The problem economically with socialism is not calculation of given data, but the generation of the data that would be required, but does not yet exist.
Michael Munger
Michael Munger is Professor of Economics at Duke University and Senior Fellow of the American Institute for Economic Research. His degrees are from Davidson College, Washingon University in St. Louis, and Washington University.
Understanding Bank Failures and the Objective Role of the Lender of Last Resort
Since government regulatory practice has gone beyond making loans to illiquid-but-solvent banks, to paying back all the deposits of insolvent banks, the result is that there is no reason for depositors to care about whether their bank is taking excessive risks.
Minimum Wage Hurts Whom It Claims to Help
If you care about the people struggling to keep their jobs in a difficult economy, you should oppose raising the minimum wage: it hurts the very people you want to help
How Government Regulation Makes Housing Unafforable
For a 1,000 square foot apartment—smaller than many cities allow without expensive variance permit processes—a developer would need to charge at least $2,750 per month just to break even.
Is Capitalism Worth Saving? The Economic Argument for Capitalism
Any social system must coordinate production and cooperation, and must also implement a system of distribution that participants perceive as sustainable, which often means morally fair. As Nobelist Elinor Ostrom demonstrated, there are many and widely varied social...
The Three Economic Elements About Capitalism
Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (3) economies of scale based on knowledge.
Roads Are Not Public Goods
Some creative rethinking can put us on the road to a better tomorrow.
How Capitalism Saved Sweden From The Evils of Socialism
Fortunately for its citizens, but unfortunately for those who think Sweden is still socialist, the Swedish government, more or less by universal consensus, turned sharply back toward capitalism beginning in about 1995.
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