Voluntary Exchange Sources

23 Mar Hard Work Isn’t Enough. You Have to Work Hard on the Right Things.

Posted at 10:35h in Voluntary Exchange Sources by one80Admin

In his 1994 book Ethics and Economic Progress, the Nobel Prize-winning economist James M. Buchanan explains why the work ethic matters using the first few pages of Adam Smith’s Wealth of Nations. According to Buchanan, we’re all better off because of a shared work ethic....

23 Mar How ‘15 Days to Slow the Spread’ Became a Year

Posted at 10:34h in Voluntary Exchange Sources by one80Admin

A pastor put out a humorous Twitter poll a few months ago asking how people interpreted “15 days to slow the spread.” Referencing religious debates about creation, the options were as follows. 15 literal days 15 ages 14 literal days, big gap, 15th day Entirely metaphorical The joke raises a...

23 Mar On the Pursuit of Tyrannical Policies and Zero-Risk Societies

Posted at 10:31h in Voluntary Exchange Sources by one80Admin

There's no such thing as a zero-risk society, and any attempt to create one will lead inevitably to tyranny. Read more at Creators. Read the Full Article here: >Mercatus Center...

23 Mar The Mischief of “Pecuniary Externalities”

Posted at 10:31h in Voluntary Exchange Sources by one80Admin

Among the most misleading – and hence, most objectionable – terms used in modern economics is “externality.” As summarized in my previous essay, Externalities are third-party effects, such as when Steve and Sarah’s actions have an impact on Silas’s welfare, with Silas not being consulted by...

22 Mar Unions Invade Private Property

Posted at 22:55h in Voluntary Exchange Sources by one80Admin

“If I didn’t allow them in, I’m the one going to jail!” rants a farmer after a California law allowed dozens of union activists to storm onto his farm. ---- Don't miss the weekly video from Stossel TV. Sign up here: https://ift.tt/37hRbtg ---- “You don’t...

22 Mar They Don’t Make Movies Scenes Like This One Any More

Posted at 22:50h in Voluntary Exchange Sources by one80Admin

(Don Boudreaux) TweetPeople in my generation will be amused to see, in this scene, Gilligan’s Island “skipper,” Alan Hale, dressed in a business suit. But the truly interesting feature of this short clip is the spot-on economics lesson delivered in the span of four minutes....

21 Mar Celebrating 75 Years of Faith and Hope in Liberty

Posted at 22:02h in Voluntary Exchange Sources by one80Admin

This month marks the 75th anniversary of the Foundation of Economic Education. As I have benefitted from reading FEE’s literature for nearly two thirds of that time and contributed to it for decades, I feel that it is definitely worth celebrating. This year is also the...

21 Mar The Right of Exit Is What Keeps Society Prosperous and Peaceful

Posted at 22:00h in Voluntary Exchange Sources by one80Admin

Whenever humans come together to do anything, they organize themselves either according to principles of cooperation or principles of coercion. Cooperative ventures run the gamut from neighborhood associations to congregations to civic organizations to markets. Coercive ventures typically fall into one of two groups that...

21 Mar How Economics Helped Me Understand the Evolving Music Business

Posted at 21:59h in Voluntary Exchange Sources by one80Admin

On March 2, online publication MusicRadar covered a report released by the University of East Anglia detailing independent musicians’ dwindling incomes. The report stated two major factors are at play. First, artists who belong to major labels have a distinct advantage over independent musicians when it...

21 Mar Inflation and complacency