Op-Ed by Mitchell Nemeth The Internet has provided humanity with so much content that in many ways, we are overloaded with information. Our smartphones are constantly buzzing with notifications about the latest podcast upload or commercial email marketing the newest product at our favorite store. We take this for granted, but it has occurred, in part, because the Internet … [Read more...] about The Hidden Costs of Free Social Media
Free Market
The Golden Rule Is as Golden as Ever
By Lawrence W. Reed For three hours, the famous “standoff at the schoolhouse door” riveted the country’s attention. Alabama Governor George Wallace physically blocked the entrance to Foster Auditorium at the University of Alabama in Birmingham. His intent was to prevent two students from registering for classes. Why? It had nothing to do with the content of their … [Read more...] about The Golden Rule Is as Golden as Ever
Black Markets Reveal the Power of Economic Laws
By Allen Gindler If we consider economics to be an objective science, its rules should also have universal significance and use, despite differences in societal order. However, socialists of the materialist camp are committed to the idea that common ownership of the means of production would change the way economic laws unfold under socialism. Basically, they reject the … [Read more...] about Black Markets Reveal the Power of Economic Laws
What Does “Voluntary” Actually Mean?
By Michael Munger What limits should be placed on the ability of individuals to enter into negotiable agreements? It’s tempting to say, “none.” But there are some “agreements” — those reached under duress or in restraint of trade or other rights of third parties — that the state may decline to enforce, or outlaw completely. Presumably, if an exchange is truly voluntary, … [Read more...] about What Does “Voluntary” Actually Mean?
Debt, Deficits and the Cost of Free Lunches
By Richard M. Ebeling It seems that every generation or two, fundamental economic ideas are questioned and challenged. The reasonable and important idea that governments should balance their budgets on an annual basis was challenged in the 1930s by the rise of Keynesian Economics and the counter-argument that deficit spending was desirable, if it was used to maintain full … [Read more...] about Debt, Deficits and the Cost of Free Lunches
Aristophanes, Central Planning, and the Enduring Appeal of Utopian Fantasies
By Sarah Skwire Ludwig von Mises’s essay “Economic Calculation in the Socialist Commonwealth,” references Aristophanes’ play The Birds and the medieval fantasy of the idyllic and work-free Land of Cockaigne when Mises notes of socialist planners that, Economics as such figures all too sparsely in the glamorous pictures painted by the Utopians. They invariably explain how, … [Read more...] about Aristophanes, Central Planning, and the Enduring Appeal of Utopian Fantasies
The Hidden Costs of a $15 Per Hour Minimum Wage
By Art Carden It seems everyone wants to raise the minimum wage. On May 20, 2019, PBS reported that pretty much everyone seeking the Democratic presidential nomination wants to raise the federal minimum wage to $15 per hour. President Trump advocated a higher minimum wage during his 2016 campaign. The private sector has gotten into it as well, with Walmart CEO Doug McMillon … [Read more...] about The Hidden Costs of a $15 Per Hour Minimum Wage
Outlawing Jobs: The Minimum Wage
By Murray M. Rothbard [This piece originally appeared in the December 1988 issue of The Free Market and is also included in the collection Making Economic Sense.] There is no clearer demonstration of the essential identity of the two political parties than their position on the minimum wage. The Democrats proposed to raise the legal minimum wage from $3.35 an hour, to … [Read more...] about Outlawing Jobs: The Minimum Wage
Marriott Finally Realizes That Competing With Airbnb Beats Lobbying Against It
By Chloe Anagnos The hotel lobby is at least partially responsible for the pushback Airbnb received in several states in the recent past. But despite the hospitality industry’s continuous push to destroy the home-sharing business, it seems that Airbnb won’t be losing the war that easily after all. According to multiple sources, hotel chains like Marriott are now entering … [Read more...] about Marriott Finally Realizes That Competing With Airbnb Beats Lobbying Against It
The Supermarket Chain That Is Upending America’s Grocery Industry by Maximizing Efficiency
By Mark J. Perry You gotta love Aldi. I do. Any supermarket that can out-compete Walmart on price by 18 percent (see chart below) has to be doing something right. Very right. Talk about consumer value, consumer sovereignty and consumer surplus! Listen to what Walmart CEO of US Operations Greg Foran says about Aldi: I never underestimate them. I’ve been competing against … [Read more...] about The Supermarket Chain That Is Upending America’s Grocery Industry by Maximizing Efficiency
The Regulatory-Industrial Complex
By Llewellyn H. Rockwell [This article was originally printed in the Free Market, September 1990. It was reprinted in The Left, the Right, and the State (2008).] Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves. Neither Ted Kennedy nor Jane Fonda practices a … [Read more...] about The Regulatory-Industrial Complex
The Market Loves You; Why You Should Love It Back
The marketplace is commonly described as brutish, greed-based, cutthroat, or unrelentingly exploitative. The Market Loves You; Why You Love It Back – Jeffrey Tucker’s latest collection of evocative observations of everyday products, services, and life in the market – rejects this characterization. He argues that benevolence characterizes trading relationships, entrepreneurship, … [Read more...] about The Market Loves You; Why You Should Love It Back