Buchanan and Tullock‘s The Calculus of Consent influentially applies economic ideas to politics, focusing on methodological individual. However, there are a few pitfalls about which readers should be aware.
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World News
Employing the Labor Theory of Value, Marx claimed that entrepreneurial profits arise from exploitation of workers. In reality, entrepreneurs earn profits when they correctly gauge markets. Exploitation has nothing to do with it.
Birkin bags are pricey and the producer restricts its potential buyers. Unfortunately, disgruntled customers who don’t want to follow the company’s rules are now appealing to US antitrust law.
Historical revisionism is nothing new, and recent attempts to label an “antiracist” approach to history have wrongly been called “revisionist.” To better understand revisionism, one must first be grounded in reality, then apply reality-based thought to studying the past.
Progressives blame the free market for insulin prices and want to impose price controls. But, government regulation is to blame.
Wage differences between men and women often are automatically attributed to sex discrimination against women. However, as research has shown time and again, other factors are at work.
Not all news from the gold and monetary fronts is bad. In fact, gold made a number of advancements in seven states, including exemptions from taxes and attempts by states to restrict Federal Reserve behavior. Gold is alive and well.
Looking for an introduction to the real story of the foundations and tragedies of the world wars? This new book by the late historian Ralph Raico is a must-read.
A new study from the Institute for Research on Labor and Employment at UC Berkeley claims that California‘s new $20 fast food minimum wage has had no adverse economic effects. However, politicians cannot repeal the laws of economics and we find that the “study” has many flaws.
A new study at UC Berkeley claims that California‘s new $20 minimum wage has had no adverse economic effects. If only that were true.