Oftentimes people, including so-called experts, compare apples and oranges by looking at data “before” and “after” an event, for instance, when discussing the effects of raising the minimum wage. So they might say that employment before was similar to after the hike, and then conclude that the change had no effect. But this is wrong, because there are plenty of changes in the economy that took place between the before and after — not only the minimum wage. So in order to figure out the effect of the minimum wage specifically, we must compare the “after” situation with what would have been had there been no minimum wage hike — the unseen.
Tag: business
IP is the Enemy of Technological Progress
I was recently asked whether I thought intellectual property (IP) encourages or inhibits innovation. I believe the latter for several reasons, but first, let’s cover some background.
Thank You, Donald Trump
We advocates of liberty owe Donald Trump a great debt of gratitude. Thanks to Trump it is clearer than ever that most people who call themselves conservatives, and not just those who have lined up with Trump, are no cousins of ours. Freedom is not on their list of priorities. Neither is free enterprise. Nor civil liberties. And I need not mention war, peace, and empire.
Businesses Will Build the Roads
The pro-state position has been accurately characterized by the question “but who will build the road?” And now we have definitive, in my opinion, proof that without the state, without government, businesses will build the roads.
So-Called Intellectual Property
Property ownership is central to liberty and civilization. Property rights prevent conflict over the use of scarce resources. Ironically, the term “intellectual property” (aka “IP”) represents a hodgepodge of concepts that generally introduce artificial scarcity and needless conflict.
Economic Localism Is No Better than Economic Nationalism
As Black Friday has continued to expand in recent years, one response to its orgy of discounts and deals has been to promote the following day as “Small Business Saturday.” The idea is to encourage people to shop at their local stores rather than at national chains or big-box stores, or perhaps on the Internet. Doing so, argue its proponents, is both moral and good for the local economy, as it keeps jobs and money in “our communities” rather than, presumably, in the hands of faceless and distant corporate masters.
Free Market Fundamentals
Property and ownership imply the right to trade with others. Market is a word people use to describe the conditions of trade. Conditions under which people are allowed to trade with each other without interference are known as a free market.
The Pretense of Omniscience
The tragedy of the Great Leap Forward illustrates that the differences between a command and a market economy reflect a deep difference in mentality and attitude. A market economy can only be tolerated when no one is confident enough to claim omniscience.
The Never-Ending Contest in Politico-Economic Life
Written by Robert Higgs. A contest is under way in the world between the forces of creation, improvement, and progress and the forces of destruction, spoliation, and retrogression. This contest has been going on for thousands of years, and except during brief interludes the negative forces always kept the positive forces firmly in check. Roughly…
Reflections from Traveling Around the World
I recently got back from an epic trip around the world. It was by means of traveling east, first to Virginia and New York City, then to India (New Delhi, Agra, Jaipur and Dharmsala), then to Macau and Hong Kong, followed by Tonga and New Zealand, and finishing up in California and Oregon before heading back home to Minneapolis where the trip all began.