Economic Theory, Economic Trends

It’s a Disservice to Urge Young People To Become Entrepreneurs

– November 15, 2019

The legend of the twenty-something business wunderkind is everywhere in pop culture. Here’s the problem. The data are in. It turns out that the whole thing is a gigantic myth.

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Economic Theory

Free Competition Is Voluntary Cooperation

– November 11, 2019

Unlike the competition in games where some lose what the victors win, and unlike war where even the winner may lose more than he gains, freely competitive economic behavior enables each participant t.o gain the greatest possible reward by voluntarily cooperating .

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Economic Education, Economic Theory

Krugman’s Zombie Idea: We Owe It to Ourselves

– November 6, 2019

Paul Krugman claims that the national debt doesn’t matter because “we owe it to ourselves.” This “zombie idea” is dead wrong.

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Economic Theory

Use Economics to Lose 15 Pounds Before the Holidays

– November 4, 2019

With a few rules the decision of what and when to eat moves to the slower, smarter part of our brains.

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Economic Theory

Starbucks Too Has Surge Pricing

– November 4, 2019

Even though you have money and you are ready, even eager, to pay, you have to wait your turn. That’s a form of surge pricing.

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Economic Theory, Free Enterprise

Judy Garland: The Brilliance and Tragedy of Fame

– October 28, 2019

This film reveals both Judy Garland’s genius and her catastrophic life to the whole world in ways that make us frustrated but ultimately grateful for her personal sacrifice for the sake of art, culture, and the well-being of humanity. As her signature song says, it’s the journey that matters more than the destination.

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Economic Education, Economic Theory

How Salesmen Improve Our World

– October 27, 2019

The salesman is the empathetic agent of change that helps us overcome our psychological reticence to part with our property in order to gain something that will genuinely improve our subjective well-being.

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Economic Theory

The Economics of Hitchhiking

– October 21, 2019

If you pay attention, you’ll notice a lot of things that “economists in their studies” may not be able to imagine. But they exist. Because people are really good at finding ways to cooperate.

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Economic Theory

In Defense of Share Buybacks

– September 25, 2019

“The confused objections to share buybacks illustrate the failure to look past the immediate effect and to understand what financial markets do.” ~ Joakim Book

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Economic Theory

What Seinfeld Can Teach about Industrial Policy

– September 23, 2019

That Seinfeld was seen by top NBC executives as less-than-promising, only for it to become a multi-billion dollar blockbuster, is a reminder that when it comes to the future of commerce, predictions aren’t worth the paper they’re printed on.

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