When the ownership rights of a $3.1 million John Constable painting are unclear, no one can buy or sell, display, or conserve it.…
The COVID-19 Vaccine’s Distribution Dilemmas
Even if all works out with with a fast-track compressed timeline for developing the COVID-19 vaccine, we will have distribution dilemmas to resolve.…
The Most Unexpected Market
Like all activities that relate to supply and demand, ransom markets involve predictable behavior from kidnappers, their victims, and negotiators.…
How We Spend Our Money
By looking at one hundred years of consumer spending history, we can see how our food, housing, and clothing reflected our growing affluence.…
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.…
A Russian Wheat Story With an Unexpected Ending
The story of a contemporary Russian wheat farmer is rather surprising when we look back at how the Russia economy has changed during the past 120 years.…
When a Tesla Price Tells Us All We Need To Know
Just by looking at a $35,000 Tesla price, we can decide if Elon Musk is creating luxury vehicles or cars for the masses.…
How China Has Begun To Keep (a Social) Score
In China, by being good to your mother-in-law, you can elevate your social credit score, get a cheaper bike rental, and a better bank loan.…
How to Plant Marijuana Markets
The issues are surprisingly similar for a tiny island like Nantucket and a huge state like California. Both are figuring out how to create the marijuana markets that they legalized. Legalizing Recreat…
Why China’s Scientists Got the Wrong Message
In 2016 it appeared that China had become a research powerhouse. In 2017 they discovered a problem. This is the story of how incentives can have unintended consequences. Chinese R&D In 2016, the n…