All Posts Tagged With: "supply"
Economics for the Citizen: Part V
We’re all grossly ignorant about most things that we use and encounter in our daily lives, but each of us is knowledgeable about tiny, relatively inconsequential things. For example, a baker might be the best baker in town, but he’s grossly ignorant about virtually all the inputs that allow him to be the best baker. [...]
1Aug2006 | Walter E. Williams | 0 comments | ContinuedDecency Requires a Minimum-Wage Law?
The libertarian cliché that “at least the Republicans are right on economic policies” suffered another setback on the August 11, 2003, Los Angeles Times op-ed page, where Republican Douglas MacKinnon argues that anyone who cares about the poor should be ashamed of the failure of the Senate to raise the minimum wage. His essay is [...]
1Mar2004 | Aeon J. Skoble | 0 comments | ContinuedIn Defense of Scalping
I submit that it’s not disingenuous for the Broadway producers of The Producers to say they’re trying to “strike a blow at the heart of the scalping operation” by setting aside at least 50 seats for each performance and charging a cool $480 a ticket. That price is almost five times the $100 charged for [...]
1Feb2002 | William H. Peterson | 1 comment | ContinuedPrice Floors, Surpluses, and the Minimum Wage
Last month I discussed the distorting effects of government-imposed price ceilings. Not content to limit the disruptive impact on economic decisions to price ceilings, governments are also quite willing to impose floors under which prices cannot legally fall. Like price ceilings, price floors disrupt market cooperation and have consequences quite different from those advertised by [...]
1Dec1998 | Dwight R. Lee | 28 comments | ContinuedDemand and Supply
No series on the basic notions of economics can continue long without introducing demand and supply. These concepts, as illustrated with demand and supply curves, are fundamental to how economists understand economic behavior. In particular, with the use of demand and supply curves, I can supplement in concise and powerful ways my previous discussion of [...]
1Oct1998 | Dwight R. Lee | 0 comments | ContinuedUnderstanding Say’s Law of Markets
One of the problems in the world of ideas, particularly in the social sciences, is that the insight behind old ideas can get lost as new ideas crowd the intellectual landscape. Often, the historian of ideas has the thankless task of reminding his colleagues that what they think some long-dead writer said is not, in [...]
1Jan1997 | Steven Horwitz | 38 comments | Continued-
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