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Category Archives: Global Economy

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 […]

Democracy is the theory that the common people know what they want and deserve to get it good and hard. H. L. Mencken US editor (1880 – 1956). I recently received the following comment from one of my better students in my Econ 211 class on my post last month, “Water Shortages.”  He writes about […]

For at least four thousand years (see the blog post by Tom DiLorenzo), political leaders in monarchies and democracies alike have instituted price ceilings.  The results have always been the same: chronic shortages.  Anyone who has read my posts here, especially my recent posts, have found me lamenting both the pharmaceutical shortages in the US […]

The shortages in Venezuela, as I have discussed in previous posts, are due to price ceilings which suppress the quantity offered on the market while encouraging extra consumption. Low prices also encourage exports of those price controlled items and discourage imports.  As a result, people in Venezuela are continuously frustrated in their basic attempts to buy […]

In my blog posts here, I usually provide links to news articles concerning the topic at hand.  Not this time.  Instead, I will just suggest that reader search news.google.com for water shortages.  What should be noted is that there is no shortage of news articles on water shortages.  Articles on climate change and business location […]

It looks like the grocery and basic goods shortage hitting Venezuela has gone to the next obvious step, rationing cards and blaming the rich for hoarding–and arbitrage with Colombia.  A regular reader of this blog will note that I have pointed out the troubles in Venezuela and their price controls on many other occasions.  for […]

Frank Bernanke’s term as Federal Reserve Chairman is about to draw to a close.  A Bush appointee, he has followed an aggressive expansion of bank reserves and the money supply, a policy that has the potential of leading to a substantial inflationary period.   Bernanke not only increased bank reserves through Open Market Operations, buying […]

Before Alan Greenspan’s almost 19-year reign as Federal Reserve Chairman (economic sith?), and before his appointment by Nixon as Chairman of the President’s Council of Economic Advisors, Greenspan was a private sector economic consultant and a critic of fiat money or a government manipulated monetary system.  In fact, he penned “Gold and Economic Freedom” (a short […]

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