Production Theory

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Word for the day: fungible

Money and BankingProduction Theory


Fungible means interchangeable. The word comes into play when (inter alia) earmarked funds end up in a general account. These funds are then free to be used for purposes other than intended. Example: You would like to go on a vacation but you have unpaid car repair bills. A wealthy uncle hears...

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If the airline industry was socialized, would you still fly?

Philosophy and MethodologyProduction Theory


Not that it is the epitome of free-markets in action, however it arguably still retains some semblance of competition as the firms must satisfy the wants of each consumer in order to stay in business (bailouts notwithstanding). And believe it or not, but...

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The Sveriges Riksbank Prize in Economic Sciences 2007

PricesProduction Theory


The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007 jointly to Leonid Hurwicz, University of Minnesota, Eric S. Maskin,...

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What do spam and the mafia have in common?

Production Theory


A couple days ago, Alexey Tolstokozhev, a Russian spammer was found murdered. The crime scene investigators have ruled it as a probable mob hit (due to the placement of bullets). Alexey...

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Are the Chinese robbing and invading us?

EducationMedia and CultureProduction Theory


The new issue of Chronicles contains the usual odd mix of anti-statism and statism blended into a strange brew that recalls the Free Silver Populism of the late 19th century (down with taxes and up with inflation! Down with Wall Street and up with protection! ). There are good articles...

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Unions as Central Planning Mechanisms

Big GovernmentLegal SystemMonopoly and CompetitionProduction Theory


Lew Rockwell on unions. One of my favorite lines from people is the one that goes, "Well, nowadays unions are awful, but the early intentions were good." The early intentions of unions were the same as the modern goals: to...

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The Piracy Paradox

Capital and Interest TheoryEntrepreneurshipProduction Theory


My post Knock It Off discusses Jacob Sullum's Reason article about knockoffs in the high-fashion industry, and the lobbying by designers for copyright-like protection of clothing designs. A recent article in The New Yorker,...

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Giant Food Companies Welcome the Regulatory State

Big GovernmentInterventionismProduction Theory


"It's in our interest to have a strong FDA," said GMA (Grocery Manufacturers Association) President Cal Dooley, a former California congressman. "We need to have consumer confidence in the food products."

The ...

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The Truth About Labor Day

InterventionismMonopoly and CompetitionProduction Theory


Labor Day is supposed to honor all American workers. And every year, union Labor Day rhetoric does just that. Unfortunately, it then makes the false leap to the claim that unions advance the interests of all American working men and women, not just their members. In fact, despite unions' pro-...

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