Economics

Economics for the Citizen, Part 9

by Walter E. Williams November 8, 2005

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 We’re all grossly ignorant about most things that we use and encounter in our daily lives, but each of us is knowledgeable ...

Minimum Wage, Maximum Intervention, Part 1

by Laurence M. Vance November 1, 2005

Part 1 | Part 2 Many workers in my state of Florida received a pay raise this past May. No, Floridians did not suddenly become more productive and demand a salary increase because they are now more valuable to their employers. And no, Florida businesses did not suddenly become more profitable and decide to share their good ...

Stop Consumer Gouging!

by Sheldon Richman October 28, 2005

A phone call I’d like to hear: Voice: Price-gouging tip line. How may I help you?Mr. Jones: I’d like to report price gouging. Voice: Yes sir. Where is this price gouging occurring? Jones: At the Exxon station on Route 286, right in my neighborhood. Voice: What is the price being charged? Jones: The price for a gallon of ...

Profiting from Misfortune

by Sheldon Richman October 5, 2005

Amid the shrieks of price gouging as hurricanes ravaged the Gulf coast were a few voices of good economic sense. They correctly pointed out that when supplies of vital goods are disrupted, nothing matches the price system for restoring normalcy as quickly as possible. It does so by encouraging ...

Economics for the Citizen, Part 8

by Walter E. Williams October 1, 2005

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 Economic theory is broadly applicable. However, a society’s property-rights structure influences how the theory will manifest itself. It’s the same with the ...

Freedom’s Fair-Weather Friends

by Sheldon Richman September 30, 2005

In the wake of Hurricane Katrina, some members of Congress are talking about passing a national law against price gouging. One problem should stand in their way: there is no objective definition of “gouging.” Whatever the law says will therefore be arbitrary and unfair. The 20 states that forbid gouging ...

Economics for the Citizen, Part 7

by Walter E. Williams September 1, 2005

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 There’s a reggae song that advises, “If you want to be happy for the rest of your life, never make a pretty ...

Machiavelli and U.S. Politics Part 6: Public Choice and Spending

by Lawrence M. Ludlow August 31, 2005

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 Public choice theory Machiavelli would take great comfort in the public choice theory as outlined by economists James Buchanan and Gordon Tullock. Public-choice theory tells us that politicians cannot legislate or spend taxpayer dollars wisely. Why? Because ...

Why Payola Doesn’t Matter

by Bart Frazier August 5, 2005

New York Attorney General Eliot Spitzer has recently leveled a $10 million fine against Sony BMG for payola, a practice in which radio producers are paid for promoting certain songs. Why the fine? The argument against payola is that music lovers are ...

Economics for the Citizen, Part 6

by Walter E. Williams August 1, 2005

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 My last article introduced the law of demand, which states that, holding everything else constant, the lower the price of something, the ...

Unchaining Africa

by Doug Bandow August 1, 2005

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 ...

Africa Needs Freedom, Not “Aid”

by Sheldon Richman July 18, 2005

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. ...