Profits and rising stock prices in a system of economic nationalism and cronyism reflect the satisfaction of the desires of those with political power.
“I learned in economics that in ‘perfect competition’ profits are zero, so any actual profits come from some kind of monopoly power. So how could profits be good?”
Have you ever stopped and looked around the grocery store? There are thousands of products neatly arranged and conveniently located just for you.
The Economic Way of Thinking can help improve decision-making, even in areas you wouldn’t think to look.
The health care debate has been long on hysterics and short on useful analysis. Incendiary and counterproductive rhetoric about socialism, Nazis, and death panels from some corners notwithstanding, critics of socialized medicine raise an important question with uncomfortable answers: in the absence of profits, losses, and prices, how will decisions about the production and allocation […]