What We Mean by Socialism

Knowing the different meanings of socialism and capitalism can help us better understand what we and presidential candidates support.

The Best Country For Libertarians

Rather than the ballot box, imagine you voted by moving to the country with your favorite economic philosophy. While a progressive might select Denmark or Sweden and social conservatives always have Singapore, finding a libertarian country has been pretty tough…until now. Where…

The Reason We Should Drive Around in Circles

As we improve our transportation infrastructure, the roundabout has become increasingly attractive because of safety, ease and cost.

How a Skating Rink is Like the Economy

Driving around Columbus Circle in NYC, sometimes I wonder why so many drivers do what they are supposed to do.   Economist Dan Klein gave me an answer in “Rinkonomics.” He asks that we imagine for a moment that we have…

An Aviator Stuntman and the Stimulus

You’ve probably never heard of Lincoln Beachey. An aviation pioneer, Beachey flew at the beginning of the 20th century. During one of his first air exhibitions, Beachey did something totally terrifying when his plane stalled. The opposite of what anyone…

Is Government the Solution or the Problem?

Maybe everyone got something from President Obama’s jobs plan. According to the Washington Post’s Ezra Klein, the “right” got tax cuts, the “left” got help for the unemployed and infrastructure spending, and everyone will get deficit reduction. For a quick…

Airplane Crashes and Financial Crashes

When an airplane crashes, investigators rush to the scene, gather evidence, and ultimately hope to emerge with updated safety suggestions. It would be wonderful if we, when assessing the “flash crash” or slower stock market dives, could also diagnose the…

Handy Quotations

On Economics: Economics is “the study of mankind in the ordinary business of life.”   Alfred Marshall, 1842-1924 (U.K. economist). “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”…