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 walker, or a biker needs to cross the…

The World's Top and Bottom Laissez-Faire Countries

Please note that this post was updated here at econlife. 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: 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 not move. Statistically, her behavior…

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 who believe in less. In this Econtalk discussion, the…

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 walker, or a biker needs to cross the…