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“Why is it that we seem to be concerned that some baseball players may gain an unfair advantage by turning to pharmacists while at the same time we don’t blanch at people getting cosmetic surgery to improve their competitive advantage?” Why is it that no one complains when Ray Romano (“Raymond”) gets $50 million a .. MORE
Book Review
A Book Review of Everything I Ever Needed to Know About Economics I Learned from Online Dating, by Paul Oyer.1 Match.com, eHarmony, and OkCupid, it turns out, are no different from eBay or Monster.com. On all these sites, people come together trying to find matches. —Paul Oyer, Everything I Ever Needed to Know About .. MORE
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Who defines and enforces property rights? If you are the average person, an undergraduate student, or even a mainstream economics professor, that answer is easy: the government. Look it up! Municipal and county governments determine the deeds to your property and various usage rights including wetland setbacks and easements. State governments create regulations that affect .. MORE
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econtalk-podcast
If the Wright Brothers could have used AI to guide their decision making, it’s almost certain they would never have gotten off the ground. That’s because, points out Teppo Felin of Utah State University and Oxford, all the evidence said human flight was impossible. So how and why did the Wrights persevere? Felin explains that the human ability to .. MORE
econtalk-podcast
What can Ernest Hemingway teach us today about the morality of war, the eternal and transient nature of love, and how to write a masterpiece? Listen as author and teacher David Wyatt talks with EconTalk’s Russ Roberts about Hemingway’s epic For Whom the Bell Tolls. Topics include Hemingway’s role in the wars of the 20th century, the book’s context and themes, and its lasting influence on American literature and .. MORE
Sports Economics
If you wanted to bet on the Super Bowl this past weekend, you had options. You may have bet with a friend. If you live in a state where it’s legal, you could have gone to a casino or used a casino’s app. Or, starting last year, you could have entered into an event contract .. MORE
Economic and Political Philosophy
The newest season of the Netflix documentary America’s Sweethearts, which traces the 2024 audition, training, and performance season of the Dallas Cowboys Cheerleaders, is a lot more than just a pretty face. The philosopher Loren Lomasky has argued persuasively in Persons, Rights, and the Moral Community that one of the things that makes humans human .. MORE
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DAVID HUME’S greatness was recognized in his own time, as it is today, but the writings that made Hume famous are not, by and large, the same ones that support his reputation now. Leaving aside his Enquiries, which were widely read then as now, Hume is known today chiefly through his Treatise of Human Nature .. MORE
Since the first publication of theTheory Of Moral Sentiments, which was so long ago as the beginning of the year 1759, several corrections, and a good many illustrations of the doctrines contained in it, have occurred to me. But the various occupations in which the different accidents of my life necessarily involved me, have till .. MORE
In this book I have supplemented “liberal science” with the term “reality-based community,” by which I mean the social network which adheres to liberal science’s rules and norms…. The community’s interactions are structured and elaborate and amount to much more than just the sum of its individuals’ doings, and the essential enablers, connectors, and transmitters .. MORE
Economics students are often taught that government should intervene when there is market failure. But what about government failure? Should we expect government intervention to outperform market outcomes? Listen as Duke University economist Michael Munger explores the history of how economists have thought about this dilemma and possible ways to find a third or even .. MORE
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A professor at the Graduate School of Business at the University of Chicago in the 1960s and a primary figure in Chicago School Economics and in the field of Law and Economics, Harold Demsetz has contributed original research on the theory of the firm, regulation in markets, industrial organization, antitrust policy, transaction costs, externalities, and .. MORE
VIDEO
The twentieth century witnessed the unparalleled expansion of government power over the lives and livelihoods of individuals. Much of this was the result of two devastating world wars and totalitarian ideologies that directly challenged individual liberty and the free institutions of the open society. Other forms of expansion in the provision of social welfare and .. MORE
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The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.
Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.
These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.
The fact that trade protection hurts the economy of the country that imposes it is one of the oldest but still most startling insights economics has to offer. The idea dates back to the origin of economic science itself. Adam Smith’s The Wealth of Nations, which gave birth to economics, already contained the argument for .. MORE
A tariff is a fancy word for a tax. The term usually refers to import duties, which are fees levied on goods entering one country from another. Import tariffs have been a controversial feature of domestic politics, international diplomacy, and economic policy for centuries. This article covers some of the basic economics of tariffs as .. MORE
Ever since Adam Smith published The Wealth of Nations in 1776, the vast majority of economists have accepted the proposition that free trade among nations improves overall economic welfare. Free trade, usually defined as the absence of tariffs, quotas, or other governmental impediments to international trade, allows each country to specialize in the goods it .. MORE
-Ludwig von Mises
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