocrats: From the Poorest of the Poor to the Richest of the Rich (Oxford University Press 2021) by Francis Teal.1 Is inequality a problem? Many people seem to think so, if we judge the public discussions in Europe and the United States over the last decade or so. .. MORE
VIDEO
On April 10, 2013, Liberty Fund and Butler University sponsored a symposium, “Capitalism, Government, and the Good Society.” The evening began with solo presentations by the three participants–Michael Munger of Duke University, Robert Skidelsky of the University of Warwick, and Richard Epstein of New York University. (Travel complications forced the fourth invited participant, James Galbraith .. MORE
VIDEO
Nobel laureate Ronald H. Coase (1910-2013) was recorded in 2001 in an extended video now available to the public. Coase’s articles, “The Problem of Social Cost” and “The Nature of the Firm” are among the most important and most often cited works in the whole of economic literature. Coase recounts how he tried to encourage .. 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.
Most economic theory ignores or underplays the contributions of technological progress. Mostly relegated to the realm of “exogenous factors” unaffected by economic policy, innovation enters the accounts chiefly as an effect of capital formation—the accumulation of buildings and equipment. Yet the most careful studies of the sources of productivity growth—by such economists as Lord Peter .. MORE
There is no widely accepted definition of capital flight. The classic use of the term is to describe widespread currency speculation, especially when it leads to cross-border movements of private funds that are large enough to affect national financial markets. The distinction between “flight” and normal capital outflows is thus a matter of degree, much .. MORE
[Editor’s Note: An updated version of this article can be found at Japan in the 2nd edition.] At the end of World War II, Japan’s economy was in tatters. Some 40 percent of its capital stock was destroyed during the war, and the Japanese standard of living was at pre-World War I levels. Today Japan .. MORE
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