In NYC and in Nantucket, Massachusetts, drivers respond to different incentives because Manhattan has traffic lights while Nantucket does not.…
A 2019 Update: The World’s Top and Bottom Laissez-Faire Countries
The Index of Economic Freedom is a handy source of data for judging whether or not a government has a laissez-faire philosophy.…
How Traffic Lights Relate to Adam Smith
When no traffic lights on the island of Nantucket has created good will among strangers, it also might show the limits of Adam Smith’s laissez-faire.…
A 2018 Update: The World’s Top and Bottom Laissez-Faire Countries
The Index of Economic Freedom is a handy source of data for judging whether or not a government has a laissez-faire philosophy.…
Using Adam Smith to Cross the Road
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…