Wondering why cars happily stop to let pedestrians cross the road on an island without traffic lights, we can find an answer from Adam Smith.…
The Decline of Laissez-Faire
Perhaps it all began when President Lyndon Johnson called Wilbur Mills, chairman of the House Ways and Means Committee. “Wilbur, I’ve just been looking through the polls here, and I’ve only got a few …
Amazon’s Government Connection
No longer laissez-faire, government creates a mixed economy when it responds to Amazon’s lobbying and other firms’ influence.…
Has the Invisible Hand Given You a Nudge Recently?
Encouraging businesses and consumers to interact productively as they pursue their self-interest, Adam Smith’s invisible hand moves a market’s participants.…
Our Weekly Roundup: From Traffic Lights to Sneakers, Everyday Economics Explained by 5 Great Economists
Our Econlife roundup for the week 7.14.14 An island without traffic lights displays the benefits of Adam Smith’s laissez-faire…more 7.15.14 Why David Ricardo would approve of where …
Adam Smith and Traffic Lights
Located 30 miles from Cape Cod, Massachusetts, the island of Nantucket has no traffic lights. Instead, drivers respond to stop signs, rotaries, and courtesy. More often than not, if a pedestrian, a wa…
The World’s Top and Bottom Laissez-Faire Countries
I have been seeing more of Adam Smith in the news recently. Reviews of Thomas Piketty’s new book and policy discussions about sluggish growth always seem to oppose or support laissez-faire. Adam…
Laissez-Faire: When Is It Okay to Do Nothing?
I suspect we have a “bias for action.” Imagine a soccer game that has gone into overtime. Each team has 5 penalty kicks. For several, remaining in the center of both posts, the goalie does…
Econ Fun
The second Keynes/Hayek rap video, “The Fight of the Century” just arrived. Like the first one, it focuses on the never ending debate between economists who want more government and those …
Nantucket's Traffic Lights
Located 30 miles from Cape Cod, Massachusetts, the island of Nantucket has no traffic lights. Instead, drivers respond to stop signs, rotaries, and courtesy. More often than not, if a pedestrian, a wa…