Valentine’s Day Is Over: Getting Out Of The Steady State

Now that the Valentine’s Day chocolates have been consumed and flowers have withered and died, many of us go back to the same old routines in our relationships. That is, we go to work, be nice to each other (hopefully), and continue to use our comparative advantages at home. We go back to our “steady-state”. … Continue reading Valentine’s Day Is Over: Getting Out Of The Steady State

Virtue in Markets: Adam Smith Meets Kanye West

Smith and Kanye both understand that the markets are the primary method of sharing and appreciating the talents of the scorned entertainer. However, to simplify the market by removing “agreeable and beautiful” virtues, either for the purpose of depriving the market of virtue entirely or for the preservation of public virtue, is a fundamental misapplication of what a Smithian market is supposed to accomplish. Markets are not supposed to provide either orthodoxy or debauchery, but to carefully explore the ways in which a society, comprised of individuals with unique talents with rewards, can become more fully human.

Get Your Hands Off My Things! A Tribute to Harold Demsetz

Image Source: The Institute for New Economic Thinking The economics community is mourning the death of another great economist. Dr. Harold Demsetz passed away January 4th at the ripe age of 88.  He spent his life working on studying property rights: where they come from, how they are established, and how they affect the world … Continue reading Get Your Hands Off My Things! A Tribute to Harold Demsetz

Let Me Sweet Talk You Into Reading This

Working in restaurants, sweet talk paid my rent. Sweet talk ensured a good dining experience despite the $200 bottle of wine.  It was particularly lucrative when the sweet talk was so good they opted for a second bottle. Or, that five-star dessert adding another $50 to the check. Sweet talk wasn’t only directed at customers. … Continue reading Let Me Sweet Talk You Into Reading This