May 2019 ISSUE

Have Coase – Will Travel

By Jon Murphy and John Schuler

In 1960, Ronald Coase published what would become one of the most cited articles in economics and contribute to his receipt of a Nobel Prize. Coase's point was both simple and revolutionary. First, he noted, externalities—costs from economic activity borne by peop...

Economics Works

By David R. Henderson

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 ...

The Virtues of Big Business in America

By Arnold Kling

I have a complaint about America today, and it is simple: we don't love business enough. —Tyler Cowen, Big Business: A Love Letter to an American Anti-Hero,1 page 6 Tyler Cowen's book, Big Business, is subtitled A Love Letter to an American Anti-Hero, ...

Contemporary Society’s Crumbling Pillar

By Arnold Kling

Once we understand that community matters, then it becomes clear why it is not enough for a country to experience strong economic growth... How that growth is distributed across communities in the country matters immensely. What then is the source of today'...
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