Capitalism

Buyers and sellers in the free market do indeed act from self-interest, but Adam Smith never argued that this excludes friendly feelings for those they do business with.

Far from being a sign of alleged capitalist brutality, the spread of international trade and market freedom is a sign of greater global cooperation and solidarity.

Landlords invest their stored labor—savings—at a risk and with the knowledge that they won't recoup it for some time. In creating or renovating rental properties, they aid those who can't store their labor yet—tenants and laborers.

Government restrictions on production are driving prices up as unemployment drives them down. It's impossible to say now whether price inflation or price deflation will be the predominant factor in the crisis's next phase.

Even though the official unemployment rate is probably not quite as high as it was in 1933, there are reasons to believe that our labor market is currently in even worse shape economically than it was at the lowest depths of the Great Depression.

Capitalists and entrepreneurs serve distinct functions in the real economy. Capitalists save money that then maintains production processes until final goods are produced. Entrepreneurs adjust the capital structure in light of uncertainty to produce the most desired goods. Capitalists are rewarded with interest, entrepreneurs with profit.

Levi Machado explains what COVID-19 actually can do to the body, and why it’s not really comparable to the flu. He also offers some tips on staying healthy.

Bob Murphy urges skeptics not to dismiss the panic over the coronavirus, explains the economics of the toilet paper shortage, and gives practical tips he is using to try to keep his own household safe.

George Stiglitz professes great concern for the poor, while arguing that most people require control by enlightened experts such as himself.

Randall Holcombe's has written an impressive new book on political capitalism (or "crony capitalism") and contributes a discussion on political and economic elites.