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How to Feel Profoundly Grateful about the Market

In the real world, prices often seem far above marginal cost. Yesterday, for example, I bought a pair of tweezers for $14.99. But it’s hard to see how the marginal cost – metal, electricity, transportation, miscellaneous – could even reach $1.00. That’s a markup well in excess of 1000%. If you’re steeped in the perfectly competitive model, where price always equals marginal cost, it’s easy to feel “ripped off” whenever you make a purchase.

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Why Free Immigration Is the Moderate, Common-Sense Position

Far from being utopian, saying “Immigration is a human right” is just the moderate, common-sense position that when natives and foreigners voluntarily interact, strangers are morally obliged to leave them alone unless the overall consequences are clearly awful. Even if the stranger happens to be the government – and the government happens to be popular.

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