algorithm, Brett Goldstein, fairness, Ted Lasso
Article, Liberty Classics
Henry George published his spirited defense of free trade, Protection or Free Trade, in 1886. In this classic, George paid special attention to how protectionism affected the working class. Except for the slightly dated writing style and examples from a century ago, Protection or Free Trade could have been written yesterday. With the election of .. MORE
An Economist Looks at Europe
Shall we never be rid of Karl Marx? It is not fashionable any more to be a full blown Marxist, but writers, politicians, and popularisers find that showing their sympathy or respect for Marx is a way to proclaim that their heart is on the left side. It does not matter if historians have argued .. MORE
Book Review, Liberty Classics
A Liberty Classic Book Review of The Reason of Rules: Constitutional Political Economy, by Geoffrey Brennan and James M. Buchanan.1 Geoffrey Brennan and James Buchanan’s The Reason of Rules is remarkable. It is an important book, and the questions that the authors wrestle with are massive. When so much academic work feels as though it .. MORE
Business Economics
Cross-country Comparisons
Books: Reviews and Suggested Readings
Game Theory
International Trade
Macroeconomics
Books: Reviews and Suggested Readings
Labor Mobility, Immigration, Outsourcing
Macroeconomics
Artificial Intelligence
econtalk-podcast
Journalist and author Adam Minter talks about his book Secondhand with EconTalk host Russ Roberts. Minter explores the strange and fascinating world of secondhand stuff–the downsizing that the elderly do when they move to smaller quarters, the unseen side of Goodwill Industries, and the global market for rags.
econtalk-podcast
What do crossing rivers and investing in stocks have in common? Real education is seeing the connection between things that seem very different. EconTalk’s host Russ Roberts talks about education with Alex Aragona of the podcast, The Curious Task. Roberts argues that the ability to apply insights from one area to another with which we’re unfamiliar is one .. MORE
Macroeconomics
Do you recall that student back in middle school, frantically waving his hand trying to get the teacher to call on him? That’s how I feel when I read the following sort of news story: As the US economy hums along month after month, minting hundreds of thousands of new jobs and confounding experts who .. MORE
International Trade
In an earlier post, I listed some questions for interventionists to consider before advocating their interventions. This is part of my ongoing crusade to get interventionists to think about things as they actually are as opposed to a blank slate. These two modes of thinking I call “status quo reasoning” (seeing the world as it .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations was first published in 1776. This edition of Smith’s work is based on Edwin Cannan’s careful 1904 compilation (Methuen and Co., Ltd) of Smith’s fifth edition of the book (1789), the final edition in Smith’s lifetime. Cannan’s preface and introductory remarks .. MORE
THE miscellaneous character of the following Tracts is accounted for by their having been written at different periods. Some of them were published, with the Author’s permission, about two years ago, by a Society established in Glamorganshire for the improvement of the labouring classes. It will be obvious to the reader, that it is for .. MORE
A Book Review of Rules and Order, by Friedrich Hayek. Jeremy Shearmur, ed.1 Fifty years ago next year, F.A. Hayek, soon to be awarded a Nobel Prize in economics, published Rules and Order, the first volume of his trilogy Law, Legislation, and Liberty.2 Two thousand and twenty-two marks the publication of a new consolidated edition .. MORE
An Essay and Book Review of The Essential UCLA School of Economics, by David R. Henderson and Steven Globerman.1 When you think about dinosaurs—which you should; dinosaurs are awesome—you always end up with the same two questions: where did they come from and where did they go? Yes, all life evolves through a process that .. MORE
VIDEO
Nobel laureate James M. Buchanan (1919-2013) was recorded in 2001 in an extended video now available to the public. Universally respected as one of the founders of the economics of public choice, he is the author of numerous books and hundreds of articles in the areas of public finance, public choice, constitutional economics, and economic .. MORE
VIDEO
Recipient of the Nobel Memorial Prize in Economic Sciences, Milton Friedman (1912-2006) has long been recognized as one of our most important economic thinkers and a leader of the Chicago school of economics. He is the author of many books and articles in economics, including A Theory of the Consumption Function and A Monetary History .. MORE
Econlib Videos
Conversations with some of the most original thinkers of our time
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.
Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.
These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.
[Editor’s note: this article was written in 1992.] The development experiences of Third World countries since the fifties have been staggeringly diverse—and hence very informative. Forty years ago the developing countries looked a lot more like each other than they do today. Take India and South Korea. By any standards, both countries were extremely .. MORE
A monopoly is an enterprise that is the only seller of a good or service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Just being a monopoly need not make an enterprise more profitable than .. MORE
“ Free market” is a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents. These two individuals (or agents) exchange two economic goods, either tangible commodities or nontangible services. Thus, when I buy .. MORE
-Elinor Ostrom
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