According to the usual justification for government regulation of externalities,almost everything we do is ripe for regulation. Even worse, regulators never admit their prohibitions prevent an incalculable number of positive externalities.
Rothbard’s work on welfare economics probably ranks among his least-known achievements, but it is truly a tour de force and another tribute to his great originality and talent as an economist.
Robots are not fundamentally different from other labor-saving innovations, and there's no reason to believe increased innovation will lead to mass unemployment or mass poverty.
Here we see two rival strategies to marketing healthcare services. The status quo is based on insurance payments and price secrecy. Walmart's strategy is based on price competition.
The resurgent claim that the modern economy was built on slavery is yet another attempt to attack capitalism while also claiming "we are all to blame" for slavery. The slave owners of old tried a very similar tactic.
Population growth and specialization are not enough to make economies grow. The key ingredient is entrepreneurship.
A central benefit of the marketplace is the ability to choose the products and services that the "experts" tell us are not "the best."
"Herein lies the key to changing society — changing public opinion or people's preferences toward government. And the only way people are likely to change their preferences is through education and persuasion; force is ineffective."
The characteristic feature of capitalism that distinguished it from precapitalist methods of production is capitalism's efforts to make goods and services available to everyone — not just the wealthy.
Last week Business Insider referenced a study to defend NYC's minimum wage law. Neither holds up well upon any sort of serious analysis.
