Do Consumers Know What’s Best for Them?
The free-market doctrine does not rest on an assumption that consumers make wise choices. Like the mythical “economic man,” the Perfectly Wise Individual is a straw man created by the critics of the theory.
Value and Exchange
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Why Socialist Calculation Is Always Impossible
True economic value begins in the minds of individuals, and only individuals can predict, plan, and act in the marketplace.
Recycling: Wasting Resources While Claiming to Conserve Them
Recycling isn't free. It requires the use of time and resources, many of which end up wasted. But politicians keep insisting that recycling is always a win-win, even though we have many examples to the contrary.
Consumerism? Why People Spend on “Useless” Status Symbols
People buy things that reflect their value systems — values learned in homes and other non-market institutions. Meanwhile, markets don't force anyone to buy anything.
Social Pressure vs. Consumer Preferences
Anti-capitalists love to claim that consumers don't really have free choice — that advertisers and peers really dictate to others what they should buy. In truth, consumers choose freely, but use others to filter information and simplify the process.
Why It’s Important to Understand “Economic Costs”
The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it.
