In the midst of so many economic fallacies being repeatedly seemingly without end, it may be helpful to return to some of the most basic laws of economics. Here are ten of them that bear repeating again and again.
Tag: money
Minimum Wage? Won’t Someone Think of the Children!?
I was quite proud of my 12 year-old recently. She bought her own iPad with money she had saved from babysitting her younger sisters (a joint-effort with her 13 year-old sister) on the nights that I have class. It reminded me of my first job working at the gun range where my dad shot skeet & trap. I earned about $55/week, paid the same way; in cash. I would do simple stuff, like load targets, ‘pull’ for shooters, maintain the grounds, etc. At its core, the minimum wage is a coercive extraction of resources from one party to be given to another.
The Leftist Apparitions Who Shook Down Scrooge for Money
Who knows what housing, stores, railways or other benefits to society Scrooge had made possible through his wise judgment? How many thousands of jobs had he created? Dickens is unjustly silent on this. Whatever Scrooge had financed, we know it was something the public wanted or needed enough to pay for voluntarily. Thanks to Scrooge, however crusty his demeanor, the common people of London were far richer than they otherwise would have been without his services.
Sudbury: Autonomy in Community
More and more people are coming to know the power and flexibility of letting young people learn the way our species evolved: relying on their innate curiosity and drive to explore and engage meaningfully with the world. What’s more, within the world of Self-Directed Education there is a variety of approaches. This makes sense, really, given that self-direction implies a diversity of individual beliefs and preferences, but it means you have to dig a little deeper to get a sense of what self-direction entails.
Become an EVC Patron!
By popular demand (one reader, anyway) I’ve added a widget on the right side of the page to make it simple to subscribe as an EVC patron. This doesn’t entitle you to any additional perks, but it does allow you to donate to EVC on a monthly or annual basis in a “set it and forget it” sort of way.
The Season of Giving and the Economic System that Fosters Great Generosity
Christmas will soon be here, and preparations for this holiday are proceeding apace. People are buying gifts for family members and friends and making preparations for great feasts at which family, friends, and other loved ones will gather to share the joy and love of the occasion.
Collective Intelligence in Action: The Self-Directed Education Movement
We humans form institutions for the value they offer to society. Collectively these structures function with an intelligence based on what works. Ideally, whatever works persists and whatever doesn’t work fades away. But sometimes institutions become resistant to change or change in ways that make them more rigid and therefore less responsive. When that happens, people who work for or are served by that institution tend to suffer.
Your Boss Doesn’t Have Authority over You; He’s Your Trading Partner
The employer-employee relationship doesn’t involve authority because it is an ongoing, voluntary trade of labor for goods (typically money) or occasionally services. There is often confusion on this issue because it might appear that when a “boss” tells his employee what to do, he is exercising authority over that employee.
Why Markets Produce “a Race to the Top”
Many Americans trust the market to some extent but worry that capitalism will create a race to the bottom without government intervention. In their mind, companies will cut corners and outsource labor in the pursuit of profit, creating shoddier and shoddier products. The true free market, however, creates exactly the opposite: a race to the top. And the SEO industry, one of the few completely non-regulated industries in the US, proves it. As a professional SEO, I’ve seen first-hand how it continues to evolve in prosocial ways without government intervention.
Are We Really Worse Off than our Parents?
Ask yourself this: even if you make less than your parents, would you go back in time to the world they lived in when they were your current age even with their higher real money income? My guess is no, and that’s the most powerful evidence that whatever your income, you perceive yourself as better off today than they were then.