Israel Kirzner showed us how entrepreneurs make the world better: they specialize in discovering missed opportunities. To learn more about entrepreneurs, click to watch.
Can economics tell us what kind of foreign policy will work in Syria or around the world?
Prices allow huge numbers of people to coordinate their plans and achieve amazing things together. Learn more with Dr. Russell Russell, Daniel. “Coordination Through Prices.” YouTube. Learn Liberty, 6 July 2017.
How transaction costs can block trade, and intermediation can keep it going — even in a POW camp. Watch more with Dan Russell. Russell, Daniel. “Transaction Costs and Intermediation.” YouTube. Learn Liberty, 29 June 2017.
To earn a profit, businesses must increase your “consumer surplus” by giving you better products or charging you less money. Watch more with Dan Russell Russell, Dan. “Consumer Surplus” YouTube. YouTube, 22 June 2017. Web. https://www.youtube.com/watch?v=mOzgmveDdKo
Economies of scale and comparative advantage let us make bigger and better oranges, grapes, and everything else. For more Dan Russell, watch https://www.youtube.com/watch?v=_sLET3sqMgU
We live in the richest society in history, but most people never ask what “wealth” even means. For more about wealth and why it’s on the rise, click here.
The new idea on the Left today isn’t so much Marxism as Welfarism. That’s how Prof. Brandon Turner explains today’s politics. Full video on Facebook
The coaches get millions of dollars. The schools get millions too. So why don’t college athletes get paid at all? Watch the full interview
“Pro-Business” can mean a few different things when it comes out of politicians’ mouths. It could mean they want to let free markets create as many jobs and opportunities as possible, or it could mean they want to treat the economy like a machine, pulling levers and pushing buttons to pick winners and losers. Mercatus […]
Those “lazy, self-centered, millennials” get a bad rap. Jared Meyer, author of “Disinherited: How Washington Is Betraying America’s Young” explains how this generation both has higher standards of living and more government barriers to success than any other.
It’s easy to imagine a perfect system, one in which all are taken care of, where our cars run on recycled emissions, and where everyone can afford healthcare, but we too easily fall into “unicorn traps” with this sort of thinking. Professor Michael Munger of Duke University explains:
Some people argue that natural disasters and other acts of destruction create wealth and employment as we repair the damage they’ve caused. Professor Dan Russell explains that this fallacy fails to take into “opportunity costs” into consideration. Whenever we use a resource for one purpose, like fixing a window, we give up the opportunity to […]
Why bad laws get passed. Public choice is a field of economics that takes what we understand about human behavior and applies that knowledge to humans who work in the public sector, politicians, bureaucrats, lobbyists, and voters. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain the true cost of […]
Here’s how you help free people make the best choices. Free market economists argue that people should be left alone to make decisions for themselves, but sometimes, specialized knowledge is required to make a decision that most people just don’t have. Is there a way to encourage people to make what is, for most of […]
Why do we make bad choices? Making rational choices is expensive. It takes time and energy to collect the information necessary for rational thought, and it takes mental effort to apply rational thinking to the information we gather. For that reason, we occasionally use a different type of decision making all together. Professor Antony Davies […]