Monthly Archives: September 2011

Why Restricting “Luxury” Ends Up Hurting the Poor

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The following was written by Leah Stiles, a student of government and history at Regent University. She has completed a Koch leadership program and an internship with the Foundation for Economic Education. Advocates of wealth redistribution often summon images of grand manors atop rocky hills where the idle rich dwell in despicable contrast to the lowly peasants toiling in the mud of the valley below. The common solution that said advocates posit is a direct and deliberate redistribution of wealth. Their

It’s Not as Simple as “Create Jobs”, Mr. President

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Fox News reported yesterday that lawmakers in Washington, as they look to cut $1.5 trillion from the budget, are primarily concerned with creating jobs. This has been the bandwagon-marketing scheme of all American elected officials since the beginning of the 20th century, as it’s their job to look to the interests of their working constituents. An important clarification must be made regarding the benefit of jobs within an economy. Vital to an economy, yes, but by themselves, jobs don’t increase

Why We Should Privatize Public Schools

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The following was written by Mark Bautista, a 15-year-old student residing in Cleveland, Ohio.  Generally, I’m not one to conceal my true political ideology. Although Libertarianism is not too common in my or any other public school, I’m typically able to voice my opinions with mild opposition. However, there is one issue that cannot be mentioned without creating a maelstrom of outrage: the privatization of public schools. The arguments against this seemingly radical proposition are unchanging. Lower-class citizens won’t get a good

The Fallacies of the “Gender Pay Gap”

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Statistics and slogans vocally declare that women still have a long way to go before gaining equal pay with their male counterparts. Such statistics, however, largely lack fundamental context, analysis, and understanding. The figures, generally demonstrating disparities in median income, generalize from the entire population and eliminate many of the underlying causal variables that are essential for proper comprehension of the issue. Thus, they leave only one variable remaining on the table – discrimination. Although, a proper understanding of free

This is Not the Study of Economics

miseslibrary

Individuals who lack a solid understanding of economics generally make a plethora of errors in reasoning, particularly when they are faced with the opportunity to articulate their viewpoints on contemporary economic issues. While this problem may be true for individuals who lack an understanding in other fields of study (i.e. calculus, physics, biology, philosophy, etc.), the glaring holes in reasoning become much more apparent in economics because they are manifested in every day public policy. Usually, when an individual fails

Monetary Inflation in Colonial Bedford, MA

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The following article was written by Andrew Criscione, who holds a bachelor’s in physics with a minor in pure mathematics. He is currently looking forward to expanding his academic career in economics and his professional career in medical dosimetry. If you’d like to write something for this website, click here. ________________ The money that Americans and the other people of the world use is fiat money: The central bank can command (or “fiat”) the printing of as much of it as the bank

The 10 Principles of Economics You Should Know

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Economics is the study of human behavior — of how people interact to get what they want and whether what they want is possible for them to get. It’s a science in the sense that there are uniform laws guiding the field of economics — invisible forces at work that guide the market. But it’s not a science in many ways, because it involves peoples’ decisions, which are anything but scientifically predictable. When approaching economics, it’s incredibly important to understand

Does Free Trade Hurt Developing Economies?

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The other day, I was in a class on political economy and economic development in which we discussed whether or not Adam Smith was right about the benefits of free trade when it came to poor nations. Everyone in the room unhesitatingly agreed that deregulated markets in rich Western countries have been much more effective at providing for the material needs of individuals. Yet, when the point was considered that “Third World” nations have been left behind as Western capitalist

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