"Mere Economics" is Here!
Mere Economics: Lessons for and from the Ordinary Business of Life releases today! Order your copy here. Ideally, the book can serve as a supplement for introductory econ courses.
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Tullock Truth
The modern state is largely a mechanism for transferring funds from one person to another. What we economists call public goods are provided by the state but are now only a part of it. The United States is not as far along in this procedure as many other countries, but
Econ 101 Perishes for Want of Wonder
Here's my attempt to recapture the wonder of social cooperation by in my Econ 101 class by asking a question each day about the social order:
DATE
TOPIC
READING
Jan
13
Welcome to Econ 101: What do you
need to succeed in this course?
N/A
Jan
15
The Time I Ran Smackdab into an Entry Barrier!
In this essay which I originally published at The Independent Institute, I describe my experience with entry barriers–up close and personal.
Experience is the best teacher.
So, while my first introduction to the idea of entry barriers was undoubtedly as an undergraduate student, my first encounter with them was
Diamonds are Forever - Property Rights
I'm posting a 14-part series of mini-essays on diamonds (but really about the economic point of view). Here's part 12.
Property Rights
Property rights, in the economic sense, describe a person’s capacity to exercise control over an asset.
Control refers to the ability to appropriate
Meet the Endorsers
Art and I were honored by the tremendous scholars who endorsed Mere Economics.
It'd take another book to catalogue their magnificent achievements, so here's a short summary instead.
* Mike Munger. Mike hardly needs an introduction. He's professor of political science and economics at Duke
Alchian Analytics
In every society, conflicts of interest among the members of that society must be resolved. The process by which that resolution (not elimination!) occurs is known as competition. Since, by definition, there is no way to eliminate competition, the relevant question is what kind of competition shall be used in
Why Not Socialism?
With apologies to G.A. Cohen, I offer a few responses in this video:
Diamonds are Forever - Labor Contracts
I'm posting a 14-part series of mini-essays on diamonds (but really about the economic point of view). Here's part 11.
Labor Contracts
Speaking of movies, in Diamonds are Forever, the seventh film in the James Bond juggernaut, Sean Connery was paid what was then a record-breaking
What is Austrian Economics?
In this old essay I originally published at Econlib on the 150th anniversary of Carl Menger's Principles of Economics, I don't provide the definitive answer, but I do provide an introduction to key themes, debates, ideas, and personalities.
Is 1871 the most important year in the