Henry Hazlett wrote in Economics in One Lesson that each generation has to relearn economic fallacies that government employs when implementing bad policies. New Yorkers are about to learn a lot of new lessons.
Henry Hazlitt wrote in Economics in One Lesson that each generation has to relearn economic fallacies that government employs when implementing bad policies. New Yorkers are about to learn a lot of new lessons.
In their 1990 paper, “A Model of Growth Through Creative Destruction,” 2025 Nobel winners Philippe Aghion and Peter Howitt attempt to formalize Joseph Schumpeter's theory of “Creative Destruction.” Their mathematical model is not creative, but it is destructive of the theory itself.
AI doomerism and neo-Luddite sentiments have become increasingly prevalent in recent discourse.
The concept of “planned obsolescence” makes no economic sense and is often an excuse for governments to harass and shake down innovative entrepreneurs. Much of so-called planned obsolescence is really entrepreneurship at work improving products for users and consumers.
One of the great ironies of anti-capitalist resentment is that the envy and contempt results from a fundamental misunderstanding of the difference between liberty and statism.
The concept of “planned obsolescence” makes no economic sense and is often an excuse for governments to harass and shake down innovative entrepreneurs. Much of so-called planned obsolescence is really entrepreneurship at work improving products for users and consumers.
By honoring Mokyr, Aghion, and Howitt, the Nobel Committee has recognized that the future of growth depends on innovation, and that innovation begins with an idea. Ideas drive progress, and progress defines civilization.
The famous phrase was uttered by William H. Vanderbilt, which was interpreted to mean that the capitalists didn’t care for their customers. Vanderbilt knew he worked for his stockholders, but in working for them, he had to provide for his railroad’s passengers.
One of the objections against anarcho-capitalism is that without government supervision, businesses will form cartels. However, free markets have their own ways of undermining these arrangements.
