Profiles

Why do business firms exist? Do firms substitute for the market or complement the market? Why do firms buy some inputs but make others? These are basic economic questions.

Such is not the stuff of shortages but of market prices coordinating the allocation of scarce resources exceptionally well — and in reality, not just theory.

The odd twists of this episode of protectionist plunder would not have surprised Bastiat.

Consumers are eating shrimp like never before, writes Don Mathews, so why is the industry so unhappy?

What is the true extent of poverty in the U.S.? We'll never know. The official measures are problematic to the point of being meaningless. But the larger lesson of the Census Bureau's difficulties in estimating poverty is that any measure of poverty is bound to be problematic to the point of being...