One Reality, Many Opinions About Reality

If you drive a car very fast into a sharp curve in the road, you may really want to keep the vehicle under control. You may sincerely believe that you can, but that is determined by the condition of the road and the vehicle and on all of the forces Continue Reading →

Even the Amish Know Economics

Amish people are an interesting lot. They are real people, just like everyone else. They have all of the human needs and wants, and they have the same human intelligence to fill those needs, but they also feel a need for cultural resistance, to be separate from the modern world Continue Reading →

The Important Things of Economics

Economists have some important things to say. That doesn’t mean that everything that they say is true. The economics profession has become too-closely tied to politics, and economic recommendations to politicians too often have the smell of ideology wrapped in statistics and complex mathematical models. Practitioners often disagree, in fact Continue Reading →

A Sad Time for Science

Human society has made staggering progress over the last few centuries, and science has had a significant hand in it. The actual applications of improved knowledge owe their implementations to entrepreneurs and business people, who find ways to popularize the ideas, to make them acceptable, and thus to disperse them Continue Reading →

All Science Is Not Created Equal

Science has been tremendously important in the development of modern, advanced society. We wouldn’t be where we are today without the scientific method. Because of its importance, however, there is a tendency to have an unwarranted awe and reverence for anything that goes by the name of science. Scientists have Continue Reading →

The History of Economic Policy-Making

We, the human race, have made great progress over thousands of years because we have come to understand cause and effect. We have learned to control systems, sometimes with extreme precision. Some industrial products have tolerances measured in millionths of an inch. An understanding of cause and effect allows us Continue Reading →