Economics Learning CommunityDigital Library
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Why We Need VERY Small government
Adam Smith long ago recognized that “natural liberty,” which resulted from eliminating unjustified preferences and restraints, needed a government far smaller than one requiring innumerable regulations and mandates as well as trillions of dollars of taxes each year....
He says Ford proved that higher wages led to more productivity, which in turn was good for business. That positive feedback loop gave rise to a broad, prosperous middle class. But over the years, waves of economic pressures and political changes have broken that link....
Is America destined to become like California? Twitter CEO Jack Dorsey created a stir recently when he tweeted out an article calling for an end to bipartisanship and the beginning of nationwide, one-party rule—similar to the Golden State. He called it a “great read.”...
The real attraction of profoundly bad ideas is that they have the attraction of seeming logical and commonsense. For instance, a lot of conservatives are enamored of term limits. This looks appealing (once you assume away the fact that we do have term limits, we call...
And these words, which I command thee this day, shall be upon thy heart. And you shall teach them to your sons and speak of them when you sit in your house, and when you walk on the way, and when you lie down and when you rise up. Deuteronomy 6:7 Train up a child in...
F. A. Hayek Lessons
Five of Hayek's Biggest Ideas F. A. Hayek has had a lot of great thoughts. I'd thought it would be useful to layout 5 of Hayek's biggest Ideas. Friedrich August von Hayek (1899-1992) is today glorified by freedom lovers all around the world. The Austrian in a double...
Introduction If Friedrich Hayek is not in our discussions on how best to govern a community, he should be. Not only because his most popular book, The Road to Serfdom, was used by Reagan and Thacher to run a country (their own admission), but because he has a lot of...
Political Science Lessons
The autocrat problem Prime Minister Viktor Orban of Hungary has used the coronavirus crisis as an excuse to further centralize authority. The European Union seems to be functioning better than the United States in some big ways right now. Europe has been far more...
Fractal Politics “The rise of fractal politics” was first submitted to the Nine Dots Prize in response to the question, “Are digital technologies making politics impossible?” The essay was written as a thought piece prior to the announcement of the 2017 UK General...
Ernst Friedrich Schumacher (16 August 1911 – 4 September 1977) was a German-British statistician and economist who is best known for his proposals for human-scale, decentralised and appropriate technologies. He served as Chief Economic Advisor to the British...
Economic Thinkers A. R. J. Turgot (1727-1781) French author of Reflections 1766, established marginal utility analysis, physiocrat. Adam Smith (1723-1790) Scottish author of The Wealth of Nations 1776, developed free trade theory and an appreciation for the...
The Condensed Wealth of Nations and The Incredibly Condensed Theory of Moral Sentiments Eamonn Butler Contents 1 Introduction 4 2 The Condensed Wealth of Nations 7Book I: Economic efficiency and the factors of production 9Book II: The accumulation of...
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but...
From An Inquiry into the Nature and Causes of the Wealth of Nations, Book IV, Chap. 2 by Adam Smith. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce...
“The uniform, constant and uninterrupted effort of every man to better his condition … is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of...
“No human wisdom or knowledge could ever be sufficient [for] the duty of superintending the industry of private people..." “[Governments are] ...without exception, the greatest spendthrifts in the society.” “The agents of [government] regard the wealth of their master...