Voluntary Exchange Sources

The discontent and unrest that followed the 2020 presidential election was, at least in major part, one of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith: namely, the belief that profits are a deduction from wages. (See...

(Don Boudreaux) Tweet… is from page 127 of John Mueller’s superb 1999 book, Capitalism, Democracy, & Ralph’s Pretty Good Grocery: Intellectuals who consider business to be boring, mindlessly repetitive, unsatisfying, or lacking in daring, courage, and imagination have never tried to run – much less start...

Some recommendations for developing compassion, courage, determination, fairness, grit, honesty, patience, respect, responsibility, self-motivation, and temperance.We may be witnessing the resurgence of character education. There seems to be renewed interest in what was, for eons, a core element of education—teaching young people the attributes...

(Don Boudreaux) TweetI’m starting here at Cafe Hayek a new series titled “Who Says Capitalism Doesn’t Work?” (I almost titled it: “Who Says Ordinary Americans Aren’t Amazingly Prosperous?”) The series will feature goods, services, events, and experiences that only a people magnificently rich can afford. Here’s my...

In 2008, I wrote a book, The End of America: Letter of Warning to a Young Patriot. I warned, based on my study of closing democracies in 20th century history, that America needed to beware of a slide toward totalitarianism. I warned that would-be tyrants, whether...

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What makes somebody “essential?” Governmental and societal responses to Covid-19 have revolved around classifying certain types of human behavior and individuals themselves as “essential” or “nonessential.” But what is the meaning of this distinction?  Essential to whom? Essential to what end? Who has the ability to...