In 1944, at the height of World War II, a British economist named Radford was serving in the army. He was captured and lived in prison camps for more than a year. Prisoners at the camps received Red Cross packages that contained food, cigarettes, and a few necessities. These were precious supplies in POW camps.…Read More Free Market Economics: Why Do We Exchange Things? – Learn Liberty
Following the bursting of the housing bubble both the Bush and Obama administrations attempted to jump-start the economy with stimulus spending. Stimulus spending is often accompanied by the phrase “the government must create jobs.” The theory is that every dollar the government spends is income for someone who, when he spends that income, provides income…Read More Does Stimulus Spending Work?
One often heard contemporary economic myth is that the rich are getting richer and the poor are getting poorer. Like any myth there is a nugget of truth to this. For example, if we look at the data, the top 20 percent of income earners today do have a larger share of national income than…Read More Are the Poor Getting Poorer?
What history, and both recent history and the most distant past history tells us is that bringing your spending under control through budget cuts and stringency bears big dividends in the short term and the medium term. Obvious case is Canada. Canada’s public finances in the 1990s were in a truly terrible mess. They took…Read More When Governments Cut Spending
I know how to get a free suit. All I have to do is go to Macy’s, get a suit, charge it, and then when the bill comes, rip it up. Ethical issues aside, you see the main problem with this approach is that I can only do it once. The next time I go…Read More Why Thieves Hate Free Markets – Learn Liberty
Can we balance the budget by taxing the rich? Let’s look at how much Americans pay in federal taxes compared to their incomes. Accounting for federal income taxes and tax credits, the richest 5 percent of Americans paid almost 30 percent in taxes in 2009. The 20 percent of poorest Americans paid negative 1 percent,…Read More Will Taxing the Rich Fix the Deficit?
Everyone wants to make the world a better place. But not everyone understands how economic freedom leads to wellbeing. The cornerstones of economic freedom are personal choice, voluntary exchange, the freedom to compete in the markets, and private property rights. These freedoms comprise the core of what’s measured in the “eEconomic fFreedom of the wWorld”…Read More Economic Freedom and a Better Life
In the last 20 years since the breakup of the Soviet Union many post Soviet economies like my home country Russia have struggled to reach economic prosperity. This has led some people to question the virtues of free market capitalism. I would argue that it has not been a failure of free market capitalism, but…Read More Did Markets Fail in Post-Soviet Economies?
Economic freedom is about, yes, the freedom to buy and sell stuff, but it’s also about the freedom to interact with people, to converse with people, to travel where we want, to say the things we want to say. These things [that] involve interaction with others are truly at the core of economic freedom. There’s…Read More What’s So Great About Economic Freedom? – Learn Liberty
[Movie clip, The Pursuit of Happyness, 2006, Columbia Pictures] WILL SMITH: I remember that day, because that’s the day that I found out there was only $21.33 left in my bank account. I was broke. [Door rattles.] [End clip] BRANDON TURNER: So a fairly moving depiction of what poverty looks like in that clip. And…Read More Debate: What To Do About Poverty | Learn Liberty