Category Archives: Market Economy

It’s more difficult to understand why socialism doesn’t work than you might think

The reasons are explicable but they are very difficult to understand without a thorough knowledge of how economies work. From Instapundit GLORIA ALVAREZ ON REASON TV: Socialism Fails Every Time (Video): . It certainly has a lot of bad luck associated with … Continue reading

Posted in Market Economy, Socialism | Leave a comment

EEO unintended consequences

Do Equal Employment Opportunity Statements Backfire? Evidence From A Natural Field Experiment On Job-Entry Decisions Andreas Leibbrandt, John A. List NBER Working Paper No. 25035 Issued in September 2018 NBER Program(s):Law and Economics, Labor Studies Labor force composition and the … Continue reading

Posted in Market Economy, Rafe | 12 Comments

Once more unto the IR breach dear friends!

Is the new PM showing some ticker on IR? A few thoughts to help, Hutt’s demolition of some myths that sustain the illegal and productivity-destroying activities of rogue trade unions. He also wrote somewhere that democracy might not survive unless … Continue reading

Posted in Market Economy, Rafe | 13 Comments

Deirdre McCloskey on admiring entrepreneurs

Why do we need entrepreneurs? What is their role in a free society? We need entrepreneurs to decide what to do. The only alternative is governmental bureaucracy, which is good for national defense and a few other things, but very … Continue reading

Posted in Market Economy, Rafe, Take Nanny down | 5 Comments

The first fair and deliberate exchange in world history

From The Wealth of Nations: “Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog. Nobody ever saw one animal by its gestures and natural cries signify to another, this is … Continue reading

Posted in Classical Economics, Market Economy | 8 Comments

Peter Boettke on F A Hayek

Peter Boettke is a prolific writer and a Professor of Economics and Philosophy at the George Mason University at Fairfax, Virginia. He was elected President of the Mont Pelerin Society for 2016-2018. He has written a major work on the … Continue reading

Posted in Classical Economics, Market Economy, Philosophy, Rafe | 6 Comments

Anti-capitalist millennials

Tom Switzer and Charles Jacobs have a somewhat depressing op-ed in The Australian this morning: According to a Centre for Independent Studies/YouGov poll, 58 per cent of Australian millennials — those born between 1980 and 1996 — have a favourable … Continue reading

Posted in Economics and economy, Education, Market Economy | 67 Comments

Mikayla Novak on civil society

My RMIT colleague Mikayla Novak has the lead article in the latest issue of Cosmos + Taxis. From the abstract: I depict civil society as a complex and adaptive phenomenon. Individuals and groups within civil society interact with each other … Continue reading

Posted in civil society, Cultural Issues, Market Economy | 38 Comments

More silliness on interchange fees

I found this gem in the Productivity Commission’s draft report on Competition in the Australian Financial System. The fees banks charge each other for card payments are passed on to merchants. These are, in turn, paid by consumers either as … Continue reading

Posted in Economics and economy, Market Economy, Oppressive government, Shut it down. Fire them all. | 32 Comments

Beyond Economics 101

This post on Economics 101 reminds me yet again how useless modern economic theory is at working through almost any economic issue at all. It’s about the theory of comparative advantage, I think, and the role of free trade in … Continue reading

Posted in Classical Economics, Economics and economy, Market Economy | 27 Comments