The most common justification for legal protections of intellectual property (for example, patent and copyright) is that we need them to promote innovation. This is an empirical claim. I suspect, however, that most people who say something along these lines have not investigated the matter. If they did, they would probably find the evidence lacking.

In his landmark book, Intellectuals and Society, Thomas Sowell wrote, “Only abstract people in an abstract world are the same.” Sowell contended that there are differences between people’s knowledge and abilities. The same differences exist between an abstract entrepreneur and the Austrian concept of an entrepreneur. Austrians see the market as a process of flesh-and-blood individuals who seek to make a profit and avoid loss.

One of the popular rhetorical moves in the climate change debate is for advocates of aggressive government intervention to claim that “97% of scientists” agree with their position, and so therefore any critics must be unscientific “deniers.”

Now these claims have been dubious from the start; people like David Friedman have demonstrated that the “97% consensus” assertion became a talking point only through a biased procedure that mischaracterized how journal articles were rated, and thereby inflating the estimate.

There is a lot of confusion about the concept of a “good” in economics.

While thinking of goods as products (or services) is an easy shorthand, it doesn’t quite capture economic reality. And it induces logical mistakes and outright errors. Economics is not primarily about physical reality, but about the use of it from the perspective of human wants.

The 100% reserve plan is often considered a radical proposal for monetary reform. This article discusses the history of 100% banking and its advocates. The article shows that many of the most important figures in the history of money and banking have advocated 100% reserves. Contrary to the modern consensus in economics, the 100% plan is conservative, not radical.

California is suffering a slow but steady decline.

Bad economic policy has made the Golden State less attractive for entrepreneurs, investors, and business owners.

Punitive tax laws deserve much of the blame, particularly the 2012 decision to impose a top tax rate of 13.3 percent.

The chaos arising from U.S. interventionism in Syria provides an excellent opportunity to explore the interventionist mind.

A key factor that constrains people’s ability to generate goods and services is the scarcity of funding. Contrary to popular thinking, funding for consumption and production is not about money as such, but about real savings.

Note that various tools and machinery or infrastructure that people have created is for one purpose. That purpose is to be able to produce final consumer goods that are required to maintain and promote life and well-being.

December 5 is Walt Disney’s birthday, and more than fifty years after his death, Disney’s reputation is well-deserved. After all, he was the creator of Mickey Mouse and a score of lovable animated characters; was a pioneer in adding sound and color to movies; created the game-changing full-length animated feature; invented the concept of children’s programming for television with The Mickey Mouse Club; and built the world’s first theme park with the creation of Disneyland.

But he never lost sight of the importance of serving the consumers.