All Posts Tagged With: "market prices"
Not Just What, But How
Only in a free-market economy, characterized by the private ownership of capital, could we figure out not just what to produce, but how best to produce it.
12Jan2012 | Steven Horwitz | 4 comments | ContinuedLudwig von Mises: Economist, Philosopher, Prophet
Editor’s Note: September 29 is the 130th anniversary of the birth of Ludwig von Mises, the great Austrian economist, defender of classical liberalism, and adviser to FEE. Below is a selection of Mises’s writings published in The Freeman over the years. The Market It is customary to speak metaphorically of the automatic and anonymous forces [...]
24Aug2011 | Ludwig von Mises | 0 comments | ContinuedThe Loss of a Scholar: Marjorie Grice-Hutchinson
On April 12 the free-market tradition lost an important scholar with the death, in Málaga, Spain, of Marjorie Grice-Hutchinson. She was 93.
Although English-born she spent much of her life in Spain and made the study of that country’s history and intellectual tradition her life’s work. Her reconstruction of its liberal past was unparalleled.
1Sep2003 | Norman Barry | 0 comments | ContinuedCapital Letters
The Roll of Toll Roads To the Editor: I liked Scott McPherson’s article ["Private Road to Freedom," April] but was somewhat surprised that he made no mention of the fact that private toll roads were all this country had when roads were first developed. It was only when local governments started to interfere by insisting [...]
1Aug2002 | FEE Admin | 0 comments | ContinuedEconomic Efficiency
Economic efficiency is the standard that economists use to evaluate a wide range of things. Economists who favor markets argue that they generate outcomes more efficient than do socialism or government regulation. As we shall see in the next few months, economists don’t like pollution because it is inefficient.
1Mar2001 | Dwight R. Lee | 1 comment | ContinuedMarkets and Marginalism
To do your best in your personal activities, you have to “equate at the margin,” which, as I explained last month, means allocating your time over different activities so that the marginal value of time in every activity is the same. The importance of equating at the margin extends beyond individuals doing as well as possible personally; it is also crucial to the success of the general economy.
1Feb2001 | Dwight R. Lee | 0 comments | ContinuedFree Markets and Highest Valued Use
Do free markets allocate resources to their highest valued use? It would seem that for the readers of Ideas on Liberty, the answer is a “no-brainer.” Indeed, the idea that voluntary exchange channels resources to where the value of output will be greatest has traditionally been one of the foundational arguments for a free-market economy. [...]
1May2000 | Roy Cordato | 0 comments | ContinuedFreedom of the Price
Last month I explained why our liberties will be steadily eroded without a genuine commitment to liberty in general. Fortunately some liberties are widely recognized as crucial and have influential interests protecting them from political violation. An interesting example is freedom of speech—freedom against government censorship. Recent examples of the censorship of politically incorrect speech [...]
1May2000 | Dwight R. Lee | 2 comments | ContinuedPrice Ceilings Cause Shortages and Higher Costs
The coordination of demand and supply, which we discussed last month, does not occur automatically. It is an example of Adam Smith’s invisible hand, which leads people interested only in pursuing their own interests to make choices that promote the interests of others as well. But the invisible hand, as amazing as it is, works [...]
1Nov1998 | Dwight R. Lee | 0 comments | ContinuedSocial Cooperation and the Marketplace
The primary insights of economics come from explaining how individuals pursuing their own interests make choices that best enable others to pursue their interests as well. This social cooperation is not inevitable. It requires rules that motivate people to consider the concerns of others. The rules that accomplish this amazing feat define the free-market economy.[1] [...]
1Jul1998 | Dwight R. Lee | 0 comments | ContinuedThe Attack on Concentration
This article is condensed from an address before the Ashland, Kentucky, Economic Club, September 15, 1978. (Editor’s Note: Yale Brozen, former member of FEE’s board of trustees and a retired professor of business economics at the University of Chicago, died March 4. Reprinted below as a memorial is his article published in The Freeman, January [...]
1Jun1998 | Yale Brozen | 0 comments | ContinuedSimEconomics
My daughter, at 13, has built a railroad across Europe. She has planned and governed a large metropolitan area. Recently she began a successful farm. Oh, and she’s conquered the world. She has done it all at our home computer—sometimes while I was waiting for my turn to play. Welcome to the world of personal [...]
1Nov1996 | Lawrence H. White | 2 comments | ContinuedA Good Conversation and the Marketplace
Ms. Allen is a teacher-on-special-assignment in the Education Alliance of Pueblo, Colorado. Dr. Lee is Ramsey Professor of Economics at the University of Georgia. Everyone appreciates a good conversation. Through conversation people get to know one another, sort out their differences, revel in their similarities, and discover ways to cooperate and compromise to their mutual [...]
1Oct1996 | Candace Allen | 0 comments | Continued-
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