Price-gouging laws won’t help gas prices or consumers

It’s easier to scream about Big Oil profits and greed than it is to fix the problems that underlie runaway inflation and clogged supply chains. It’s time we make hard choices and forgo feel-good rhetoric. Yesterday, Democrats successfully but narrowly passed an anti–price gouging bill in the House to address raging prices at the pump and to…

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Why Does Socialism Fail?

The reason that socialism does not work in the long run—there are a couple of reasons: who are we as human beings, what are we capable of, and what are we not capable of. So I think it comes down to anthropology and economics. Read more at TIFWE

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Should you bet on Bitcoin?

Cryptocurrency provides an exciting alternative to national currency as a decentralized alternative to fiat notes, but it’s no silver bullet. For those who’ve heard the word a lot but are still not sure what it means, cryptocurrency is a digital asset used to make purchases. It operates using a computer network, often a blockchain, a shared ledger…

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Why I Dislike the Word ‘Capitalism’

What is capitalism? Capitalism is a word that I don’t like. You might say, “Wow, that’s silly because it’s on the front cover of your book.” In fact, when we were thinking about the book, I said, “I don’t think we should use the word ‘capitalism.’” But the whole point is that people are starting to…

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Give thanks for economic efficiency

A grasp of how basic economics contributes to human flourishing in astonishing ways gives the so-called dismal science a whole new luster. I have never been to an event or cocktail party where raising the issue of economic efficiency engendered a particularly emotional discussion or any level of enthusiasm. I have never been to a…

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Free trade with China is still good for us all

Despite pushback from both left and right, free markets should always be supported, because they free people to live out their potential—even in despotic regimes like China’s. Doug Irwin in his seminal book Free Trade Under Fire points out that Democrats and Republicans have historically vacillated on free trade. The Democratic Party of the late 19th century…

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The Good News About Our Economy & Families

I had the pleasure of attending the Intercollegiate Studies Institute colloquium on “The Humane Economy,” which brought together conservatives and libertarians for a weekend discussion on pressing issues of policy and human flourishing. The quintessential questions of political economy revolve around the proper role of government, and this discussion was no exception. Among both conservatives and…

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Price gouging laws make us feel good but act bad

When markets work, they adapt to even the worst supply shocks. The cyberattack on the Colonial Pipeline has spurred temporary supply disruptions and induced panic-buying of gasoline, resulting in long lines and empty gas stations in the Southeast over the past few days. Images on social media showed someone who filled up plastic bags of…

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A Cure for the Rule of COVID ‘Experts’

The current bureaucratic approach fails to account for our individual, institutional, and economic well-being. Remember when we were going to shut down stores, restaurants, schools, and churches for two weeks to flatten the coronavirus curve? We are now in our eighth month of lockdowns, mask mandates, and conflicting health advisories with no clear path forward…

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