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econlib the library of economics and liberty liberty fund network econlib liberty fund oll adam smith works law liberty econlog blog browse by author browse by topic browse by date search econlog rss subscribe econtalk latest episodes browse by date browse by guest browse by category browse extras search econtalk rss feeds articles latest articles liberty classics browse by author browse by date search articles books books bios books by date books by author search books encyclopedia index browse by author browse by title biographies search encyclopedia guides index econlibreads college topics high school topics subscribe to quickpicks search guides videos index search videos liberty fund network econlib oll adam smith works library of law liberty home sol artificial intelligence philosophy and methodology psychology the brain and the mind technology and information when prediction is not enough with teppo felin apr 15 2024 if the wright brothers could have used ai to guide their decision making it s almost certain they would never have gotten off the ground that s because points out teppo felin of utah state university and oxford all the evidence said human flight was impossible so how and why did the wrights persevere felin explains that the human ability to more featured articles featured article have coase will travel in 1960 ronald coase published what would become one of the most cited articles in economics and contribute to his receipt of a nobel prize coase s point was both simple and revolutionary first he noted externalities costs from economic activity borne by people not directly involved in that activity are reciprocal for example a factory s pollution that more an economist looks at europe lord robbins the lion when lord lionel robbins accepted to become the supervisor of my ph d thesis i felt lucky but did not know how lucky i was i had been studying for a degree in political science at the london school of economics i wanted to go further and dig under politics to uncover the economic strands of more featured article in praise of debt we often hear that it s a bad idea to take on large debts or even to get into debt at all neither a borrower nor a lender be says polonius to his son laertes in one of the most famous passages from hamlet polonius s reason for avoiding borrowing is that it dulls the edge of more most recent macroeconomics some counterintuitive thoughts on monetary policy by scott sumner artificial intelligence when prediction is not enough with teppo felin income distribution the inheritances that matter most by james broughel books reviews and suggested readings my weekly reading for april 14 2024 by david henderson violence and war religious incentives and life in society by pierre lemieux books reviews and suggested readings public goods and public bads by art carden economics of crime the anti chinese roots of american public policy by scott sumner family economics pregnancy discrimination act reduces women s economic freedom by david henderson books reviews and suggested readings social control at the school for good mothers by jayme lemke business economics further decline in the value of the costco hot dog by david henderson econtalk all econtalk podcast mary hirschfeld on economics culture and aquinas and the market author economist and theologian mary hirschfeld of villanova university talks about her book aquinas and the market with econtalk host russ roberts hirschfeld looks at the nature of our economic activity as buyers and sellers and whether our pursuit of economic growth and material well being comes at a cost she encourages a skeptical stance about more econtalk podcast emily oster on the family firm author and economist emily oster of brown university talks about her book the family firm with econtalk host russ roberts oster argues that running your family life the way you d run your own business makes for a better family in today s crazy world and where possible the myriad of decisions you make should be based more econlog all books reviews and suggested readings my weekly reading for april 14 2024 here are some highlights of my weekly reading for the week just passed providing labor market context for debt related driver s license suspensions in ohio by kyle d fee and brian a mikelbank federal reserve bank of cleveland community development reports february 23 2o24 excerpt based on our analysis over 830 000 ohioans could be at risk more books reviews and suggested readings public goods and public bads public goods differ from private goods in that they are non rivalrous in consumption and nonexcludable if i watch a fireworks show it doesn t reduce the amount of fireworks show my neighbor can enjoy if i m going to put on a fireworks show i can t prevent non payers from watching my bombs bursting in air since public more liberty classics series explore the lasting legacies and continued relevance of our classic titles browse articles book titles all books the economics of ludwig von mises toward a critical reappraisal by laurence s moss in march 1974 i got in touch with professor leland yeager who was then president elect of the southern economics association and told him that i wanted to organize a symposium on the economic thought of ludwig von mises for the november 1974 meeting of our association in atlanta georgia mises had died in october 1973 more the positive theory of capital by eugen v böhm bawerk in his geschichte und kritik der kapitalzins theorieen 1884 which i translated in 1890 under the title of capital and interest professor bohm bawerk after passing in critical review the various opinions practical and theoretical held from the earliest times on the subject of interest ended with the words on the foundation thus laid i shall try more book reviews and suggested readings he tells us it s the institutions by arnold kling i nstitutions should be formative they should act as links between the personal and the social what we need then is a recommitment to such an understanding of institutions our challenge is less to calm the forces that are pelting our society than to reinforce the structures that hold us together that calls for a spirit more what is a just price by paul mueller with jan gerber few economists today ask whether prices are just this is due in part to positivism