After F.A. Hayek died in 1992, a magazine commissioned me to do a final tribute to his life and work, summing up his main contributions. It was supposed to be a for a popular audience. There’s nothing like such a writing assignment to reveal how much you actually know — or do not know — about a subject.
Getting into the task, I thought it was going to be a snap. I covered his biography and politics just fine, mentioned his business cycle studies, and his work on capital theory.by
by Jeff Thomas
The Libertad is a Mexican coin that was first issued in 1981 in .999 fine gold and then in silver in 1982. Beginning in 1991, the Libertades became the only coins in the world that were issued in the convenient sizes of 1/20, 1/10, 1/4, 1/2, and 1 ounce—again, in both gold and silver. This made them very practical if they were to be used as currency.by
by Sydney Williams
Pundits in mainstream media and politicians everywhere deplore the lack of ethics in banking, business and sports. They are right to think so. Corruption, cronyism and lobbying for special tax breaks and regulation, designed to limit competition, are not habits or characteristics that should be abetted, or even abided. The financial collapse in 2007-2008, like a receding tide, revealed the debris of fraud that had become all too common in the banking industry. Domestic violence has no place in sports or anywhere else; it should be unacceptable in any civilized society.by
by Sydney Williams
They arrived on five hundred and fifty diesel-polluting buses and carbon dioxide emitting planes. Three hundred thousand paraded in the streets of New York in a People’s Climate March that was organized by Bill McKibben, co-founder of 350.org. It was a rally against man-caused climate change, but also included those who were demonstrating against fracking. (Keep in mind, it has been lower natural gas prices, a consequence of fracking, which has allowed the U.S. to take the lead in reducing emissions.)by
In order for a civilization to function there are certain pillars, which are required. The first pillar is security, which is needed to protect lives and property, and to provide stability. The second is laws or contracts that define behavior and resource use. The third is some form of judicial system to arbitrate the disputes that inevitably arise between individuals and groups. Zonas de Empleo y Desarollo Economico (Zone for Employment and Economic Development) or ZEDE is a project being implemented in Honduras as an attempt to create an autonomous city with a separate judicial, legal, and security system from the rest of Honduras.by
by Joe Carter
Wearing masks and bulletproof vests and with guns drawn, police in Orange County, Florida conducted the SWAT-style raid. Although the team included narcotics agents, they weren’t conducting a drug bust. They weren’t looking for illegal weapons or stolen merchandise either. They were on a mission to see if barbers were cutting hair without a license:by
Does the lodging industry need government regulation? I don’t think so, and I’m more convinced than before after listening to a fascinating EconTalk conversation between host Russ Roberts and Nathan Blecharczyk, a founder of the lodging service Airbnb.
Blecharczyk explains that every Airbnb customer rates every property in which she stays for cleanliness, value, and the accuracy of its description on the website, and every property owner rates every customer who stays with him. Roberts then responds as follows (the emphasis is mine):
To a large extent, your trust system and the reviews that you generate on both sides of the transaction are the regulators. Right? So, the guest that came before me is the person who inspected the property for me. So in some sense the technology and the way it brings people together is a substitute for regulation.by
Experts from the Korean International Cooperation Agency (KOICA) have presented Juan Orlando Hernández, president of Honduras, with their latest findings on a feasibility study for future Zones of Employment and Economic Development (ZEDE). The announcement, in New York City on Monday, revealed three projects to facilitate the first ZEDEs.by
STANFORD – When the Berlin Wall fell a quarter-century ago this November, pundits led by Francis Fukuyama proclaimed the end of history – the triumph of democratic capitalism over all rival systems. America’s economic success and the collapse of communism fed the narrative. The long political, intellectual, and, at times, military confrontation that we knew as the Cold War was over.by