Economy
Walter Williams writes about Economics of prices: Here’s what one reader wrote: “Williams, I can understand how the destruction of Hurricane Katrina and Middle East political uncertainty can jack up gasoline prices. But it’s price-gouging for the oil companies to raise the price of all the gasoline already bought and stored before the crisis.”…Such allegations…
This posting is Part XVII in a series of postings about economic thoughts. The study of economics is important because economic truths directly influence outcomes in our society. People of good will want our society to be a just one. What constitutes a just society? That question is far too broad for any single posting.…
This posting is Part XVI in a series of postings about economic thoughts. Robert Nisbet once said: “Only Hayek has rivaled Bertrand de Jouvenel in demonstrating why redistributionism in the democracies inexorably results in the atrophy of personal responsibility and the hypertrophy of bureaucracy and the centralized state instead of in relief to the hapless…
This posting is Part XVI in a series of postings about economic thoughts. Robert Nisbet once said: “Only Hayek has rivaled Bertrand de Jouvenel in demonstrating why redistributionism in the democracies inexorably results in the atrophy of personal responsibility and the hypertrophy of bureaucracy and the centralized state instead of in relief to the hapless…
This posting is Part XV in a series of postings about economic thoughts. The excerpts in this posting are taken from Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and addresses the many consequences of price controls – both ceilings and floors: To understand the effects of price controls, it is necessary…
This posting is Part XV in a series of postings about economic thoughts. The excerpts in this posting are taken from Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and addresses the many consequences of price controls – both ceilings and floors: To understand the effects of price controls, it is necessary…
This posting is Part XIV in a series of postings about economic thoughts. Milton and Rose Friedman, in Chapter 5 of their 1979 book, Free to Choose: A Personal Statement, discuss the issue of equality: …In the early decades of the Republic, equality meant equality before God; liberty meant liberty to shape one’s own life.…
This posting is Part XIII in a series of postings about economic thoughts. Professor Don Boudreaux of George Mason University, who hails from New Orleans, recently published an article entitled Triumph of the Individual at Tech Central Station in which he discusses Nobel Laureate Friederich Hayek’s contribution to our understanding about how it is individuals…
This posting is Part XII in a series of postings about economic thoughts. Years ago, Leonard E. Read of the Foundation for Economic Education wrote a now-famous story entitled I, Pencil. The story describes how, in the production of something as simple as a pencil, the free market naturally brings together many different physical materials…
This posting is Part XI in a series of postings about economic thoughts. The excerpts in this posting are taken from Chapter 3 in Thomas Sowell’s book Basic Economics: A Citizens Guide to the Economy and discusses prices, a key structural element in a competitive capitalistic economy. Prices play a crucial role in determining how…
