[Chapter 2 of Per Bylund's new book How to Think about the Economy: A Primer.] Like other sciences and fields of study, economics is a body of theory. Theory is a collection of explanations that allows us to understand something. Economic

While people from poor countries seek to live in places like the USA because of its stable institutions and welfare state, could migration of people from stable countries to less-developed ones make those countries better off? Original Article: "The Other Immigration

As the citizens of the European Union and the United Kingdom are increasingly struggling to make ends meet due to record levels of inflation, and as the winter draws closer, a serious cost of living crisis is set to spiral

Because government is predatory, it may seem ironic then to use the political system as a means of protecting one's own property, family, and loved ones. But there are times when such a strategy makes sense. Original Article: "Practicing Politics as

The mission of the Mises Institute is simple. We want to spread the ideas of Ludwig von Mises and the scholars he inspired. Ideas that are vital for a free and prosperous civilization. We do this through our student programs, our

Most commentators believe a growing economy requires a growing money stock because economic growth gives rise to a greater demand for money, which then must be accommodated. Failing to do so will lead to a decline in prices of goods

Post-Keynesians believe that capitalism is internally unstable, leading to necessary intervention by the central bank. Austrians see that as backward reasoning, as policies by the central bank to create credit from nothing is the problem. Original Article: "Does Capitalism Itself Create

Winter is approaching and Europeans are facing homes without heat, thanks to the US-led sanctions against Russia. Who will carry the blame when people freeze to death? Original Article: "Europe Ditched Russian Energy. Now People Are Sitting in Line For Days

One doubts that the so-called Inflation Reduction Act will reduce inflation. However, it will wreak havoc on the US economy with its lethal mix of taxes, regulations, subsidies, and outright crony capitalism. Original Article: "The Inflation Reduction Act: Another Unfair and Unjustified

In a market economy, prices are determined by supply and demand: how much of a quantity is being offered and how much value people place on that good relative to other goods. However, with great government power comes potential for