Teaching consumer surplus with the Becker-DeGroot-Marschak method in an environmental and resource economics course
The other day in my intro environmental and natural resource economics class we used the BDM method to elicit willingness to pay (WTP) values for an App State travel tumbler (I paid $26 with a faculty discount at the university
How Does One Define “Libertarian”?
The Economist reported on August 14, 2023, that “Argentina could get its first libertarian president.” They added that Javier Milei, the winner of Argentina’s election primary was, imagine this, a “free-market radical.” The problem, as I see it, is that
Beyond Crisis: The Ratchet Effect and the Erosion of Liberty
After governments create crises, they use those crises to seize new powers. After the crisis subsides, governments give up some, but not all, of their new authority, which we call the ratchet effect. Original Article: "Beyond Crisis: The Ratchet Effect and
Ethnic Prejudice and Wealth Gaps: Does the First Lead to the Second?
California's decision to grant reparations to black Americans has galvanized activists across the globe. Activists think that doing so will remedy the black-white wealth gap. Ensuring that blacks are on par with whites, however, is a strange goal, since East
9/11 and the Triumph of the Uniparty
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop look at the domestic costs of 9/11 and its continuing impact on Americans. The two discuss articles they wrote this week about how the events sowed the seeds of the
After 50 Years, the FDA Finds Out Oral Phenylephrine Doesn’t Work
Jeffrey A. Singer On September 12, a Food and Drug Administration advisory panel reported that oral phenylephrine hydrochloride, an ingredient in many popular over‐the‐counter decongestants people purchase to treat common cold symptoms, does not reduce nasal congestion. Phenylephrine, a drug that causes small blood
The White House, the Fed, and the Economy: Mises Circle in Fort Myers, FL
Every day, Americans feel the political capture of the economy. Inflation, taxes, and regulatory costs hit our paychecks and savings. The regulatory capture of medical industries; food and energy production; and the various instruments of Big Tech empowers the regime with new
Saving Marxism from the Labor Theory of Value: It Is Still Bad Theory
While Graham Priest seems to have "rescued" Marxism from the labor theory of value, he cannot rescue Marxism itself. Original Article: "Saving Marxism from the Labor Theory of Value: It Is Still Bad Theory"
Hollywood Meets the Austrian Business Cycle
Hollywood has captivated our collective imagination for over a century. We tend to view it as something other than an industry subject to the same immutable laws of economics like cars, coffee, lumber and everything else. The current strike by
U.S. Food Aid for Poor Countries
Chris Edwards and Krit Chanwong Congress is scheduled to reauthorize farm programs this fall, which provides an opportunity to cut spending and reduce budget deficits. This Cato study discusses reasons to cut cash payments to crop farmers, but there are other