Prices
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Economics of Santa’s Workshop, The
The physical impossibility of Santa got me thinking about the economics of the old boy's operations. After all, he is not paid for the goods he delivers, and it would be improper for him to send a bill the next morning. Nobody asked him to leave the stuff, or contracted with him to do so. But that means he gets no feedback from the consumer, much less a clear indication of profit or loss.
Blown Away
The 1996 blizzard dumped three feet of snow on the Washington, D.C., area. The event proved once again that statist economists, armed with their "market failure" theories, perceive reality exactly the opposite from the way it is. It is government, not the free market, that is inherently plagued with inefficiency, fraud, and corruption. Private property and competitive markets provide citizens with the superior alternative—not the other way around.
Oil Prices Again
Sometimes it seems that our entire apparatus of economic education: countless courses, students, professors, textbooks, backed up—in the case of oil pricing—by a decade of experience in the 1970s, is a gigantic waste of time. Certainly it seems that way when we ponder the near-universal reaction to the Kuwait crisis.
1.2. Economic Calculation
The impracticability of all schemes of socialism and central planning is to be seen in the impossibility of any kind of economic calculation under these conditions.
1.4. Personnel Management Under an Unhampered Labor Market
The price of labor is a market phenomenon determined by the consumers' demands for goods and services.
Fundamentals of Economic Analysis: A Causal-Realist Approach
Joseph T. Salerno and Peter G. Klein are two of the most productive micro-economists in the Austrian School today.
