Price gouging is an important component of the market to ensure that a run on supply doesn't deplete supplies, leaving it in the hands of the first few people who happen to run to the store. It ensures that supply exists as long as possible so people can still get what they need. Sure it … Continue reading Price Gouging is Good and Necessary
Public Goods is Fatally Flawed
The supposed freeloader problem of "public goods" is fatally flawed. The argument goes that government is needed to provide public goods that have free access to everyone because when there's no way to exclude non-payers from using a good nobody will profit off of its production, and so nobody will have the incentive to produce … Continue reading Public Goods is Fatally Flawed
Wealth Inequality in America
This video is rather old, but it came across my news feed again today, and I figured it warranted comment. https://youtu.be/QPKKQnijnsM With the hard charge of Bernie Sanders in the race for the Democratic presidential nomination, it would seem that this idea of inequality is becoming increasingly more popular. There's a major problem with it, … Continue reading Wealth Inequality in America
Are Patents and Intellectual Property Necessary Components of an Economy?
I apologize for my hiatus. I have been extremely busy on a project for work that has consumed about 75% or more of my time lately. I appreciate you, my faithful readers, sticking with me. If you're a fan of economics, you won't be disappointed today. In response to the news of Martin Shkreli buying … Continue reading Are Patents and Intellectual Property Necessary Components of an Economy?
The Economics of Worship
Matthew 13:44-46 "The kingdom of heaven is like treasure hidden in a field, which a man found and covered up. Then in his joy he goes and sells all that he has and buys that field. Again, the kingdom of heaven is like a merchant in search of fine pearls, who, on finding one pearl … Continue reading The Economics of Worship
My Analysis of Occupy Wall Street
People fear what they do not understand. People hate what they fear. People attack what they hate. Most people in this country don't understand the economy and see Wall Street as an amorphous body that is somehow the economy. Therefore: Occupy Wall Street. I think a certain percentage of Ron Paul supporters are the same … Continue reading My Analysis of Occupy Wall Street
That’s a Rip Off!!!
Why is scalping a crime? I've never been able to figure this out. What's scalping? To resell at a price higher than the established value: scalping tickets to the baseball game. What is "established value"? Established value refers to the price printed on the ticket. In other words it's the price that the box office … Continue reading That’s a Rip Off!!!