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All the political angst and moral melodrama about getting 'the rich' to pay 'their fair share' is part of a big charade. This is not about economics, ...more

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The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is t...more

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Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.

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It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price ...more

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It was Thomas Edison who brought us electricity, not the Sierra Club. It was the Wright brothers who got us off the ground, not the Federal Aviation A...more

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I think we're raising whole generations who regard facts as more or less optional. We have kids in elementary school who are being urged to take stand...more

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lthough the basic principles of economics are not very complicated, the very ease with which they can be learned also makes them easy to dismissed as ...more

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Clearly, only very unequal intellectual and moral standing could justify having equality imposed, whether the people want it or not, as Dworkin sugges...more

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When I was an undergraduate studying economics under Professor Arthur Smithies of Harvard, he asked me in class one day what policy I favored on a par...more

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Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resour...more

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Misconceptions of business are almost inevitable in a society where most people have neither studied nor run businesses. In a society where most peopl...more

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What all these lofty and vague phrases boil down to is that the court can impose things that the voters don't want and the Constitution does not requi...more

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Everyone may be called "comrade," but some comrades have the power of life and death over other comrades.

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The government is indeed an institution, but "the market" is nothing more than an option for each individual to chose among numerous existing institut...more