Prices

Political power over markets doesn’t just corrupt individuals—it corrupts the price system itself.

When the recent NFL draft was held in Pittsburgh, city officials declared bus fares would be free so fans would pack the auditorium where the draft was held. Who would have thought that making scarce goods free would bring about chaos with the bus riders?

When the recent NFL draft was held in Pittsburgh, city officials declared bus fares would be free so fans would pack the auditorium where the draft was held. Who would have thought that making scarce goods free would bring about chaos with the bus riders?

We are reminded time and again that prices emerge from subjective valuation, not objective criteria.

We are reminded time and again that prices emerge from subjective valuation, not objective criteria.

Whenever there is an economic problem, politicians in knee-jerk response blame private monopolies. The problem isn’t monopolies; the problem is government.

The notion that AI can take over an economy is fantasy. A market economy is not made up of competing algorithms but rather sets of prices that lead to discovery.

Some economists are claiming that applying AI in energy markets helps to solve the Hayekian knowledge problem. They fail to take into consideration that many of the “cheaper” energy choices are heavily subsidized, thus hiding their real costs.

John Williamson, who passed away five years ago, is known for creating what was called the “Washington Consensus,” which was an attempt to bring a liberal economic order to poor countries looking to transition from socialism to capitalism.

John Williamson, who passed away five years ago, is known for creating what was called the “Washington Consensus,” which was an attempt to bring a liberal economic order to poor countries looking to transition from socialism to capitalism.