Economics

Unchaining Africa

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Africa Unchained: The Blueprint for Africa’s Future by George Ayittey, (Palgrave/Macmillan 2005); 483 pages; $35. So much promise, so little progress. Populated with creative people and filled with natural resources, Africa, one might think, should be a global powerhouse. Instead, the continent ... [click for more]

Africa Needs Freedom, Not “Aid”

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Politicians are never more dangerous than when they are thinking, “We’ve got to do something!” Take the just-adjourned G8 meeting in Scotland. The rulers of the most advanced economic powers (and Russia, go figure) met with the intention of looking as though they were doing something to end poverty in Africa. ... [click for more]

Productivity and the Wealth of Nations

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The Power of Productivity by William W. Lewis (University of Chicago Press 2004); 323 pages; $28.00. “Watch the pennies and the dollars will take care of themselves,” Benjamin Franklin said. We might, in a similar vein, explain the key message of William Lewis’s book The Power of Productivity by saying, “Watch the ... [click for more]

Economics for the Citizen, Part 3

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Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 There are four classes of behavior that can be called economic behavior. They are: production, consumption, exchange, and specialization. The discussion of ... [click for more]

What’s Wrong with Public Schools?

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The following is an excerpt from Chapter 2 of Separating School & State: How to Liberate Americas Families (1994) by Sheldon Richman. Its time to admit that pubic education operates like a planned economy, a bureaucratic system in which everybodys role is spelled out in advance and there are few incentives for innovation and productivity. Its ... [click for more]

Some Civics Lessons for My Son

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My son, Thomas Macaulay Boudreaux, is seven years old. He’s the most precious creature in the world to me. My wife, Karol, and I will never indoctrinate him, but we do and we will teach him as best we can. Here’s a list of some of the lessons that he’ll get from me as he grows into manhood. Even in ... [click for more]

Bureaucracy: A Mises Classic, Part 2

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Part 1 | Part 2 Last month I discussed Ludwig von Mises’s presentation of profit management in his great little book Bureaucracy. He explains in detail how consumers “use” the price and profit-and-loss systems to direct entrepreneurs toward producing the things they want most urgently. (Of course, they don’t self-consciously use these systems; they simply buy and abstain ... [click for more]
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