Category: American

One of the most important principles of economics is that people respond to incentives. You get more of whatever you incentivize. You get less of whatever you disincentivize. This is irrefutable. The supplemental unemployment payment does both—it incentivizes people not …

From 1965 to 1995, Botswana recorded the fastest rate of economic growth in the world. The spectacular success of Botswana has baffled many analysts, because after securing independence in 1966, Botswana’s prospects were unpromising. After all, Botswana is landlocked and …

New York was the toughest nut for the Federalists to crack. For here was one state where not only was the population overwhelmingly opposed to the Constitution, but the opposition was also in firm and determined control of the state …

From the Roaring Twenties to the “great moderation,” America has always shown a flair for labeling things, and speculative manias are no exception. Historians remember the ignorant, blissfully happy times that preceded the Panic of 1819 by the same label …

This second part of the series about the Principles of Economics treats Menger’s exposition of the economy. In continuation of the first part, which covered the general concept of goods, the part on the economy treats the role of economic …