Lego — the company that makes stackable toy bricks — has become a toy powerhouse in recent years, even surpassing Mattel in toy sales during 2014. Lego has become so popular, in fact, that the company has problems avoiding “brick shortages.”
A month ago, the world waited with bated breath in anticipation of the Fed’s increase in the fed funds rate of 25 basis points. This week Larry Summers, former U. S.
The “true money supply” measure is a measure of the money supply pioneered by Murray Rothbard and Joseph Salerno and is designed to provide a better measure than M2. The Mises Institute now offers monthly updates on the TMS metric and its growth.
The global economy continues to wrestle with deflation, with oil reaching its lowest price in over a decade. The economic winds continue to look ominous, with even mainstream outlets questioning whether 2016 could be worse than 2008.
As the debate over federal lands continues, those who are jockeying over who controls the land often assume that their own preferred use of the land is the “correct” use of the land. Environmentalists hold that without federal control of land, all lands would be sold off to miners and ranchers who will strip and graze the land into dust.
The government believes that the price of a definite commodity, e.g., milk, is too high. It wants to make it possible for the poor to give their children more milk. Thus it resorts to a price ceiling and fixes the price of milk at a lower rate than that prevailing on the free market. The result is that the marginal producers of milk, those producing at the highest cost, now incur losses.
Ever since the first computer game was introduced in 1962, video games have had an ever-expanding role and impact on society. In 2004, video games started earning more than Hollywood’s domestic box offices. With this expansion of the industry new kinds of games have started to emerge.
The literature on market imperfection and market failure is voluminous, ever-growing, and filled with Nobel laureates. Identify a new source or instance of market “failure,” and you’re likely to win a Nobel Prize, or so it seems.
