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Monthly Archives: June 2014

In 1973, David Friedman published an interesting book, The Machinery of Freedom, largely a compilation of essays concerning how anarcho-capitalism can work.  One of his essays is on how mass transit can be produced privately and that the infrastructure for it is largely in place.  Recently, two companies have started operating worldwide, Uber and Lyft, […]

In previous posts, I have pointed out the consequences of price controls, especially in Venezuela. Venezuela has had food shortages, diaper shortages, medicine shortages,  and all of these shortages occur because the government there has sought to keep prices below equilibrium values.  Food, and medicine are both needed to keep their people from dying and […]

In a previous post, I suggested that what we call sweatshops are factories where workers are not treated well, but that these sweatshops offer workers a better life than they had, otherwise the workers would not agree to work there.  The pay in these factories, while quite low compared to U.S. and advanced economies’ pay […]

This guest post was written by my long-time friend, college classmate, and co-author, Gary Pecquet, an associate professor of economics at Central Michigan University. Today, June 5th is celebrated as Adam Smith’s birthday.  In just nine years Adam Smith’s 300th will be celebrated. Not many thinkers have had the impact on the world as he over […]

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