and efforts to remain value neutral but ultimately economists no longer discuss just prices because advances in economic thinking make such reasoning intractable or irrelevant for most folks however concerns about just prices still matter especially regarding housing and more conversations video capitalism government and the good society on april 10 2013 liberty fund and butler university sponsored a symposium capitalism government and the good society the evening began with solo presentations by the three participants michael munger of duke university robert skidelsky of the university of warwick and richard epstein of new york university travel complications forced the fourth invited participant james galbraith more video an animal that trades a five part short video series on the life and contemporary relevance of adam smith this video series produced by adamsmithworks can be watch as a full 38 minute feature or in five thematic classroom friendly chunks to access all click here below are some discussion prompts related to this video part 1 the invisible hand more econlib videos intellectual portrait series conversations with some of the most original thinkers of our time browse videos guides reading lists by topic the reading lists by topic pages contain some suggested readings organized by topic including materials available on econlib brief reviews or descriptions are included for many items select a topic 1800 1900 economics classics including neoclassical thought austrian economics business cycles capital and investment capitalism and socialism classics in money and banking comparative 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college economics topics supplementary materials for popular college textbooks used in courses in the principles of economics microeconomics price theory and macroeconomics are suggested by topic select a topic aggregate demand aggregate supply balance of trade and balance of payments banks and financial institutions barriers to trade business cycles comparative advantage and the benefits of trade competition and market structures compound interest consumers cost benefit analysis costs of production credit demand division of labor and specialization economic development economic growth economic institutions economic systems efficiency elasticity of demand employment and unemployment entrepreneurs environmentalism exchange and trade financial crisis of 2008 financial markets fiscal policy foreign currency markets and exchange rates gdp government budget deficits and government debt government failures rent seeking and public choice health care human capital incentives income 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of trade comparative advantage budget deficits and public debt business cycles competition and market structures compound interest concise encyclopedia of economics cee consumers council for economic education credit decision making and cost benefit analysis demand division of labor and specialization economic development economic growth economic institutions economic systems elasticity of demand employment and unemployment entrepreneurs financial markets fiscal policy foreign currency markets exchange rates fundamental economics gdp government failures public choice analysis human capital incentives income distribution inflation insurance international economics macroeconomics market failures markets and prices microeconomics monetary policy and the federal reserve money money management budgeting opportunity cost personal finance economics price ceilings and floors producers productive resources productivity profit property rights real vs nominal risk and return roles of government saving and investing scarcity supply technology trade exchange and interdependence economist biographies a b c d e f g h j k l m n o p q r s t v w from the concise encyclopedia of economics government policy macroeconomics federal budget deficit spending has been a way of life for the federal government for most years since world war ii a whole generation of elected federal officials has come and gone without ever balancing the budget the last time that federal budget expenditures were brought into balance with revenues was in 1969 and prior to that more basic concepts macroeconomics recessions one of the most popular definitions of recessions is that they are periods when real gross national product gnp has declined for at least two consecutive quarters in 1990 real gnp declined between the third and fourth quarters and again between the fourth quarter of 1990 and the first quarter of 1991 hence there is more government policy macroeconomics money and banking bank runs a run on a bank occurs when a large number of depositors fearing that their bank will be unable to repay their deposits in full and on time simultaneously try to withdraw their funds immediately this may create a problem because banks keep only a small fraction of deposits on hand in cash they lend more quotes every man is no doubt by nature first and principally recommended to his own care and as he is fitter to take care of himself than of any other person it is fit and right that it should be so adam smith there is a limit to the legitimate interference of collective opinion with individual independence and to find that limit and maintain it against encroachment is as indispensable to a good condition of human affairs as protection against political despotism john stuart mill full quote in every country it always is and must always be the interest f the great body of the people to buy whatever they want of those who sell it cheapest the proposition is so very manifest that it seems ridiculous to take any pains to prove it not could it ever have been called into adam smith full quote econlib the library of economics and liberty liberty fund inc 11301 n meridian street carmel in 46032 4564 usa econlib libertyfund org about about us contact us privacy policy publications books articles econtalk econlog videos resources quickpicks cee encyclopedia college guides high school guides sign up for our newsletter enter your email address to subscribe to the econlib monthly newsletter liberty fund inc 11301 n meridian street carmel in 46032 4564 usa info libertyfund org 2023 econlib inc all rights reserved part of the liberty fund network
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