Organ Markets
Adam Young’s article on the organ shortage has attracted wide attention. Lifesharers has contacted Mises.org to say that this organization offers a viable way around the restrictions on organ markets.
How Does Money Acquire its Value?
In an article in the New York Times on January 15, 2004, Berkeley professor of economics Hal Varian raises a fundamental question: why are the dollar bills in people’s pockets worth anything? According to Varian, there are two possible explanations for this: the dollar bills carry value because the government in power says so or because people are willing to accept it as payment.
Football and Economics: The Real Game Theory
The New York Times runs an interesting piece on New England Patriots coach Bill Belichick, who is among the top geniuses in the NFL today. First, some backround info on Belichick.
Some nuances on Roberts’ last reply
We support a strong dollar
John Snow repeats the refrain again, apparently with a straight face. No howls of laughter from the crowd are mentioned, but even the reporter seems to be suspicious of the claim.
Is There a Distinct Theory of International Trade?
Economics is a social science dealing with human choices and evaluations resulting from them. Every branch of our social world is a result of human action. That is why we always have to concentrate on acting individuals, who choose means to achieve their subjective ends. Ludwig von Mises called economics “a general theory of human action.” This statement delivers a message that economics deals with every phenomena resulting from human action—whether on the local, national, or international level.
Sell Oil for Gold, Not Dollars
So says Former Malaysian Prime Minister Mahathir Muhammad to Saudi Arabia. Who knows, if Bush’s “strong dollar policy” continues, the Saudis just might listen.
The case of Portugal and England
PCR states the following: “...In the famous example, although Portugal can produce both cloth and wine more cheaply than can England, the opportunity cost of cloth in terms of wine is favorable to Portugal specializing in wine. In England the internal cost ratio favors England’s production of cloth. It is the differing internal opportunity costs of one good in terms of another that results in total output increasing under specialization.
The Fear of Capital to and from Abroad
What happens when capital is moved from USA country to Malaysia? Less productivity in USA and more productivity in Malaysia. But given the new conditions, it is still better to trade than not to trade! The problem is actually capital mobility, not free trade. It seems that forbidding capitalists to move capital out of the country would solve the problem. But...wait...aren’t there other countries willing to invest into the same factory? If they do it, USA will face absolutely the same situation!
Property Rights are the Key to Revitalization
New models of “urban planning” are all the rage: the young, hip, creative workforce is attracted by art lofts, local music, entertainment districts, urban recreation...and we see it all in “downtown revitalization” programs aimed not at cutting taxes or providing safe neighborhoods but at providing the various amusements and shiny objects that the modern high-tech workforce supposedly demands.
