Some music aficionados are complaining that the market's efforts to better deliver what people want are encouraging "bad music." In truth, music markets are providing more opportunities for the making of new music than ever before.
True welfare and value can only be achieved through exchange when it is fully voluntary.
True welfare and value can only be achieved through exchange when it is fully voluntary. When the state intervenes to "improve" trade, it destroys value, all the government stats notwithstanding.
Opponents of free markets sometimes describe market competition of dog-eat-dog, but that metaphor has nothing to do with markets and everything to
Opponents of free markets sometimes describe market competition of dog-eat-dog, but that metaphor has nothing to do with markets and everything to do with politics and war.
Mises Daily Monday by Peter St. Onge. "Giving back" is big these days, but how can we know if we're really making a contribution that someone values?
"Giving back" is big these days, but how can we know if we’re really making a contribution that someone values? Economics, fortunately, gives us an answer: the best way to "give back" is to earn honest money.
Ebenezer Scrooge is guilty of no crime, but he is a bad economist. This is demonstrated by Scrooge's ignorance about the subjective nature of value, and by his insistence that he is being robbed by his clerk who negotiates a day off.
The rich make new resource-intensive products economically feasible. Those wealthy early-adopters of new products act as mannequins on which new products are draped, increasing demand as producers attempt to bring those products to the mass market.
