Latest Posts

December 08, 2016

The constitutional problem with crony capitalism

Recently, when asked if intervention by the White House into private enterprise was presidential, President-elect Trump responded, “I think it’s very presidential. And if it’s not presidential, that’s okay … because I actually like doing it.” Continue Reading...
December 07, 2016

Republicans and conservatives are trading free markets for cronyism

“Don’t forget, this is called the Republican Party,” said Donald Trump in an interview justifying his opposition to free trade, “it’s not called the Conservative Party.” When Trump made that statement six months ago it was still possible to believe a distinction could be made between traditional Republicanism—which tends to be pro-Big Business—and traditional conservatism—which has generally been pro-free markets. Continue Reading...
December 07, 2016

Financial endeavors can serve the common good

“Gregg lays out a careful and detailed argument for the proposition that, done well, financial endeavors can serve the common good,” says Adam J. MacLeod in a review of Acton Research Director Samuel Gregg’s most recent book For God and Profit: How Banking and Finance Can Serve the Common Good. Continue Reading...
December 06, 2016

An economist’s Christmas: Is gift-giving wasteful?

During a season such as Christmas, where hyper-consumerism and hyper-generosity converge in strange and mysterious ways, it’s a question worth asking: How much of our gift-giving is inefficient and wasteful? For some, it’s a buzz-kill question worthy of Ebenezer Scrooge. Continue Reading...
December 06, 2016

How humans became consumers

Consumption is arguably the first (or maybe second) economic concept mentioned in the Bible. After creating Adam and Eve and giving them the cultural mandate (“Be fruitful and increase in number; fill the earth and subdue it.”), Continue Reading...
December 06, 2016

Understanding tax revenue and deadweight loss

Note: This is post #12 in a weekly video series on basic microeconomics. Why do taxes exist? What are their effects? In this video by Marginal Revolution University, economist Alex Tabarrok explains how taxes affect consumer surplus and producer surplus. Continue Reading...
December 05, 2016

Would you give up the internet for a million dollars?

Are you better off than someone who has a million dollars in the bank? Probably not—at least not compared to a millionaire today. But chances are you consider yourself better off than someone who was a millionaire in an previous era—and you may even be better off than someone who had a million dollars in the bank in the 1970s or 1980s. Continue Reading...