The thought mechanisms that lead some people to like (or, as economists say, have preference for) gambling are of no more economic interest than the reasons why some people like going to soccer games while others like to stay at home. Answering such questions may be a job for psychologists, but it is not one for economists.
Being ill is not a phenomenon independent of conscious will and of psychic forces working in the subconscious.
Social institutions matter most, and they are very wrong now: a huge improvement is possible, and freedom is the answer.
Although Menger is acclaimed primarily for his role in developing what is now known as marginal-utility theory, his writings on methodological individualism, subjective value, and the economic character of goods ("Menger's Law") deserve more attention.
If pushed too far, Cowen's line of thought could lead to an undue subjectivism, in which people's perceptions and classifications, rather than what actually occurs, would be the sole issues of importance.
While mining doesn't have much impact on the gold price, the reverse is not true: the gold price has significant influence on the mining industry.
Market prices turn incomprehensibly complex relationships into very simple ones.
In a market economy, whether it is domestic or international in scope, everyone's standard of living can rise at once.
If the critics are right, then Fowler Foods has missed an opportunity to turn a tidy profit by selling grilled chicken.
It is time for highway privatization, with MADD taking a lead role in this initiative.
