Big Government Fundamentalists

The term “fundamentalist” is typically used as a pejorative, as someone who adheres to fundamental dogma, regardless of other possible interpretations or evidence to the contrary. Market fundamentalist is a term that has gotten a lot of play over the years, a caricature of someone with faith that problems will Continue Reading →

Invisible Hand or Invisible Gun

Two hundred and forty years ago, Adam Smith wrote in “The Wealth of Nations,”: “He [the individual]… neither intends to promote the public interest, nor knows how much he is promoting it…. he intends only his own gain, and he is in this, as in many other cases, led by Continue Reading →

What Market Failure Means

Failure means that particular actions didn’t yield the intended results. The term is often applied when bad things happen in the economy, as in “market failure”. The term implies that a market didn’t do what it was supposed to do. What is it, however, that a market is supposed to Continue Reading →

Fraudulent Premises of Modern Regulation

The health care system is broken, education is falling behind, prices are too high or too low, too many people don’t have jobs, income or wealth is too unequal, and consumers put the wrong things in their bodies, so we need government agencies to correct these and all other problems. Continue Reading →

New Isn’t Necessarily Better (Or New)

French economist Thomas Piketty has received a welcome reception in the United States, at least in some circles, as he promotes his new book, “Capital in the Twenty First Century.” Using mounds of economic data, he claims to have found new evidence of an inherent flaw in capitalism, another word Continue Reading →

Monopoly Is Bad, Except When It’s Good

As everybody knows, monopoly is bad. If a company is the only supplier to an industry, it will restrict its output and limit supply, causing prices to rise. That is bad for the consumer. Monopoly theory further indicates that, without competition, quality and service will also decline, because the firm Continue Reading →